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Old June 26th, 2006, 03:47 PM   #61
malec
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Nice touch
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Old June 26th, 2006, 03:47 PM   #62
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what 16 countries do they work in?? more spin and bullshit?
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Old June 26th, 2006, 04:22 PM   #63
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Well, 16 is not a bad amount of countries to gain a bad reputation in, i guess.
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Old June 26th, 2006, 05:35 PM   #64
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still some left though
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Old June 26th, 2006, 11:58 PM   #65
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I'm glad Giles agrees with me that Nakheel and Damac belong in the same league .. well almost..
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Old June 27th, 2006, 02:13 AM   #66
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EXPANSION PLANS


Damac’s real estate portfolio is worth about Dh28 billion with Dh15bn worth of projects in the region. Its China venture is worth about Dh13bn.

The Beirut project is the 52nd building by Damac Properties and it has lined up a number of other projects in the region and outside as part of its expansion plans.

Its current portfolio includes about 20 projects with about 36 developments in the UAE, 14 in Qatar and one in Jordan.

Almost 70-80 per cent of all its projects in the UAE have been sold out, officials said.

It is also exploring opportunities in India.

“We have looked at India with more than a passing intent,” said AS Subbaraman, senior vice-president of sales administration at Damac Properties.

Damac recently launched a Dh13bn project in Tianjin, China, and a $400million (Dh1,468m) real estate venture in Doha.
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Old June 27th, 2006, 02:28 AM   #67
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Hello everyone, I am from the Lebanon forum for those who do not know me...

Was just wondering how excited we should be about the DAMAC "La Residence" in Beirut? It seems there is a lot of negativity about DAMAC here at the UAE forum... is there something worrying we should know about this project considering DAMAC's reputation?

Feel free to comment at this project's thread:

http://www.skyscrapercity.com/showthread.php?t=366836


Thanks
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Old June 27th, 2006, 09:30 AM   #68
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Damac really better hope they deliver this project on time AND without their usual **** ups. Otherwise Ivana will simply bury them.

Endlessly amused by "Mrs Whorehousen" as well. The whole atmosphere around Riddoch is a joke.
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Old June 27th, 2006, 12:33 PM   #69
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I think i just blew my chances of getting that 1-bedder in Ocean Heights, when it finally gets built! Ooops! Oh well, nevermind, looks like im gona have to buy elsewhere and miss out on the humongously long wait that OH investors will face.
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Old June 28th, 2006, 12:37 PM   #70
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- edit
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Old July 1st, 2006, 06:44 PM   #71
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DAMAC actually looks like a pyramid scheme. With every launch of a new tower they might sell, say 5% of the units. With multiple launches going on around the world that 5% translates to just enough to pay employees, pay the contractors on the 2 or 3 towers that are actually being constructed, and so on. This game can run for say 2 more years before the delays snowball. By that time the people with the purse strings can disappear with that 5% jackpot from 100 unbuilt towers.
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Old July 1st, 2006, 10:09 PM   #72
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Well thats a strong accusation!

Do you have any foundation for your belief, apart from your observations and the obvious delays in there exisiting projects and consistent new launches?

If so then I would have thought this should be brought to the attention of everyone involved in the planning and implementation of the whole of the dubai marina project, right the way to the top! Damac being one of the largest private developers in this region.

I am sure Damac would also want to preserve their integrity here, so if anyone from the company wants to answer this, please speak up now!
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Old July 2nd, 2006, 10:04 AM   #73
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Nobody from the company is going to reply. They would rather stick to their "we're above all this" attitude.

And GoDubai! is not saying anything new. It is an observation and a summary of what a lot of people have been saying for a while now. Yes, with every start there will always be many pessimists who normally get ignored but as doubt rises they are slightly hard to ignore. It's ok though, they are happy to reserve the right of an "I told you so" at the end of it all.
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Old July 2nd, 2006, 11:33 AM   #74
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Damac's long going battle with Khaleej Time newspaper is becouse they publisched an article stating that Damac group lost alot of money in International stock markets, in late '90s and very early 21st century, so they were fast to jump in real estate business, in order to make a quick buck.

The fact remain that the same sales tactics, as those of Damac, are used by the money loosing North American auto makers such GM and FORD.

I come from a country that was hit very HARD from pyramid schemes, just a decade ago. Country slipped into total chaos and thank god (and the international comunity) that a civil war was averted.

There's certanly something very fishy about Damac's sales & business strategy.
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Old July 5th, 2006, 02:02 PM   #75
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DAMAC Properties due to launch iconic project in Abdali

Following on the successful launch of 'The Piazza' in Doha's stunning 'Lusail' real estate development and 'La Residence by Ivana Trump' in Solidere's world acclaimed Beirut City Center, DAMAC Properties is due to introduce this month its iconic real estate undertaking in Amman's exquisite new downtown area, Abdali.

Damac's first tower in Jordan is due to stand out as one of the most luxurious and elegant real estate undertakings within the Jordanian capital.

'After experiencing highly successful project launches in Doha an Beirut, we are introducing a state-of-the-art residential tower within Amman's exquisite new Abdali region. Our initiative is part of a broader scheme that is devised for Jordan as we plan to introduce a number of very exciting projects within prime locations, going forward, while offering Jordanians real estate investment opportunities with substantial returns on investment and rental yields', said Peter Riddoch, CEO at DAMAC Properties.

'Our project is located at the gate of the Abdali area and will provide stunning views of the new downtown and Amman skylines. It is due to include luxury apartments and retail, along with the five star amenities that are typically provided in our high-end developments', he added.

Recently, the property company unveiled its exquisite project in Lebanon, 'la Residence by Ivana Trump', a US $150 Million real estate venture in the world-renowned Beirut City Center at the prime intersection of Omar Daouk and Fakhreddine streets.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project's iconic design due the synergy between DAMAC Properties as a luxury lifestyle provider and the star's image as a symbol of opulence and glamour.

'We are honored to be endorsed by Ivana Trump, a world-renowned celebrity that is considered a symbol of style, glamour and class. Ivana Trump contributed significantly to the design of the tower that is due to illustrate optimum luxury with its stunning architecture, its state of the art amenities, as well as its location at the heart of the dazzling Beirut City Center', commented Riddoch.

La Residence by Ivana Trump is 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea

The property's luxury amenities encompass marble and wooden flooring, ample parking space, a children's play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities.

In the beginning of June, DAMAC introduced a $400 Million 14-building spectacular real estate venture within Lusail's Fox Hills community in Doha, along with a $3.5 Billion exquisite mixed-use project within the Trumpet Bay region located in the Tanggu District, Tianjin, People's Republic of china.

Last year, the property company was honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the 'Oscars' of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties' projects is over AED 15 Billion. It is a subsidiary of the DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai's real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.
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Old July 5th, 2006, 10:05 PM   #76
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UAE-based Damac Properties will take bookings later this month for a residential tower it is building in Amman's Abdali development. The $1.5bn Abdali project will include 10 towers, an American University and convention centre.
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Old July 6th, 2006, 12:28 AM   #77
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Damac Delays

Could anyone guide me to a website with regards to user complaining about the delays with Damac's development. It would be useful for me if there are any users out there who owns a Damac Property and can discuss these matters

Thanks
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Old July 6th, 2006, 08:00 AM   #78
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So, a few articles up it was a total of 52 Damac towers, now with the Jordan project it's up by 10 more to 62, for a company, Damac Holding, which was started in 1982. And they received some impressive accolades in 2005. Ok, that's one side of the coin. What's on the other?

How many of the 62 buildings have actually been completed. Isn't it just one? (Would appreciate if anyone could confirm this and what follows.) How many buildings are even actually under-construction as in with people on-site, working daily? Perhaps only one or two. (I know of a tower in JLT that seems to be in progress, any others?) So, the company was established in 1982, has 62 PROJECTS (moslty proposals), with ONE, completed tower and only one or two in progress.

Kind of makes you go hmm... As for the accolades, "Dubai's best tower" got slammed with damaging criticism after opening in 2006, two years late, wth busted pipes and flooding on more than one occasion causing major damage in residents' flats, to which the developer responded that new residents' insurance would have to pay for. So they obviously don't stand by their own work. "Dubai's best architectural design" looks like it might indefintiely remain just a design, with Ocean Heights' completion (no mention of its start) having been delayed now till what--late 2009, 2010. And "Best Website"? Where in the world does that come from? Does it provide investors with any real information? Can investors find out if, when and how all these towers are actually coming up?

KT, I believe, reported that Damac co-mingles funds, i.e. monies paid toward one project can be used on any other. It doesn't seem that Damac has ever released any financial statements to show otherwise.

So, what does all of this point to--bad, bad, bad business practice? A con game? Honestly I have no inside information and am speculating on what I read in the press and on forums like these. When all this info is put together it seems like Damac's "projects" are extremely speculative.

I have to level some criticism at the Dubai government who is responsible for starting the current construction boom sweeping the region. They got it right by coming up with a formula that has worked magic in an economic and development sense, but they don't seem to have any regulatory bodies to investigate suspicious or incompetent business practices, so there is no good authority to go on to evaluate a company such as DAMAC. All you have is DAMAC on one side shouting about its biggest, best and most this and that and the actual record of its work on the other, which I'm afraid says very little about the company's ability to deliever.

If DAMAC were a responsible company they would stop all new announcements and get the dozens of properties already announced underway. Day after day a new plan in a new country. What about Ocean Heights annoucned one or two years ago--still no word on when its going to start, who is going to build it, etc. And since its launch the announcement of 50 or so new towers. This is craziness.
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Old July 6th, 2006, 10:46 AM   #79
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As far as I know, back in 1982 Damac was still in their food business and wasn't until later that they jumped to property "building" but everything else is about right.

Also, they can't really stop announcing new projects as they will actually run out of money like that (so to speak). I don't know if I have mentioned this before, but I clearly can't be bothered to check so I am just going to say it: about a year ago when they were selling Ocean Hights, there were apparently no houses left and therefore prices increased by the hour. Now it turns out there are plenty of flats up for sale in Ocean Hights and they are cheaper today than 1 year ago. Artificial demand anyone?

As for completion date, person who bought property in Ocean Hights has been informed that due date is now somewhere in 2009.
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Old July 12th, 2006, 11:43 AM   #80
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DAMAC unveils $120mn ‘The Heights’ in Amman
[Wednesday, July 12, 2006 11:24:00 am]




Luxury lifestyle provider and the region’s leading private sector developer, DAMAC Properties, announces today “The Heights”, a USD 120 million truly iconic real estate undertaking within the stunning Abdali area of Amman. DAMAC’s entry into the Jordanian real estate market follows highly successful launches by the property company in Lebanon, Qatar and China.

“The Heights is a true masterpiece. It exudes grace and style and is due to stand out as one of the most luxurious and elegantly designed towers within Abdali, Amman’s vibrant new downtown area”, said Peter Riddoch, CEO at DAMAC Properties.

“Our highly ambitious plan for Jordan includes a number of real estate ventures that we plan to unveil within the coming few years”, added Riddoch.

DAMAC’s new project is a 35-storey tower located at the entrance of the Abdali master planned development. It encompasses studio, one, two and three bedroom apartments, and penthouses, including open-air balconies in every apartment. Its luxury amenities comprise quality marble and wooden floorings, smart home technology, ample parking space, 24 hours concierge and helpdesk services, an advanced cabling system for telephone and internet lines, as well as a standby power generator.
“Our launch in Abdali stems from our belief in the extremely vibrant and dynamic master plan that is due to become a true hub for business and tourism for many nationalities throughout the region and beyond. The project is a very attractive investment opportunity for customers as it will potentially generate substantially high investment and rental returns”, commented Riddoch.

In line with the launch of its stunning property, DAMAC Properties introduced a very exciting promotion for the first 25 buyers of 3 bedroom apartments who will be entitled to a brand new classy 2007 Jaguar X Type.

“Our Jaguar promotion is aimed at always adding value to the customer. DAMAC’s Jaguar promotion stems from the synergy between DAMAC Properties as a luxury lifestyle provider, and Jaguar as an iconic luxury car manufacturer”, stated Riddoch.

Recently, the property company unveiled its exquisite project in Lebanon, “la Residence by Ivana Trump”, a USD 150 million real estate venture in the world-renowned Beirut City Center at the prime intersection of Omar Daouk and Fakhreddine streets.

International celebrity, Ivana Trump, endorsed and contributed substantially to the project’s iconic design due to the synergy between DAMAC Properties as a luxury lifestyle provider and the star’s image as a symbol of opulence and glamour.

La Residence by Ivana Trump is a 27-storey, elegantly designed tower that exudes grace and style, including a plethora of one, two, and three bedroom apartments, along with duplexes and penthouses. Apartments on every level will provide stunning views on the Mediterranean Sea.

The property’s luxury amenities encompass marble and wooden flooring, ample parking space, a children’s play area, smart home technology, a temperature controlled swimming pool, an exotic sauna and Jacuzzi, state of the art gym, fine dining restaurants, designer boutiques, cafes, as well as 24 hours concierge service, maintenance, security and helpdesk facilities.
In the beginning of June, DAMAC introduced a USD 400 million 14-building spectacular real estate venture within Lusail’s Fox Hills community in Doha, along with a USD 3.5 billion exquisite mixed-use project within the Trumpet Bay region located in the Tanggu District, Tianjin, People’s Republic of china.

Last year, the property company was honored with three prestigious Bentley International Awards 2005 in the categories of Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights and Best Developer Website (www.damacproperties.com) at a ceremony in London on 4 November 2005.

The Bentley International Property Awards, now entering their 11th year, have been described as the ‘Oscars’ of the property industry. The aim of the awards is to distinguish the highest levels of achievement in a range of property-related fields. Categories cover a wide range of property and real estate related activities and services, including Development, Interior Design, Architecture, Property, Advertising, Marketing, and Estate Agency Services.

The total value of DAMAC Properties’ projects is over USD 4 billion. It is a subsidiary of the DAMAC Holding established in 1982. An accredited ISO 9002 company, DAMAC Holding has now grown into a global conglomerate with more than 5000 employees in 16 countries. Being the first private sector Company to make a commitment to Dubai’s real estate market, DAMAC properties has become the market leader with a strong sales record to its credit.
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