Saturday, April 29, 2006

Appartment Sales

Does anyone have an idea about how the sales are going on Ocean Heights? I was told about three months ago that it was only just over 50% sold by one of Damac's sales people.

6 Comments:

Blogger Spoogle said...

Thanks for the comment Fezzy sounds like we are all having similar experiences then, I assume you got the same letter recently saying the completion date is now end of 2009. I am sure the simple truth is they have not sold as well as expected mainly due to the price I would think. However I am looking for long term here and still think Ocean Heights will be one of the best towers once finished. However I am a little nervous having read the threads on SSC's about Marina Terrace and the internal finishes, I certainly hope Damac get there act together for OH.

1:53 PM  
Anonymous Anonymous said...

First: Thanks for creating this site. Probably it will serve as a psychiatric clinic for us who bought at early time. I am a regular Damac customer and I bought on other three projects.
I started with The Waves. They are one and a hlaf year late and until now I do not know what I am getting so it is too early to tell. Judging from Marina Terrance I think I will get the same treatment.
Ocean Heights: I bought last May and so far 40% is paid. Imagine you would pay in advance and the building is not started yet.
OH: Location and design super. Prices little high, installmnets very painful. Once the building is delivered it is great investment
but is worth the pain? Not for me,for DAMAC YES.
I stopped Damac purchases and moved on to other developers.
My advice: do not buy in Dubai unless payment is tied with construction scheduels.

6:18 PM  
Blogger Spoogle said...

Good point about payment schedules being tied to construction schedules. I approached Damac in December about delaying the schedule due to delays in the start of the project and also based on the fact www.gowealthy.com are advertising OH with a completion date due in June 2008 and a payment schedule 4 months later than mine.

Needless to say the answer I got back was that I have signed the contract and need to keep to the payment schedule.

I signed my contract in August 2005 and to date I have paid 30%. I am prepared to delay my payments to them on the basis that I cant see them objecting as they have not as yet sold out, and if and when they do I would be prepared to pay up as the building will by then be underway and unlikley to be delayed anymore or even cancelled.

Interestingly enough they are already going to be in breach of part 13.1 in the contract which states that provided the buyer has met his obligations and the building fails to be delivered by 31st Dec 2008 then the buyer will receive compensation. I do not want any compensation but am willing to wait until the end of 2009 provided they are flexible about the payments.

On the subject Fezzy mentioned of getting our money back should Damac go bust, In my experience it would be very difficult and at worse impossible however much regulation is in place due to the fact our money is now in Dubai. However this is all just speculation and I have no evidence myself that Damac are anything but a growing and reasonably succesful developer who have obvioulsy had some teething troubles with their first Marina project.

In fact compared with the size of the project at Dubai Marina some problems are almost inevitable and are certainly not limited to Damac.

1:59 PM  
Anonymous Anonymous said...

For buyers who bought at Ocean Heights with payment schedule not tied with construction schedule, and want it to be changed:
I recommend you to contact Client Relations Manager , Mr. Alan at:
alan@damacgroup.com

6:23 PM  
Anonymous Anonymous said...

Damac Investors Lashout over construction delays.

http://www.khaleejtimes.com/DisplayArticleNew.asp?
section=theuae&xfile=data/theuae/2006/june/theuae_june66.xml

Damac are not helping themselves with headlines like these. They should stop the sales incentives which does not hold water and win back customer confidence.

12:31 PM  
Blogger Spoogle said...

I totally agree, no serious investor; whether buying for themselves or to rent out, is swayed by cheap sales tactics.

However I dont think the Khaleej Times and Damac have the best relationship!! So you have to read into this article what you can.

I would be interested in Damac releasing a press release to explain the delays and re-assure investors, they need to show that they are comitted to improving their image and delivering the quality that we expect for Ocean Heights and future projects.

10:27 PM  

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