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Old May 6th, 2013, 01:09 PM   #1301
desertrat
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Just got notice that the bank wants to release another payment to Damac for Oceanscape. Is anyone holding back payment? Any info on what kind of compensation we will receive?
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Old May 13th, 2013, 10:24 AM   #1302
verjan
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You cannot withold payments , Damac will charge you a penalty , 24%/year , Damac hasn't announced the compensation,they probably won't announce, you have to fight for it , in the best case they will settle it with the final payment when handing over the apartment.
Handover should be 2e quarter of 2013 , normally before 1 July , but you never know with Damac
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Old May 17th, 2013, 04:18 PM   #1303
sgn7200
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LAKESIDE IMPZ

Has anyone got any information with regard to completion/handover date of the towers at Lakeside IMPZ.
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Old May 25th, 2013, 02:51 PM   #1304
Tem937
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i am new here.... however, with regard to Damac properties I am on the same boat with you all... maybe worse..

Thru a friend of mine, who was a Damac agent, back in March 2008 I purchased a retail at Oceanscape project and paid up the first three installments (30%). I got suspicious when i passed by the construction site and saw nothing except for piling.. So, i refused to carry on with the payment and never signed up the contract.

By end of 2010, I have filed a lawsuit case against Damac properties and sadly lost it twice. Later i approached Damac to have a settlement and they offered me to reduce the price of the retail from 5000 AED/sqft to 3700 AED/sqft. Still it was overpriced and we never reached to an agreement.

Now i am wondering, what would be the scenarios if I failed to sign the contract and fulfill their payment?

I am willing to loose the 30% rather than paying the rest which I know for sure is not worthy. The issue here in Abudhabi is that no authority that regulates real estate related businesses .
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Old June 2nd, 2013, 01:13 PM   #1305
4everdreamin
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Compensation for late delivery?????

Quote:
Originally Posted by verjan View Post
You cannot withold payments , Damac will charge you a penalty , 24%/year , Damac hasn't announced the compensation,they probably won't announce, you have to fight for it , in the best case they will settle it with the final payment when handing over the apartment.
Handover should be 2e quarter of 2013 , normally before 1 July , but you never know with Damac
Well, what a surprise........... compensation was almost nothing for all these years late.
And you were right bout the reduction in size, not good and the compensation for that appears only for the sq ft over the 3% not the whole reduction.

Seems to me that we cannot even go to see the rubbish they are delivering to us until we hand over all the money to them and get what is they call it ....a PCC??????
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Old June 26th, 2013, 02:55 PM   #1306
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hey guys,
I'm new to the forum. Please guide me about DAMAC. Are they reliable enough to invest in a 1-bed hotel apartment in their project "Bay's Edge". Will be very grateful for a prompt response. Thanks
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Old July 3rd, 2013, 07:57 AM   #1307
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Quote:
Originally Posted by uau2137 View Post
hey guys,
I'm new to the forum. Please guide me about DAMAC. Are they reliable enough to invest in a 1-bed hotel apartment in their project "Bay's Edge". Will be very grateful for a prompt response. Thanks
Don't even try to think to invest your money in Damac , they are cheaters
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Old July 14th, 2013, 06:16 PM   #1308
verjan
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Oceanscape completed , according to DAMAC , but although handover started the owners are not able to enter their apartments.
No Electricity , No Water , No Gas , No AC , this is again the true identity of Damac.

They collected their money and leave their customers in the cold ( or rather in the heat )

If any company did their business like DAMAC is doing they already would be bankrupt
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Old July 14th, 2013, 06:23 PM   #1309
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When there will be Electricity connection in OCEANSCAPE Damac can not tell , don't be surprised if it will take several weeks before owners can start moving in the apartments
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Old July 23rd, 2013, 05:09 PM   #1310
verjan
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We are collecting all complaints against the Damac Oceanscape project in Abu Dhabi

Sent your complaints to [email protected]
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Old July 26th, 2013, 06:57 PM   #1311
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Has anyone completed the handover process for Oceanscape? I hear that they have extended the final payment till July 31 since they messed up again. The worst company to deal with. No wonder they only do business in the ME. They would be bankrupt years ago if they tried to compete in the western world.
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Old July 30th, 2013, 03:03 AM   #1312
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Drove by Oceanscape this evening and the whole building is in darkness.
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Old August 1st, 2013, 03:02 PM   #1313
essani
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Quote:
Originally Posted by verjan View Post
Oceanscape completed , according to DAMAC , but although handover started the owners are not able to enter their apartments.
No Electricity , No Water , No Gas , No AC , this is again the true identity of Damac.

They collected their money and leave their customers in the cold ( or rather in the heat )

If any company did their business like DAMAC is doing they already would be bankrupt
I'm in the same boat & in the same situation mentioned above ,but the project is 'The Signature'(Burjside Boulevard) in Dubai by Damac !!!!!!

I want to REALLY hear from other fellow buyers in the 'Signature' project ,as what is advisable to do now !
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Old August 2nd, 2013, 03:37 AM   #1314
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Quote:
Originally Posted by verjan View Post
We are collecting all complaints against the Damac Oceanscape project in Abu Dhabi

Sent your complaints to [email protected]
Verjan

I see you are stating a hotmail UK email. Who is the "we" you refer to for collecting complaints?
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Old August 2nd, 2013, 01:26 PM   #1315
verjan
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" We " are investors in Oceanscape , the only way to file a case against Damac is as a group , an individual has no change and it will cost a lot of money
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Old August 3rd, 2013, 11:18 PM   #1316
desertrat
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Good idea Verjan. How is the list coming along?
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Old August 6th, 2013, 11:23 AM   #1317
verjan
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Around 20 , most UK , investors replied and forwarded their complaints , major points are compensation and quality of the apartment
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Old August 23rd, 2013, 06:43 AM   #1318
desertrat
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Quote:
Originally Posted by verjan View Post
When there will be Electricity connection in OCEANSCAPE Damac can not tell , don't be surprised if it will take several weeks before owners can start moving in the apartments
Does anyone know if they've sorted out the electricity problem yet? Have people actually moved into the building ? As usual Damac is leaving their customers in the dark (no pun intended )
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Old August 25th, 2013, 11:20 AM   #1319
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Still no electricity , only promises from DAMAC , the liars from DAMAC .
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Old September 3rd, 2013, 10:35 AM   #1320
desertrat
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Quote:
Originally Posted by verjan View Post
Still no electricity , only promises from DAMAC , the liars from DAMAC .
Sept 3 and over 2 months past the handover date Has anyone been able to move in to Oceanscape yet?

Last I was told by the handover manager was that they were waiting for the end of Ramadan before ADDC would approve......I guess I should have asked the liar for what year !!

Last edited by desertrat; September 3rd, 2013 at 11:26 AM.
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