Peter Riddoch on Record
27 August 2009 at 9:27 am | In Damac, Dubai, Media, info | 1 CommentIn a recent interview with Construction Week, Peter Riddoch says
“Something that we’ve been working on pretty hard, particularly during 2009, is what we call our Recovery Programme. We’ve been very committed to the construction and delivery timetable of our projects; in fact we called last year the year of construction.
We’ve been able to speak to some investors who are nervous about the market and have offered them the chance to come out of a project that will be completed much later in the future and move into another project that will be completed, lets say this year or the early part of next year.”
More Comments at ArabianBusiness.com
1 April 2008 at 12:36 pm | In Damac, Dubai, Dubai Reputation, Jebel Ali, Media, Palm, Real Estate, breach of contract, cheat, corrupt, corruption, deception, greed, illegal, info, lack of government regulation, lie, scam, update | 2 CommentsIn response to ‘Palm Springs investors face millions in losses article
Damac’s action tantamount to FRAUD
Posted by Palm Springs Investor, UK on 1 April 2008 at 04:24 UAE time
“Damac said it understood the situation was serious and unfortunate, but that it was “completely outside Damac Properties control”. Continue reading More Comments at ArabianBusiness.com…
Palm Springs investors face millions in losses
1 April 2008 at 12:39 am | In Damac, Dubai, Dubai Reputation, Jebel Ali, Media, Palm, Real Estate, breach of contract, cheat, corrupt, corruption, deception, greed, illegal, info, lack of government regulation, lie, scam | 1 CommentOn 31 March 2008 ArabianBusiness.com published another article on Damac’s shameful tratment of its most loyal investors. Below is a summary of the article. The full article may be viewed here.
Devastated investors in Damac Properties’ axed development on the Palm Jebel Ali are facing millions of dirhams in losses, one of the project’s investors has told ArabianBusiness.com.
Prior to the cancellation of the project, Palm Springs units were estimated to be worth more than double the original purchase price, according to investors.
Nearly 60 UK-based investors in the project have formed a group to take on Damac, giving the developer until April 11 to reverse its decision or face legal action.
London-based investor Karl Brown told ArabianBusiness.com members of the group were facing average losses on their investment ranging between 300,000-600,000 dirhams ($81,000-$163,000), depending on when they purchased their unit.
Brown said he bought his Palm Springs apartment on resale in March 2006 for 1.5 million dirhams and believes the property is now valued at more than 2.2 million dirhams.
However, he will only receive the original purchase price, estimated at about 1.1 million dirhams, plus 6% interest for each of the five years since the project’s launch.
Damac have told Brown that it was not the developer’s contractual obligation to refund money that was paid on resales.
UK investors’ losses are compounded by the rising value of the British pound against the dirham.
Brown said the group, the Palm Springs Investors Group, was appealing to Dubai’s Real Estate Regulatory Authority (Rera) and Nakheel, master developer of the Palm Jebel Ali, for assistance with the dispute.
Comments at ArabianBusiness.com
31 March 2008 at 11:37 am | In Damac, Dubai, Dubai Reputation, Jebel Ali, Media, Palm, Real Estate, breach of contract, cheat, corruption, deception, greed, illegal, lack of government regulation, lie, scam | 2 CommentsThere are quite a lot of comments at the bottom of this article published by ArabianBusiness.com, you can also add your comments there.
Damac threatened with lawsuit after project axed
Posted by H L Nagpal, London, United Kingdom on 30 March 2008 at 21:32 UAE time
It is foolish for a company like Damac to back out from a project just because it is going to make a loss. If Damac does not care about its goodwill, the UAE Government should make it honour its obligations as otherwise its effect will be far reaching. Investors in the West are investing heavily in the upcoming real estate of UAE on the understanding there is rule of law. Damac have launched projects at heavily inflated prices which are going to bring bumper profits to the Company. If the company is going to walk away from its contractual obligations, its effect on other projects by other developers will be enormous. One bit of bad news can ruin the whole market. Continue reading Comments at ArabianBusiness.com…
Investors Protest at Damac’s Product Launch in London
29 March 2008 at 3:07 am | In Damac, Dubai, Dubai Reputation, Jebel Ali, Media, Palm, Real Estate, breach of contract, cheat, corrupt, corruption, deception, greed, illegal, info, lie, scam, update | Leave a CommentIn the wake of it’s ‘cancelled’ Palm Springs project, Damac held an exclusive product launch of Jumeraih Village South on the 27th March 2007 at the Carlton Hotel in Kinghtsbridge, London. Little did they realise that the Palm Springs Investors Group also had plans to attend the event, not to be sucked in by false promises and glitzy presentations it has to be said, but to make the unsuspecting potential investors aware of Damac’s track record with the Palm Springs episode.
Although given very short notice, quite a few members of the Investors Group managed to be present at the event. One member of the Group told us “I went last night and met Andrew Ellis and a friend of his in the lobby and we managed to get into the presentation and spent about an hour bending the chairman’s ear voicing our complaints. I also stood up and exposed the company to whoever could hear, after a bit of fortification. This resulted in the UK Sales rep coming over to see us and he listened to what we had to say after initially trying to get us removed!“
The Palm Springs investors were also handing out leaflets to publicise the scandal (click here to view). Said another investor “This is only the start, if Riddoch and Sajwani think we are going to take this lying down, then they had better re-think.“ We have to agree with this sentiment; it is in the interest of Damac to resolve this issue quickly and fairly. After all, Palm Springs have been the most loyal supporters of Damac, having been patiently waiting for over 4 years for delivery of their apartments. One Palm Springs investor who is a lawyer by profession said “we’d prefer to be backing Damac 100% as soon as the situation is fairly resolved, just as we have been doing all these years.” We could not have put it any better.
AME Info Online Exposes Damac
28 March 2008 at 1:39 am | In Damac, Dubai, Media, Palm, Real Estate, info, update | 2 Comments
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