Give me insight on DAMAC Property - Lake View - JLT

[Fal Pat]

Originally Posted by sammy1003

I believe there is a 1 bed unit selling at the rate of around 1300 AED/sqft. Let me know if you're interested and I can check on its availability for you.

Sammy, yes please, send me the details.

[sammy1003]

Originally Posted by Fal Pat

Sammy, yes please, send me the details.

I am checking on availability for you. Please give me you email address. Thanks.

[Fal Pat]

my email is birfals at gmail dot com

[Roshan]

Originally Posted by sap001

Hello Fal Pat,

I am sorry to tell you that I have had very bad experiences with DAMAC for a long time now and would not recommend anyone buying anything from them. I am still waiting for my apartment at Lake View to be completed. It should have been ready by Dec 2006! The latest of MANY letters I have received from DAMAC gives an anticipated completion date of Summer 2008. However this letter is not worth the paper it is written on, because they keep on moving their completion dates forward. There is no guarantee your 1 bedroom apartment will be ready in a few months time. What size is your 1 bed apartment ie how many sq ft?

Incidentally do you or anyone else know how much annual rental would be for a 2 bedroom apartment at Lake View in JLT?

Regards
sap001

Rents should be around AED 120 to 140 K for a 2 BDR in JLT.

[Roshan]

Originally Posted by Fal Pat

Hi Guyz,

I am pretty new in this forum but have been an avid reader of all the threads as a guest member. Me and my hubby are contemplating of buying a 1BR apartment in LAKE VIEW Tower which is by DAMAC and to be delivered in a few months time. I have a proposal @ 1425/- psf. Is this good? My intention is to rent it out once given the possession and earn a rental income of about 100-110K pa, apart from the capital appreciation of the property. PLZZZZ advice if this will be a good buy or not and if DAMAC still has any credibility left or not?

We have posted an easy to use mortgage calculator. among the first 3 posts on the forum. Feed in all the details requested which is simple, feed in the amount you wish to take as loan, the interest rate, the number of years, the anticipated rent and it will give you an idea as to how much you can expect as positive or how much you are on negative cash flow.

Always use a mortgage calculator which will give you an idea as to where you stand on the investment. I always use one when I need to analyse a deal.

You need to check a few of the Damac handed over properties to see what you are getting.

You can expect a rent of 90K for a 1 bedroom.

1200 to 1400 AED is the market rate for residential in JLT.

Regards

Roshan

[hk1]

Hi

Just an opinion!

I would just like to say that while Damac have spent a fortune in advertising and marketing their name they are yet to show their worth within the property industry. They have marketed heavily overseas and are cashing in on those investors.

My partner works for Dubai properties and has said that Damac has a really bad reputation within the property industry for delays!

Not a company I would go with.
Especially if it was my first investment!

Good luck

[Fal Pat]

Thanks HK1 for your opinion on this. More and more people have warned me against DAMAC. I surely do not want to get into something I will regret later.

[Rammah]

Hi everyone,

If you don't know yet through other threads that I work for DAMAC, then be advised that I do, but that's completely irrelevant to this thread, and here are some fair comments to give, and which would challenge the brain of many:

1- Do you agree that fizzy drink is bad for you?
If your answer is yes, then

2- Do you drink fizzy drinks?
If your answer is yes, then

3- Which make do you drink?
If it's Coke or Pepsi, then remember very well what most people tell you when they warn you of fizzy drinks.

The answer is: "Coke and Pepsi is bad for you". Only a minority warn you saying: "fizzy drink are bad for you". Therefore, the majority of people are unfair to "coke and pepsi".

OK, back to properties in Dubai.

When people talk about the delays in Dubai, they are all being UNFAIR to DAMAC, period.

I'll leave it at that for now, and I'll passionately proceed with answers to the remaining points when people assess the above and go back to their conscience.

Note: Lake view will be submitted in 2008 and this has been included in a very recent official press release.

As for sap, would you sell your unit at 1425 per sqft? or 1300 per sqft? If the answer is NO, this means that you KNOW your property is worth much more than this. Therefore, after letting out all your anger about inconvenience, it would've been fair to tell Fal that the price she's getting is incredibly good.

My quick word to Fal: If you own a DAMAC unit, you'll never regret it. If anything, you'll be proud and privileged! Why don't you go to Lake Terrace which was recently submitted and look at what you'll be expecting.

Best regards,
Rammah

[sheray]

In a way i agree with him for following.

And yes if property got delayed its bad for the investor. As he loses his rental income. Sad world is not perfect.

But i guess still better than having property with bad finish. Or finding your property near swerage plant. like some sectors in IC.

In this case yes its bad for the seller as his property got delayed. But hey
how is it bad for the 2nd buyer. For him primary objective should be
how is the finish of final product and whats the price.


I have flat in lake view but client is not willing to sell below 1300 per sq. ! Floor : 9th.

If you are getting 1425 price i guess you are getting is very good price.

Originally Posted by Rammah

Hi everyone,

If you don't know yet through other threads that I work for DAMAC, then be advised that I do, but that's completely irrelevant to this thread, and here are some fair comments to give, and which would challenge the brain of many:

1- Do you agree that fizzy drink is bad for you?
If your answer is yes, then

2- Do you drink fizzy drinks?
If your answer is yes, then

3- Which make do you drink?
If it's Coke or Pepsi, then remember very well what most people tell you when they warn you of fizzy drinks.

The answer is: "Coke and Pepsi is bad for you". Only a minority warn you saying: "fizzy drink are bad for you". Therefore, the majority of people are unfair to "coke and pepsi".

OK, back to properties in Dubai.

When people talk about the delays in Dubai, they are all being UNFAIR to DAMAC, period.

I'll leave it at that for now, and I'll passionately proceed with answers to the remaining points when people assess the above and go back to their conscience.

Note: Lake view will be submitted in 2008 and this has been included in a very recent official press release.

As for sap, would you sell your unit at 1425 per sqft? or 1300 per sqft? If the answer is NO, this means that you KNOW your property is worth much more than this. Therefore, after letting out all your anger about inconvenience, it would've been fair to tell Fal that the price she's getting is incredibly good.

My quick word to Fal: If you own a DAMAC unit, you'll never regret it. If anything, you'll be proud and privileged! Why don't you go to Lake Terrace which was recently submitted and look at what you'll be expecting.

Best regards,
Rammah

[sap001]

Hello Rammah,

I am someone who has paid a deposit on my Lake View apartment almost FOUR YEARS ago with the full intention of renting it out from Jan 2007. 18 months later I have still not got a property to rent out and no one from DAMAC (YOU, Peter Riddoch (CEO) or anyone else from your company) can tell me when my property will be ready for certain. In the meantime I have already lost out on 18 months rental income and almost certainly much more. Who will give me compensation for this loss of rental income?

As someone who works for DAMAC, your response is entirely predictable and undoubtedly you have a blinkered view of your own company and will defend it to the end come what may. The reality is that people like me and lots of other investors are absolutely fed up with endless delays by DAMAC, loss of rental income, apalling customer service by DAMAC and are never going to buy from your company again. I know many friends and family members who have asked me about investing in Dubai. My honest advice to them is keep away from DAMAC.

Regards
sap001

Originally Posted by Rammah

Hi everyone,

If you don't know yet through other threads that I work for DAMAC, then be advised that I do, but that's completely irrelevant to this thread, and here are some fair comments to give, and which would challenge the brain of many:

1- Do you agree that fizzy drink is bad for you?
If your answer is yes, then

2- Do you drink fizzy drinks?
If your answer is yes, then

3- Which make do you drink?
If it's Coke or Pepsi, then remember very well what most people tell you when they warn you of fizzy drinks.

The answer is: "Coke and Pepsi is bad for you". Only a minority warn you saying: "fizzy drink are bad for you". Therefore, the majority of people are unfair to "coke and pepsi".

OK, back to properties in Dubai.

When people talk about the delays in Dubai, they are all being UNFAIR to DAMAC, period.

I'll leave it at that for now, and I'll passionately proceed with answers to the remaining points when people assess the above and go back to their conscience.

Note: Lake view will be submitted in 2008 and this has been included in a very recent official press release.

As for sap, would you sell your unit at 1425 per sqft? or 1300 per sqft? If the answer is NO, this means that you KNOW your property is worth much more than this. Therefore, after letting out all your anger about inconvenience, it would've been fair to tell Fal that the price she's getting is incredibly good.

My quick word to Fal: If you own a DAMAC unit, you'll never regret it. If anything, you'll be proud and privileged! Why don't you go to Lake Terrace which was recently submitted and look at what you'll be expecting.

Best regards,
Rammah