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Old June 3rd, 2006, 09:20 PM   #21
Dubai-Lover
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there are two parties to blame

first of all damac who set impossible completion dates which even for amateurs have to be doubtful

second, people who are seriously interested in buying property need to have a tiny bit of knowledge of how this business works

there probably never were and never will be construction projects completed on time!!!
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Old June 4th, 2006, 03:02 AM   #22
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how many projects does damac have in total?
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Old June 4th, 2006, 12:46 PM   #23
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Quote:
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how many projects does damac have in total?
announced or actually finished projects? There is a small but significant difference between the two numbers.
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Old June 9th, 2006, 03:37 AM   #24
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Can you believe it.. more projects to be launched soon by Damac!

Damac to launch more projects at IMPZ

Dubai: Property company Damac has begun construction of the Dh700 million Crescent development, the first residential project at the International Media Production Zone.

Set for completion in 2008, the project will include 704 luxury class studios and apartments of up to two bedrooms, as well as various sporting facilities.

It will form part of the International Media Production Zone (IMPZ), a 43 million square foot free zone which will cater to the printing, packaging and publishing sectors and is due to be launched in 2008. About 35 per cent of the project is ready.

Peter Riddoch, CEO at Damac Properties, said the company will announce a series of further residential projects at the IMPZ.

"The IMPZ is due to become a highly dynamic media hub with an extensive number of residents," he said.

"Our significant investment is a result of our belief in the project and the fact that it is due to develop into one of the leading residential undertakings in Dubai."

The IMPZ, launched in July 2003, is the first dedicated trade zone created in the region for media-related production activities. The new initiative provides a technology and community infrastructure to support the growth of media production.

Hamed Hureiz, executive director of the IMPZ, said the fact that the IMPZ will contain residential areas is not common knowledge.

"It is not just about infrastructure, but also about opportunities, facilities, amenities and a comprehensive lifestyle," he said.

Damac is working with New York-based architectural firm, BM Design Group and local consultant Al Gurg & Associates on the project. The total value of Damac Properties' projects is over Dh 10 billion.
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Old June 9th, 2006, 07:02 AM   #25
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Damac changed design, cut size of apartments, says former buyer
By Meraj Rizvi

9 June 2006


DUBAI — Damac has refunded nearly Dh500,000 to an investor in its flagship Jumeirah Lake Terrace development after allegations the company changed the apartments' design and reduced their size after buyers signed contracts and handed over substantial advance payments.

Derek Birtles, a British national who bought the apartment off plan as an investment, said changes Damac made after he signed his contract made the two bedroom apartment “unusable, unlettable and unsaleable”.

Mr Birtles claimed Damac reduced the size of parts of his apartment by 12 per cent from that described in the sales brochures and plans and, failed to inform him or other investors of the changes until the work was 85 per cent complete.

However, Damac’s CEO Peter Riddoch insisted cases like Mr. Birtles’ and others reported recently in the Khaleej Times are not typical, claiming the majority of customers are happy with the company. He also claimed Damac’s remaining properties would be completed ‘within the projected time’, despite letters sent to many investors warning of significant delays in at least two current projects. Marina Terrace, Damac's first residential tower, was delivered 14 months late.

Riddoch’s claims are in stark contrast to the experience of UK buyer Mr Birtles, who said Damac not only kept him in the dark about the changes, but also refused to allow independent inspectors to assess the property. “Damac had up to Dh474,000 of our savings for over two and half years, failed to build what was promised, chose to not inform us of any changes either through progress bulletins or when requesting payments, and refused to do the right thing which was to compensate us fairly and part amicably on the basis that mistakes had been made.”

Alleging Damac is deceiving its customers, Mr Birtles was eventually refunded Dh477,000, but refused compensation for what Mr Birtles described as ‘free use’ of his savings for two and half years, in addition to the cost of money transfers from the UK, loss of interest and loss of any profit he would have made.

Birtles said many investors were unaware the design, floor plan and room dimensions of the 32 apartments Lake Terrace development had been reduced in size. “I simply want to raise awareness that the floor plans Damac used in their sales offices, brochures and floor plans in the sale contracts had failed to show the structural columns between the lounge and bedrooms resulting in the bedrooms being built up to a third smaller than expected, kitchen length reduced by 12 per cent, all internal doorways reduced in width from 1.55m to 1.20m,” he said .

After learning that the size of the apartment had reduced due to the structural columns, not included initially in the floor plan, Mr. Birtles tried to have an independent inspection of the apartment conducted by a private surveyor, but claims Damac refused to allow the inspector access to the apartment. “Having invested our hard earned money hoping to move into our dream home buyers are being kept out in the cold,” he noted, criticising Damacs policy of allowing customers to view the apartment only after 85 per cent of the payment is completed.

Mr. Birtles is one of a growing number of Damac investors losing patience with the developer over 'protracted' delays in handing over apartments and the standards of the finished interiors. But the company claims individual cases of disappointed customers do not affect its image. “Damac's sales growth is ahead of projection,” Mr iddoch said.

He added: “Most of the projects are more or less running as per schedule and will be completed within the projected time,” But he refused to comment on individual cases of complaints. “I don't want to highlight or debate over individual cases in the media,” he said, but admitted Damac is facing what he described as ‘hiccups and teething problems’ in completion of the projects.

Mr Riddoch said these ‘hiccups and teething problems’ were not actually 'problems', but 'challenges' and blamed them on the Master Plan developers who, he said, are struggling to complete the land infrastructure. “We keep our buyers fully involved at all times and keep them appraised of the project,” Mr Riddoch added.

He called investments in Damac properties ‘sound’, adding customers are happy with the substantial appreciation in values of the properties. “We have a high percentage of repeat buyers who are also investing in our subsequent projects,” said Mr Riddoch.

But investors like Mr. Birtles said overseas investors who purchase off-plan properties should not to be impressed by Damac’s sales pitches, glossy brochures and purchase incentives including free jaguar cars and free trips to the World cup.

Khaleej Times in a report published on June 2 had highlighted delay in several residential construction projects and investors threatening to withhold payments from the company in protest over the firm's failure to finish buildings on time. Damac's problem projects include The Waves, Ocean Heights, Lake View, Jumeirah Lake Terrace among others. Marina Terrace-Damac's first residential tower was delivered 14 months late. Scheduled for completion in October 2004, buyers were only given keys in March 2005.
---

and KJ takes the piss
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Old June 10th, 2006, 08:40 AM   #26
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Ease entry of contracting firms: Damac

[IMG]http://i5.************/13yoz09.jpg[/IMG]

The chairman of Damac Properties, which has been accused of delivering its projects later than scheduled, has blamed the delay on a “shortage” of contractors and asked the UAE Government to ease the registration process of foreign contracting companies.

“When we advertised for 30 contractors, we received only two bids,” said Hussain Sajwani, who heads Dubai’s largest privately held real estate company.

“I request the government to remove the requirement of a local partner who is an engineer,” Sajwani said.

“The law was fine when it was passed, because it protected locals. But now, it has to change.” According to UAE law, a for eign contracting company can only set up operations in the country if it has an Emirati partner who is a certified engineer.

The Damac chairman admits that the company’s Marina Ter race development was delivered late, but insists that all compensation – at the rate of three months Libor, the benchmark London Interbank Offer Rate – was paid to buyers.

“The master developer also released land to us that was not ready,” Sajwani added. “The zoning and other infrastructure was not created. That was also a reason for the delay in Marina Terrace. But that problem has now been sorted out.” He added the company’s Lake Terrace project will be ready “early next year”.
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Old June 10th, 2006, 08:42 AM   #27
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ever wondered what an indian would look like dressed emirati? here's one..

[IMG]http://i5.************/13yoz09.jpg[/IMG]
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Old June 10th, 2006, 08:45 AM   #28
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And you guys thought Damac had too many projects? Think again

Damac’s Dh2bn regional plan includes Amman and Beirut

[IMG]http://i5.************/13yp1fk.jpg[/IMG]

Dubai-based Damac Properties will spend more than Dh2 billion on its regional expansion and is planning a move into India and China as well, Chairman Hussain Sajwani said in an interview.

Damac, which is positioned as Dubai’s largest privately held real estate developer, has already announced its Dh1bn project, The Piazza, in Qatar, and will announce projects in Beirut’s Solidere district this month and in Jordan this summer, he said.

“Our decision to spread our wings outside Dubai was made 18 months ago.The difference is we do not announce projects before we are ready to sell.We get all approvals and designs ready before we launch,” Sajwani said.

The Piazza development in Qatar comprises 14 buildings with a piazza in the centre. A total of 600 apartments and retail spaces are scheduled for delivery in 2009, he said.

“Qatar is the richest country in the world and the fastest-growing economy in the Middle East,” he said. “It’s a small population with a lot of money. It’s like Dubai was some years ago.” Damac, which has created about 1.5 million square feet of office space in Dubai, is currently looking at creating high-end residential developments outside the UAE and is also studying the feasibility of doing commercial development globally, Sajwani said.

The company is building a residential tower in Lebanon’s Solidere district, which will comprise 100 large apartments and penthouses, at an investment of $150 million (Dh550m). Delivery is scheduled for 2009.

In Jordan, Damac is also building two residential towers for which it will open sales this summer, Sajwani said. The investment is Dh500m.

“We specialise in high-end projects,” he said, agreeing that the margins that can be earned from luxury development are higher. “The first project in any country that we enter has to be high-end.” The company is also studying the markets in India, Pakistan and China. “We have been to these places a number of times.We are negotiating.” Sajwani said.

The “challenge” in India, for instance, is to find space in areas that can support high-end residential projects. “In Mumbai, it would have to be in South Mumbai. But where is the space?” the chairman asked.

Closer to home, Damac is at the planning stage of high-end residential projects on the waterfront, Sajwani said, without giving details. Last month, the company announced a Dh1.5bn development in Abu Dhabi com prising five towers with 600 apartments, which is scheduled for delivery in 2009.

The company has delivered 180 units so far and will hand over 220 more this year, followed by 1,200 next year, Sajwani said.
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Old June 10th, 2006, 08:46 AM   #29
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who thinks damac will handover 1200 units next year?
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Old June 10th, 2006, 10:50 AM   #30
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what projects are they talking about?

180? is that MT? ans 220 is The Waves? and next year, MAYBE lake terrace but that's it. ok, i could imagine lake view and park terrace also...

btw, remember their slogan: Over 1000 happy families to date
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Old June 10th, 2006, 04:13 PM   #31
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Quote:
Originally Posted by Krazy
ever wondered what an indian would look like dressed emirati? here's one..

[IMG]http://i5.************/13yoz09.jpg[/IMG]
sajwani are one of the big shiia emirati families....... the others are al yusuf, al fardan, al redha, al sayegh, al ansari, abu haleeqa

i wouldnt be surprised if some had lived in south asia for a while in the past and mixed

lootah are of pakistani origin

thats scary news abt damac releasing new developments..... seems their looking for money for their current ones...... manic spending habits!
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Old June 10th, 2006, 05:28 PM   #32
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The hole is getting deeper and deeper
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Old June 11th, 2006, 03:23 PM   #33
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Qatar is the richest country in the world? What ELSE have I missed?

Funnily, Qatar is not even the richest country in the Middle East. What does one expect from someone who can't even get his facts right...
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Old June 12th, 2006, 02:39 AM   #34
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Dealing with delayed dreams



Damac, has been dealing with some tough issues lately, not least media reports over angry customers demanding refunds. With so much construction underway in Damac logoDubai, though, it was inevitable that another property firm would hit the headlines. But Damac chairman, Hussein Sajwani, says he would rather be late with a development than hand over the keys to a half-finished dream home.

“We are doing our best to deliver quality buildings on time for all our customers,” he says. “But we have to think of safety issues. This is very important to us.” He says the company doesn’t set out to upset its customers and that most Damac customers are pleased with the homes they bought, though he admits communication has not always been up to par.

“Do we have some customers who are unhappy? Yes. But from our records it is a very low percentage’” he says. “Out of 4,500 customers we may have around one per cent that are unhappy. You cannot run a service industry without running the risk of some people being unhappy.” With the company planning to IPO sometime in the next three years, as well as international expansion plan, Sajwani is keen to position Damac as a premiere high-end quality developer, but he admits that sometimes the going is tough.

“We are doing our best to accomplish that. We are not there yet, but we are doing our best.” To try and minimise negative customer feeling, Damac has setup a customer care centre, with a staff of 12, to handle any queries and issues. Morover, Sajwani is keen to set the record straight on how it responds to customers when things do get delayed. “You know, everybody in town is late, but at least we compensate people in terms of money, better quality of building and high quality temporary accommodation.”

He explains that, when the Marina Terrace project was delayed, the company took steps to compensate buyers at every turn. “We paid them interest on their money, we upgraded the quality of the building so it is a now a first class quality development. We even put those who arrived early into the Habtoor Grand Hotel, which is a five-star hotel on the beach. Some were there for two months and we paid the full bill,” he says, offering to show receipts as proof.

One of the main issues is that Dubai faces some enormous construction challenges, Sajwani says, citing a shortage of good quality contractors, labour issues and issues with the construction designers. “Many designers are so busy they don’t produce the right drawings, which creates issues for the contractor and developer which take longer to resolve.”

Moreover, despite efforts to improve the situation, things are likely to get worse before they get better, he warns. “These issues are reflected around Dubai and we will see more projects getting delayed. All the major developers in town are delayed and I think this is going to be the scenario over the next couple of years.”

Another issue facing Dubai is the rising cost of living versus low rising wages.
“I am not happy with Dubai being expensive, but unfortunately it is and it’s going to get more expensive. This is not my wish. It affects me because I also have to pay more wages, more rent and more overheads. Unfortunately this is a symptom of Dubai becoming an international city.”
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Old June 12th, 2006, 01:04 PM   #35
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Quote:
Originally Posted by Krazy
Dealing with delayed dreams



Damac, has been dealing with some tough issues lately, not least media reports over angry customers demanding refunds. With so much construction underway in Damac logoDubai, though, it was inevitable that another property firm would hit the headlines. But Damac chairman, Hussein Sajwani, says he would rather be late with a development than hand over the keys to a half-finished dream home.

“We are doing our best to deliver quality buildings on time for all our customers,” he says. “But we have to think of safety issues. This is very important to us.” He says the company doesn’t set out to upset its customers and that most Damac customers are pleased with the homes they bought, though he admits communication has not always been up to par.

“Do we have some customers who are unhappy? Yes. But from our records it is a very low percentage’” he says. “Out of 4,500 customers we may have around one per cent that are unhappy. You cannot run a service industry without running the risk of some people being unhappy.” With the company planning to IPO sometime in the next three years, as well as international expansion plan, Sajwani is keen to position Damac as a premiere high-end quality developer, but he admits that sometimes the going is tough.

“We are doing our best to accomplish that. We are not there yet, but we are doing our best.” To try and minimise negative customer feeling, Damac has setup a customer care centre, with a staff of 12, to handle any queries and issues. Morover, Sajwani is keen to set the record straight on how it responds to customers when things do get delayed. “You know, everybody in town is late, but at least we compensate people in terms of money, better quality of building and high quality temporary accommodation.”

He explains that, when the Marina Terrace project was delayed, the company took steps to compensate buyers at every turn. “We paid them interest on their money, we upgraded the quality of the building so it is a now a first class quality development. We even put those who arrived early into the Habtoor Grand Hotel, which is a five-star hotel on the beach. Some were there for two months and we paid the full bill,” he says, offering to show receipts as proof.

One of the main issues is that Dubai faces some enormous construction challenges, Sajwani says, citing a shortage of good quality contractors, labour issues and issues with the construction designers. “Many designers are so busy they don’t produce the right drawings, which creates issues for the contractor and developer which take longer to resolve.”

Moreover, despite efforts to improve the situation, things are likely to get worse before they get better, he warns. “These issues are reflected around Dubai and we will see more projects getting delayed. All the major developers in town are delayed and I think this is going to be the scenario over the next couple of years.”

Another issue facing Dubai is the rising cost of living versus low rising wages.
“I am not happy with Dubai being expensive, but unfortunately it is and it’s going to get more expensive. This is not my wish. It affects me because I also have to pay more wages, more rent and more overheads. Unfortunately this is a symptom of Dubai becoming an international city.”

it is cool they put them into habtoor grand, that is awesome

anyway, of course it is not a luxury building, at least the interior is not...

+ out of their 4500 customers, maybe 400 have their apts delievered, and if he says 1% of all his customers are unhappy, then that would be 45, probably all of them have their apts delievered, so 45 out of 400...

anyway, i am quite sure damac will move their asses.

i don't blame them for delays, really.. but for quality problems.
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Old June 13th, 2006, 12:11 AM   #36
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Poor guys who stayed at the Habtoor courtesy of Damac, if you ask me. That will only show them how crap their interiors really are when they compare them against the Habtoors! It only gets better!
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Old June 15th, 2006, 09:07 PM   #37
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Damac's website seems to be down for some days now...
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Old June 15th, 2006, 10:07 PM   #38
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www.damacproperties.com ?

it isn't down!
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Old June 15th, 2006, 10:11 PM   #39
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everything loads for you? for me just the grey background loads
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Old June 15th, 2006, 10:55 PM   #40
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which browser?
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