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Old March 23rd, 2008, 12:08 AM   #121
AWE!
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Quote:
Originally Posted by tictaco View Post
Not long after I bought the apartment, I asked Damac what the nationality breakdown was for purchasers at Palm Springs for my own interest and with a view to who the future market might be, and was concerned to be told that it was 98% British.
I have also since read articles that say the majority of buyers in Duabi are British. The reason that I was concerned was because I could see the future Dubai property market being interminably linked to the UK property market - much like Spain is today - hence all the property bubbles and corrections that happen in the UK are likely to be mirrored in Dubai - not good for an investor looking for a diverse portfolio!
I am 100% behind everything that has been said on here about Damac; it's corrupt, despicable behviour and if you have the appetite for a fight then go for it. All I am saying is that for me, as a small time investor, it was a gamble that hasn't paid off and I can't afford to have my money tied up any longer. I also think that this is the beginning of the end for the Dubai market, and you only have to look at what's happened in Leeds and other UK cities to see what over-supply does to a market. I think there's money to be made in Dubai if you can ride it out for the next 10-15 yrs but I personally can't wait that long.
This will be my last post on this forum, since I am obviously upseting people which was not the intention.
YOU DISGUST ME!

DO NOT BE A COWARD!!!!! HAVE BACK BONE, IF YOU ARE A SMALL TIME INVESTOR JOIN US AND FIGHT WHAT YOU HAVE RIGHTLY ADMITTED IS AN IMMORAL ACT.

YOU DID NOT PM LAST TIME I ASK"D YOU TO, WHO ARE YOU???????????
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Old March 23rd, 2008, 10:52 AM   #122
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I think we all can guess that there appear to be some ulterior motive from tictaco postings. Also the comparisons between Leeds and dubai is just plain ridiculous. Anyone who is in the UK will tell you that.

Obviously there have been huge gains in Dubai over the last few years and it cant continue, so now the gains will be healthy but not huge. Thats why we are so pissed off that we have been robbed of the gains! When I purchased in Palm Springs palm jumeirah was 1 bed sea view was about £145k, try to get that now!

Anyway the whole reason Damac have said 30 March for a reply was simply because we then dont have time to organise ourselves and people lile tictaco just try to scare people.

Anyway i am so pleasantly surprised by all the support shown by people who have not even invested in Palm Springs but they cant stand this con being attempted by Damac.
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Old March 23rd, 2008, 10:59 AM   #123
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The Sheikh e-mail address


http://www.sheikhmohammed.co.ae/vgn-...007064a8c0RCRD

Last edited by Hanna; March 24th, 2008 at 09:34 AM.
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Old March 24th, 2008, 02:55 PM   #124
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Tried above but page is currently unnavailable.
Will keep on trying though.
Hope everyone alse will.
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Old March 24th, 2008, 06:28 PM   #125
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I think we all agree we have been shafted by Damac, anybody suggesting otherwise on this forum has lost their senses. The question is what do we do???

WE need to talk to someone who knows about the law in Dubai, I initially agree with Hana, any case will probably be hard to win and take a long time.

Whatever the percentage of UK investors in Palm Springs is, we all know that the UK market is massive for both Damac and Dubai, neither can afford a sustained amount of bad press. Some papers I am sure would only be to happy to have this story.

Lets wait to see what Damac come back with after the questions. Their opening offer was pathetic and represents no compensation at all, their not even offering 6% p/a
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Old March 24th, 2008, 06:35 PM   #126
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Hello Palm Springs Investors

I am new to this forum. I am the joint owner of apartment 1114.

Iíve been unable to post my own thread as Iím having registration problems, so being eager to say my piece Iím doing so via trixie1.

KARLOSB - Can you please include Dr Kerry Davies and myself (Gareth Jones) to your email list. We have just responded back to DAMAC flatly refusing either offer.

[email protected] (Dr Kerry Davies)
[email protected] (Mr Gareth Jones)

With the US$ exchange rate 20% down since 2004 a 6% increment (Not evenly annually calculated!) means we would receive less money back than we initially gave!! Let alone the £200,000+ capital appreciation that we have lost. And the second offer of a 15% reduction from Ďtodayís pricesí is no compensation. DAMAC offer that anyway during the Dubai shopping festival + a Bentley or a corporate jet! We would expect at least a 50% reduction from another development of equal size and standing to reflect the capital appreciation that we have lost since 2003/04.

Iíve reviewed the contract with trixie's joint owner this evening . We feel that there is a breach of contract and that the quarrel over The Plot is NOT between DAMAC and the investors, but between DAMAC and the developer of The Palm. We will explain at length why in a few days and we will send our comments via FISHY to post on this forum.

Does anyone remember Nikki? (DAMAC Sales Rep in 2004) Nikki back in the early days once sent out an email to every Palm Springs investor, and copied everyone in. If anyone has that email archived listing all the investors email addresses we can trace all the Palm Spring investors and form a large protesting group against DAMACís offer.

The cost of labour and materials has increased considerably in Dubai since we put our deposits down back in Jan 2004. It would appear that with the delay in allowing the foundations of Jebel Ali Palm to settle DAMAC have calculated that they can either no longer build Palm Springs at a profit, or they can sell the same plot for at least twice (if not triple) what we paid.

We paid approx. 900,000 Dhs for a 2 bedroom in Jan 2004. In the summer of 2006 I visited the London DAMAC office and the sales rep said that it would sell for over £300,000; the capital appreciation was more than double then!

Significantly, the London sales rep also let slip that DAMAC were told off for releasing the Palm Springs project way too early and too cheaply. But DAMAC being as greedy as they are went ahead anyway taking our deposits to keep up their cash flow to fund other projects.

So it would seem that DAMAC have now found it more lucrative to cancel the Palm Springs project and return the investorís deposits with a token amount of interest than to proceed. DAMAC have other plots on JAP that are selling for double/triple what they sold them to us for.
Iím in favour of mounting a legal challenge against DAMAC. Can I suggest that we attempt to hire a lawyer on a Ďno win, no feeí basis. Does anyone have any contacts? And in the meantime, keep up sending those damaging articles to the UK newspapers. The vast majority of DAMAC investors are British and DAMAC would not welcome a sustained negative marketing campaign in the British press.

We will lose a serious amount of money if we give in easily. We will throw away £200,000 / 2 bedroom apartment in capital appreciation alone and a life time tax free rental income of £30,000 / year. There is no way Iím given up that kind of pension without a bloody fight!
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Old March 24th, 2008, 09:14 PM   #127
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Quote:
Originally Posted by trixie1 View Post
Hello Palm Springs Investors

I am new to this forum. I am the joint owner of apartment 1114.

I’ve been unable to post my own thread as I’m having registration problems, so being eager to say my piece I’m doing so via trixie1.

KARLOSB - Can you please include Dr Kerry Davies and myself (Gareth Jones) to your email list. We have just responded back to DAMAC flatly refusing either offer.

[email protected] (Dr Kerry Davies)
[email protected] (Mr Gareth Jones)

With the US$ exchange rate 20% down since 2004 a 6% increment (Not evenly annually calculated!) means we would receive less money back than we initially gave!! Let alone the £200,000+ capital appreciation that we have lost. And the second offer of a 15% reduction from ‘today’s prices’ is no compensation. DAMAC offer that anyway during the Dubai shopping festival + a Bentley or a corporate jet! We would expect at least a 50% reduction from another development of equal size and standing to reflect the capital appreciation that we have lost since 2003/04.

I’ve reviewed the contract with trixie's joint owner this evening . We feel that there is a breach of contract and that the quarrel over The Plot is NOT between DAMAC and the investors, but between DAMAC and the developer of The Palm. We will explain at length why in a few days and we will send our comments via FISHY to post on this forum.

Does anyone remember Nikki? (DAMAC Sales Rep in 2004) Nikki back in the early days once sent out an email to every Palm Springs investor, and copied everyone in. If anyone has that email archived listing all the investors email addresses we can trace all the Palm Spring investors and form a large protesting group against DAMAC’s offer.

The cost of labour and materials has increased considerably in Dubai since we put our deposits down back in Jan 2004. It would appear that with the delay in allowing the foundations of Jebel Ali Palm to settle DAMAC have calculated that they can either no longer build Palm Springs at a profit, or they can sell the same plot for at least twice (if not triple) what we paid.

We paid approx. 900,000 Dhs for a 2 bedroom in Jan 2004. In the summer of 2006 I visited the London DAMAC office and the sales rep said that it would sell for over £300,000; the capital appreciation was more than double then!

Significantly, the London sales rep also let slip that DAMAC were told off for releasing the Palm Springs project way too early and too cheaply. But DAMAC being as greedy as they are went ahead anyway taking our deposits to keep up their cash flow to fund other projects.

So it would seem that DAMAC have now found it more lucrative to cancel the Palm Springs project and return the investor’s deposits with a token amount of interest than to proceed. DAMAC have other plots on JAP that are selling for double/triple what they sold them to us for.
I’m in favour of mounting a legal challenge against DAMAC. Can I suggest that we attempt to hire a lawyer on a ‘no win, no fee’ basis. Does anyone have any contacts? And in the meantime, keep up sending those damaging articles to the UK newspapers. The vast majority of DAMAC investors are British and DAMAC would not welcome a sustained negative marketing campaign in the British press.

We will lose a serious amount of money if we give in easily. We will throw away £200,000 / 2 bedroom apartment in capital appreciation alone and a life time tax free rental income of £30,000 / year. There is no way I’m given up that kind of pension without a bloody fight!



Hi


It is plain as your nose on your face what Damac are doing to the Palm investors,a pure and utter stitch up that you all need to get to the bottom of.

It would be some bonus if you could get the mailing list of all purchasers.





Last edited by Hanna; March 25th, 2008 at 11:24 AM.
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Old March 25th, 2008, 12:06 AM   #128
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Damac are not going to role over we clearly need a major Dubai firm representing us.Such a firm would not do it on a contingent basis particularly as it is likely to be a drawn out dispute.I am in contact with two major firms .
Lets see what we can do the first thing all investors should do is to refuse the offer by fax as the contract says a fax is received the day it is sent.My reading of the contract is the Force Majeure clause does not apply as I assume the developer will provide a suitable alternative.
I bought in 2005 with a premium,I assume my contract is the same as the original.It would be interesting to hear from anyone who has bought recently to see if the contract changed.Certainly the lawyers would be interested in this.
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Old March 25th, 2008, 07:14 PM   #129
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DAMAC GOING DOWN

Take Damac to court at least they will be named and shames. The contracts are all the same no changes in terms and force majeur can only be declared and as per agreement a certificate issued to confirm the same which I have not seen yet! Damac has 10 other plots on the Palm so could very easily move Palm Springs to another plot or minimum offer all Palm Springs owners first option on another project on the Palm at the same rate when we first bought! Damac are a bunch of liars and Peter stop blaming customer services as I know internally this is what you are doing! It has nothing to do with Customer Services you are the one who made the call................ so take responsibility. Why is it that so many customer services staff including the two head boys have resigned in the last two months? Even internally people are fed up with what is going on. Damac are on the way down................
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Old March 25th, 2008, 07:15 PM   #130
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DAMAC GOING DOWN

Take Damac to court at least they will be named and shamed. The contracts are all the same no changes in terms and force majeur can only be declared as per agreement where a certificate issued to confirm the same which I have not seen yet! Damac has 10 other plots on the Palm so could very easily move Palm Springs to another plot or minimum offer all Palm Springs owners first option on another project on the Palm at the same rate when we first bought! Nakheel would also be very interested to know why Damac are using them as the excuse for plot changes! Damac are a bunch of liars and Peter stop blaming customer services as I know internally this is what you are doing! It has nothing to do with Customer Services you are the one who made the call................ so take responsibility. Why is it that so many customer services staff including the two head boys have resigned in the last two months? Even internally people are fed up with what is going on. Damac are on the way down................
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Old March 26th, 2008, 12:59 PM   #131
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Quote:
Originally Posted by DHLSPY View Post
Take Damac to court at least they will be named and shamed. The contracts are all the same no changes in terms and force majeur can only be declared as per agreement where a certificate issued to confirm the same which I have not seen yet! Damac has 10 other plots on the Palm so could very easily move Palm Springs to another plot or minimum offer all Palm Springs owners first option on another project on the Palm at the same rate when we first bought! Nakheel would also be very interested to know why Damac are using them as the excuse for plot changes! Damac are a bunch of liars and Peter stop blaming customer services as I know internally this is what you are doing! It has nothing to do with Customer Services you are the one who made the call................ so take responsibility. Why is it that so many customer services staff including the two head boys have resigned in the last two months? Even internally people are fed up with what is going on. Damac are on the way down................


Hi DHLSPY

That is what I heard as well about there head of Customers relation Dept,it was falling apart again.When I bought in 2005 they wiped out the dead wood and renewed with a new lot of dead wood now they have been 'found out' and the game starts all over again.I hope it does not lead to a collapse but then again my dealing's with them in the past nothing would surprise me with this mob.

I wonder if the Government run local newspapers might add a few lines in there newspapers concerning the plight of the Palm Springs clients

Last edited by Hanna; March 27th, 2008 at 08:02 AM.
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Old March 26th, 2008, 10:16 PM   #132
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Organising action

We have had great ideas in terms of action against Damac so summarising:

1. Legal action.
2. Paid adverts in papers - we already have some papers interested in doing editorials, however the paid adverts will be immediate.
3. We will pay for the "Damac the truth" Brochure and had out at the agreed shows/presentations.
4. I have spoken to a client of mine regarding the documentary, once again thanks to all the people willing to contribute.

So far nearly all this is in the UK, I would really like to hear from someone who wants to target Damac in other countries over this con they are trying to pull. Even though most of the people are in the UK the more we get to them the better, we have to make sure they dont con poor unsuspecting investors everywhere.
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Old March 27th, 2008, 01:08 AM   #133
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Way to go you guys.

From today's Gulf News:

Damac's buyback plan angers investors

Dubai: Investors in Damac's Palm Springs project on Palm Jebel Ali are furious at being 'bought off' by Damac due to project alteration.
Damac is now trying to 'buy back' its Palm Springs plot on Palm Jebel Ali five years after its launch. Damac cannot go ahead and build the development without incurring a significant loss as the master-developer plans have changed.

Hussain Sajwani, chairman of Damac Holding said in a statement, "Damac Properties has been advised that the master development of Palm Jebel Ali has been redesigned and the Palm Springs plot will not be delivered. Due to redevelopment of the plots, the building forming the Palm Springs development cannot be situated on the re-allocated plot and, as a result, the Palm Springs project has been cancelled.

"In view of this, Damac Properties will provide customers an opportunity to release the investment made in Palm Springs and transfer the monies to any other project in the Damac Properties portfolio at a discounted price 15 per cent below current market value. As an alternative, Damac would refund monies paid with interest."

However, according to investors, Damac is only offering six per cent per annum on the sum invested.

Options

Investors are now considering taking the complaint directly to the Ruler's Court. Buyers are already furious over repeated project delays, contractual issues and complaints of poor customer service by Damac.

Marwan Bin Galita, chief executive officer of Dubai's Real Estate Regulatory Authority (Rera), said, "Any investor who has a problem or misunderstanding with a developer, please check our website, or email us or come and see us and we will clarify it for you. Or get legal advice. It's very easy but people don't want to spend money. The problem starts with people signing a contract without asking anybody first."

Source link:

http://www.gulfnews.com/business/Rea.../10200671.html
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Old March 27th, 2008, 11:32 AM   #134
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Did you see what RERA had to say about this situation in this article............basically check your contracts. They don't want to get involved essentailly.

They're a bunch of ******* idiots.
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Old March 27th, 2008, 11:41 AM   #135
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I agree!!!!!!
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Old March 27th, 2008, 11:58 AM   #136
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explain to me how you can have a "misunderstanding with a developer"............yea a ******* 5 year misunderstanding.

Complete retards
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Old March 27th, 2008, 12:12 PM   #137
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???
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Old March 27th, 2008, 12:17 PM   #138
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read the article then you'll get it
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Old March 27th, 2008, 12:43 PM   #139
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Sorry about the last comment my son said that.

As an owner I would just like to say that taking legal action is an option but will be
long and drawn out.
I would like to see this decision overturned immediately the only way to do this is with
World wide Mass bad publicity.
I am sure His Highness Sheikh Mohammed Bin Rashid Al Maktoum Vice President And
prime minister And RULER OF DUBAI, will not stand by and allow one rogue trader
Rodrick to bring SHAME and DISHONOUR to his beautiful country.

He alone has the power to stop this shameful act of GREED.
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Old March 27th, 2008, 01:15 PM   #140
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fUTHER BAD NEWS is we where told yesterday by a reliable source. which is where we
found your site, That regardless of your decisions all monies paid will be returned at
end of month as FINAL.
I suggest if this happens all cheques should be immediately returned RECORDED POST
as not acceptable, may i suggest returning them to his HIGHNESS not Damac.
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