Dubai Forums Dubai Expat Forums Accommodation in Dubai

Hi,
Not sure if I'm allowed to do this here (or even in the For Sale section), so can a mod. let me know please.

I work for Damac Properties, and we have a whole bunch of freehold deals available, in Abu Dhabi (AD is 99 year leasehold btw) and Dubai (100% freehold).
I have studios/penthouses/1,2,3,4 bedroom apts/townhouses, retail space, commercial offices etc.
Basically, the works...
More details can be found via me, or www.damacproperties.com

Please PM me if interested so we can have a more detailed chat.

Thanks.
Again, sorry if this kind of post isn't allowed here.
Just thought a few DF millionaires would be interested.

Since you work for damac properties I have a question or two to ask you.

Your tower "ocean heights" was announced ages ago, however hardly any work at all has been done in the past few months. Just the excavation part although that was done about half a year ago I think. Could you tell me when proper work is due to start (ie, piling, etc) since I have a friend who invested in this project and is curious to know what's happening. I heard rumours that there were some problems with building the structure because of its complicated shape. If this is true then is it possible that the building will be redesigned (again)?

I'm also curious about the park towers since they were also launched ages ago but recent pictures from the site in DIFC show no activity. Any change you could tell us when construction will start?

Thanks.

Hi Danny,
Ok, not going to lie to you.
I just joined Damac extremely recently, so unfortunately have no details about the projects and stuff.
I'm off Thursday & Friday, but give me till next week and I'll get back to you asap with some positive news.

I know there's a customer relationship desk to help people who have bought property etc, so will check for a number for them so your friend can also liase offically.

Regards,

Damac are a joke

They have spead themselve to thinly development wise to purchas land. They dont have the assets to go "full on" on all developments, thats why you only see foundations.

To prove my point ask this question -

Q: how many developments have Damac actually completed for occupation in Dubai?

A: ONE

Steady you rude person. The new guy gave a perfectly good reply to a straight question and said he will come back in a few days with an answer. He was also being honest in saying he did not know and did not bullshit.

Give him a chance you prat.

You are the one looking like some ignorant street bully.

Stu

Stu,

I don't see any personal insults in Arnie's post, how many are in yours?

Information in Arnie's post is factual. Pick up a phone and call Damac to confirm for yourself.

Thankyou Stu for your inputs.
Yes, I do know Damac are behind in projects, but will let you know exactly how many etc are delayed.

Don't want this post to turn into an argument about insults etc.
Perfectly fair question by Arnie.


Now who wants to buy some property?

That's a good attitude matey. Commendable.

Stu probably works for Damac too

ineedacoolnick wrote:Yes, I do know Damac are behind in projects, but will let you know exactly how many etc are delayed.

Unless you're suitably high up in management, I'd be keen to see if you get an accurate answer.

Any news at all from Damac ? Have I missed something folks ?!!

Apologies apologies!!
I know i didnt reply to this - very bad of me. I was replying before and then the power went off midway and I didn't do it again. No xcuses. I'm sorry.

Alrite...1st query - piling for Ocean Heights started in about Feb. 2006 and the predicted end date for the project as of August 6th is June 2009.

FYI, there's a CRM / contant center you or your friend can call - 800DAMAC (80032622) which answer all queries related to project developments, including payment structures, construction updates etc.

Or you can just ask me and I promise i'll reply faster next time.

Arnie, fyi we have handed over two developments - Marina Terrace, and The Waves. Yes, unfortnately both were delayed.

Anythingelse?
Who wants to buy now?

Sorry again for the delay!

One more thing about the completion dates for ocean heights. Could you give me some milestone dates such as, when does the construction of the main structure start, or when roughly, will the tower be topping out? It's just that my friend hasn't been able to get his questions answered, mainly construction updates. I've shown him some pictures of the site from www.skyscrapercity.com but he wants to know a few dates of certain milestones during construction. He's worried about these delays and also because of the rumours he's read saying that the delays are because the tower is unbuildable.

It's not just ocean heights though, every one of the taller towers in the marina are taking their sweet time with ground work. Princess tower, 23 marina and the torch towers have all been under construction for a while but not one of them are close to having their first floor built.

Another question, I've been hearing rumours about damac building another tall tower in the marina, I think it might be beside infinity tower. Is this a real project?

That reminds me, first of all hope you don't leave because of criticism but there are a few things I want to say. Damac definitely don’t have the best reputation right now because of all the delays, etc. Recently you’ve launched a whole load of projects and it scares people to know that you’ve only completed 2. I think that right now, the most important thing for damac is to rebuild their reputation. Stop with all the buy one get one free type sales gimmicks since they don’t work with real estate. What people want to see from a developer is results, good quality finishings, etc. rather than free tickets to the world cup to make up for getting a sub-standard apartment. I suggest stop with all the promotions and excess marketing and use the money to hire contractors who will do the job well, not cut corners. If the first few projects turn out at least as good as expected and damac get themselves a good reputation then word of mouth will do the advertising for you 

the Waves only handed over 2 weeks ago, it was only 18 months overdue
and unlike Emaar the purchasers never got compensated.

arniegang wrote:the Waves only handed over 2 weeks ago, it was only 18 months overdue
and unlike Emaar the purchasers never got compensated.

In a rising market surely most people would be more than happy not to settle and take possession of their units? Obviously slightly less convenient for those people who wanted to move in 18 months ago ... but the value increase over the past 18 months should put a smile on their faces.

ajb wrote:In a rising market surely most people would be more than happy not to settle and take possession of their units?

Well, there's two factors to consider.

Factor #1 - If you've bought it for residential purposes, you're not going to be happy about having to pay rent and 80% of a mortgage on a tower that is 18 months late.

Factor #2 - If you've bought it for investment purposes, you're not going to be happy about the delay in getting your return on investment period. Increased short term valuation is one thing, but many investors get in to it for the leasing potential, not for the on-sell.

On top of this, there are other things to consider such as deposit bonds etc.

Was able to recover this post from my browser history! Had typed this yesterday; unfortunately disappeared due to the HDD failure!



dannyM wrote:

One more thing about the completion dates for ocean heights. Could you give me some milestone dates such as, when does the construction of the main structure start, or when roughly, will the tower be topping out?

Piling should finish in about two months or so. The main contractor will then be awarded and construction work will start immediately. They take this one year or whatever since launch whilst selling etc to go over tenders / choose the builders etc.
The tower is definately going to be built from what I know; Damac wouldn't still be selling apartments and doing piling etc if it wasn't.
I don't know about any other tower being built in Dubai Marina from Damac - but maybe its Ocean Heights 2 (I've heard some talk about this, and people are calling Ocean Heights as Ocean Heights 1).

Two primary reasons developments get delayed are:
1 - The Master Developer hands over the plot for construction at a later date than promised (obviously this doesn't apply today with Dubai Marina, but generally...)
2 - The contractors etc delay or mess things up. Damac fired the contractors for one of its projects - think it was Marina Terrace or The Waves due to unnecessary delays, low quality and other stuff I'm not too sure about.
Don't worry about criticism; I take it as a lesson. I'm still fairly new here, and I'm sure I'll hear lots of good and bad; just like every company!

FYI, we're launching a new project called Tucson Gardens in Jumeriah Village South - it will be similiar to Emirates Gardens 1 & 2. Smile
I have nothing to do with developing or launching projects - I just (try and) sell them. Smile

Ian wrote:

Factor #1 - If you've bought it for residential purposes, you're not going to be happy about having to pay rent and 80% of a mortgage on a tower that is 18 months late.

Ian, fyi, if someone takes a mortgage here (atleast for Damac's projects), they only have to start paying after the project has been handed over to the buyer. They pay nothing until then, except the remaining % that the bank won't mortgage (ie - maybe the 10-15% deposit).

I'm new and still learning so will try and keep answering your questions as best I can!

ineedacoolnick wrote:Piling should finish in about two months or so. The main contractor will then be awarded and construction work will start immediately. They take this one year or whatever since launch whilst selling etc to go over tenders / choose the builders etc.

Thanks, that's exactly the kind of thing I wanted to hear. My friend has had some trouble trying to get these sort of answers over the phone.

ineedacoolnick wrote:I don't know about any other tower being built in Dubai Marina from Damac - but maybe its Ocean Heights 2 (I've heard some talk about this, and people are calling Ocean Heights as Ocean Heights 1).

That's probably the one. I found it on www.aedas.com, I think they're the architects. They say this is 460m, I mean holy cow that's taller than sears tower. I don't know if you know this but most supertall towers have a variety of features to make them more efficient such as a special shape to counteract wind tunnels, doubledecker elevators, sky lobbies, etc. Does this one have any of these?
I've heard this tower could be squeezed in next to infinity tower, seems like an awfully small plot to build such a large tower on.
I think this is it.

ineedacoolnick wrote:Two primary reasons developments get delayed are:
1 - The Master Developer hands over the plot for construction at a later date than promised (obviously this doesn't apply today with Dubai Marina, but generally...)

*cough* nakheel *cough*

Glad the info. helped!
I know that Ocean Heights will have hi-speed elevators, but nothing about double decker ones were mentioned. Not sure about the other features, but it will definately be an 'efficent & safe' tower.
Yes, AEDAS are the architechts - from the Hong Kong office fyi.

dannyM wrote:

*cough* nakheel *cough*

You mean Emaar in this case!


I'll try and ask more about Ocean Heights 2 and will let you know if I find out anything.

Do you think its rising, I think its about to go crash bang very soon. There are simply too many beds and not enough takers. My advice to anyone wanting to invest in property in Dubai is:

1. Wait till its built. Buying off plan can go badly wrong if the development turns out to be a dog.
2. If you are making spare cash in Dubai and you are an expat and you want to invest in property, do it in your own country, the market here has a long way to go before it settles down. Many investors who bought off plan in Spain have lost money, the same will happen here.
3. If all you want is a cheap holiday home for the next 20 years and you have spare cash, and you are not buying in the hope of capital appreciation then push on, good luck.