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Old August 2nd, 2011, 02:16 PM   #1241
redjay22
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I have just returned from my hols and noticed this protest.

Does anybody know how it went?

It sounds like a great way to get a message to Damac and about Damac!
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Old August 23rd, 2011, 08:50 AM   #1242
Imre
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Damac Properties offer cash refund options to Palm Springs investors


Options include 70% refund in two weeks, or 100% with 25% paid in two weeks and rest at 25% over three years

By Parag DeulgaonkarPublished Tuesday, August 23, 2011

In an effort to end the stalemate with investors of Palm Springs project in Palm Jebel Ali, Damac Properties has offered them cash refund options, 'Emirates 24|7' can reveal.

Investors claim that company executives of the Dubai-based developer, who recently met them, offered the options of cash refund at 70 per cent within two weeks, or 100 per cent with 25 per cent paid within two weeks and the rest paid at 25 per cent over the three subsequent years.

Although the developer did not respond to our queries, Niall McLoughlin, Senior Vice-President Corporate Communication, Damac Properties, in an emailed statement, said: “Damac is fully committed to working with Palm Springs Investors to bring closure to this issue.”

http://www.emirates247.com/property/...08-23-1.414652
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Old August 29th, 2011, 11:11 AM   #1243
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Damac buyer wins payout in court drama

Lawyers representing an investor in a Damac Properties commercial project said their client has won the first of what is hoped to be many successful compensation claims against the company in a landmark case in property litigation.

The Dubai developer in July returned money plus costs to an investor that had bought seven units in the mixed use Executive Bay project in Business Bay, according to law firm The Legal Group, which secured the payout in Dubai’s Court of Appeal.

The ruling broke the mould in property cases as a breach of an obligation due to failed delivery was ruled to have occurred ten months before the scheduled handover.

The planned 19-storey Executive Bay tower is behind its scheduled April 2012 completion date.

http://www.arabianbusiness.com/damac...ma-417724.html
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Old August 29th, 2011, 06:59 PM   #1244
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flood gates and open come tomind
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Old August 31st, 2011, 12:19 AM   #1245
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More good news(not) for Damac:

http://www.constructionweekonline.co...in-damac-case/

Quote:
Almost half a million dirhams has been won by an investor against developer Damac Properties for anticipated breach of contract ruling over the Executive Bay project.

Last week, CW reported that an investor had successfully won a case in Dubai's Court of Appeal following a ruling that the expected delay of delivery of their unit in the Business Bay tower, currently under construction, should grant them the return of their initial investment plus costs.

Though the project is scheduled to be handed over in April next year, the judge favoured the plaintiff on ground of an inordinate delay in construction because as at January 2011, the construction level was only 13% and therefore, could not be completed by April 2012.

This week, CW can exclusively reveal that the amount won by the investor, named as Bin Murshed Holding, totalled AED 487,220 ($132,643), the sum of AED 410,220 plus 5% interest from 22 March 2009 till date of actual payment, court fees and appeal fees.
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I cdnuolt blveiee taht I cluod aulaclty uesdnatnrd waht I was rdanieg The phaonmneal pweor of the hmuan mnid! Aoccdrnig to a rscheearch at Cmabrigde Uinervtisy, it deosn't mttaer inwaht oredr the ltteers in a wrod are, the olny iprmoatnt tihng is taht the frist and lsat ltteer be in the rghit pclae. The rset can be a taotl mses and you can sitll raed it wouthit a porbelm. Tihs is bcuseae the huamn mnid deos not raed ervey lteter by istlef, but the wrod as a wlohe. Amzanig huh? Yaeh, and I awlyas thought slpeling was ipmorantt.
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Old September 13th, 2011, 12:47 PM   #1246
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Hi Duglas,

I'm an investor in Madison and Damac are requesting payments!! Please contact me on mohsan_shirazm at hotmail . com.

Where are you based? I'm in the UK but my friend is in Dubai, so let me know and we can discuss in more detail depending on your location.
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Old September 20th, 2011, 05:25 PM   #1247
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Quote:
Originally Posted by DUBAI INVESTOR View Post
A group of UK-based investors plans to picket a promotion by Dubai developer Damac Properties at luxury London department store Harrods on Monday, Arabian Business can reveal.

Around 20 buyers of units in Damac’s stalled Palm Springs development plan to lobby outside the Qatar-owned store, where the developer has run a month-long promotion for its Versace-branded real estate project in Saudi Arabia.

The group will carry placards and plans to hand out leaflets to shoppers headlined ‘I would not buy from Damac again’, in a bid to embarrass the developer they claim has held their deposits for eight years.

“It is really trying to make our voices heard with Damac people who will be there, as much as we can and to hand out leaflets to anyone who is interested in hearing our story,” Craig Murray, a spokesperson for 100-strong Palm Springs Investors Group told Arabian Business

http://www.arabianbusiness.com/uk-bu...on-412308.html

Does anyone know how to get in touch with the Palm Springs Investors group please. Their website hasnt had any posting since 2009 and no response from their email address. I have been offered a refund of my deposit today over 3 year term from Damac but have lost more than that value by purchasing as a re-sale purchase in 2006. I dont want them backing out of the contract.
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Old September 23rd, 2011, 07:23 PM   #1248
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Deemcbd, can you PM me please? Many thanks.
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Old September 24th, 2011, 12:08 PM   #1249
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OCEANSCAPE REEM ISLAND

Hi is there anyone invested as a private investor in this project since the beginning in 2006? Delivery was originally due mid 2009, the latest news suggested completion not likely until at the earliest 2013. is there anything I can do?
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Old September 26th, 2011, 01:32 PM   #1250
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Damac to launch new hospitality firm

Quote:

TradeArabia News Service

26 September 2011


Luxury developer Damac Properties is set to unveil its new serviced apartment offering, ‘Damac Suites and Spa’ at the 'Cityscape Global' expo which opens in Dubai on Tuesday.

A premier real estate exhibition, Cityscape Global will run till September 29 at Dubai International Convention & Exhibition Centre.

Damac's new offering 'Suites and Spa’ is a luxury apartment management service, established to cater to the growing demand of serviced premises, said a statement from the Dubai developer.

The hospitality management firm, ‘Damac Suites and Spa’ will be an independently-run unit of Damac offering services such as housekeeping at the most basic level, to items such as personalised butler services and chef services at the higher end of the spectrum.

The company will oversee Damac’s first serviced apartment development, ‘Burjside Boulevard,’ in the exclusive Downtown Dubai/Burj Khalifa precinct, it stated.

In addition, the service will also be made available to residents of other premium Damac Properties’ projects, the statement added.

'Damac Suites and Spa will provide a comprehensive list of services for residents, spanning from state of the art spa treatments, housekeeping, concierge services, chauffeur driven cars and even private jet and yacht charter,' said Niall Mc Loughlin, senior VP of Damac Properties.

'The positioning is ‘luxury at your service’ where we will offer the personalization of every hotel service conveniently in customer’s apartments,' he pointed out.

“We are seeking to create the total luxury lifestyle experience for people residing within premium Damac developments,” he added.

On the Damac move, Mc Loughlin said this represents a strategic shift for Damac and follows extensive market research.

The company identified a clear market niche and is seeking to provide a service unlike anything currently on offer in Dubai, he stated.

The concept for Burjside Boulevard is groundbreaking for Damac as it bridges the divide between high-end residential apartments and luxury five-star hotels, the company statement said.

The range of services offered by ‘Damac Suites and Spa’ will allow residents of Burjside Boulevard to tailor their serviced apartment management package to their specific needs.

Designed by award winning German architects Koschany & Zimmer, Burjside Boulevard will have 49 floors, with an entire floor dedicated to leisure.

The temperature controlled swimming pool will be the centrepiece of the leisure deck, with a fine cuisine restaurant and lounge overlooking the pool. Construction of the tower is currently up to level 35, it added.
http://www.tradearabia.com/news/REAL_205433.html
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Old September 30th, 2011, 11:44 PM   #1251
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Damac says it has built 15 units a week since 2002

Quote:
by CW Staff on Sep 30, 2011

Damac Properties has completed 21 buildings, comprising of 4,072 units, to date this year, making it the top developer in the UAE, it announced at Cityscape Global 2011. The developer has constructed an average of 15 units a week since its establishment in 2002.
http://www.constructionweekonline.co...ek-since-2002/
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Old November 10th, 2011, 05:53 PM   #1252
johnnyinspain
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DAMAC sink to a new low..... Niall McLoughlin, Senior Vice President, Damac Properties comments on a couple complaing that their shop unit purchased in Lakeside Tower being only 1.2 Meters in height, cannot get a license to trade as DMCC refused this due to the ceiling being well below the required height. His comment was and I quote.... "the unit in question is fit for purpose and compliant with all prerequisites and requirements".

http://gulfnews.com/news/gulf/uae/ge...re-up-1.927371
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Old November 10th, 2011, 06:19 PM   #1253
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Quote:
Originally Posted by johnnyinspain View Post
DAMAC sink to a new low..... Niall McLoughlin, Senior Vice President, Damac Properties comments on a couple complaing that their shop unit purchased in Lakeside Tower being only 1.2 Meters in height, cannot get a license to trade as DMCC refused this due to the ceiling being well below the required height. His comment was and I quote.... "the unit in question is fit for purpose and compliant with all prerequisites and requirements".

http://gulfnews.com/news/gulf/uae/ge...re-up-1.927371


Lake View Tower , JLT
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Old November 22nd, 2011, 12:36 AM   #1254
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Feel sorry for this couple, its a shame it didnt go well for them and have to return after losing all there savings
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Old December 18th, 2011, 12:59 PM   #1255
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Lakeside

hi everyone...

i found this thread very interesting...i m planning to file a lawsuit against damac for Lakeside project.

1. can anyone guide me their stories that they believe might help me proceeding further.???

2. Is there any refund rule that applies? how much amount developer is suppose to deduct in UAE law

3. anyone who is already in dubai court for lakeside...

please do let me know you experience and suggestions.

thanks...

lakeside investor
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Old December 19th, 2011, 05:31 PM   #1256
redjay22
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I looked into taking Damac to court over my studios in Lago Vista but after reading in these forums and others i did not bother.
It is very expensive and even if you do win then Damac will just appeal it and it will get even more expensive.
If you then win Damac will probably still not pay you until you take more expensive legal action and by then Lakeside might be completed and they will send you the completion docs as if nothing happened.
You may get somewhere if you can do a joint action with other investors in Lakeside but the whole system is totally loaded in favour of Dubai companies.
Lago Vista took over 6 years to complete from when i signed on the dotted line. At least 4 more years than promised!
Sorry to be the bearer of bad news!
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Old December 20th, 2011, 01:53 PM   #1257
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Lakeside Investor's: Please Note....

Dear Lakeside Investors,

We have taken the initiative to combine and channelized our discussion/negotiation with Damac Management Team for Lakeside Project.

I am happy to tell you that we have gathered the 20+ Investors who have joined the group already.

Anyone from Lakeside Project is welcome to send me the mail directly [email protected]

We have to bring as many as investors on board. Kindly contact me ASAP for next action plan.

Kindly don't write your email here - send it directly to above mail address.

Thanks...

Lakeside Investor Group.
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Old December 28th, 2011, 12:48 AM   #1258
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Damac's Dubai Park Towers voted 'world's best'

Quote:
by Duncan Hare on Dec 27, 2011

Park Towers in the Dubai International Financial Centre has scooped the title of ‘World’s Best’ in the ‘Best Mixed-Use Development’ category at the prestigious International Property Awards in London.

The Park Towers development was propelled to the International Property Awards after landing five honours at the Arabian Property Awards last month.

“These awards are validation from our industry peers that our strategic approach to sustainable development has been the right course of action in a challenging market,” said Niall McLoughlin, senior VP of Damac Properties.
http://www.constructionweekonline.co...d-worlds-best/
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Old January 14th, 2012, 02:13 PM   #1259
verjan
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Quote:
Originally Posted by 4everdreamin View Post
Hi is there anyone invested as a private investor in this project since the beginning in 2006? Delivery was originally due mid 2009, the latest news suggested completion not likely until at the earliest 2013. is there anything I can do?
I am also an Oceanscape investor , DAMAC tried to change my payment schedule but I had to sign a amendment and they changed some articles including the one with the completion date ( new date May 2013) probably to escape from their late delivery payment.
Does anyone know what the late delivery penalty will be if the completion date will be May 2013.
Everyone who invested in Oceanscape let's exchange our experience and see if we as a group of buyers can put more pressure on Damac and if necessary get a laywer to represent all Oceanscape investors
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Old January 15th, 2012, 08:55 AM   #1260
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I like to discuss with you what we can do, I am also an Oceanscape investor
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