DO NOT BUY FROM DAMAC - Palm Springs Investors Group
WHY WE WOULD NOT BUY
FROM DAMAC AGAIN
On 10 March 2008 Damac Properties informed investors that it had cancelled the Palm Springs, Jebel Ali development originally launched in 2003. Not long ago in September 2006 Damac were offering 10% interest on monies invested in an attempt to get investors to pull out of the project.
Damac’s justification for cancelling the project is based on the fact that the Master Developer has re-designed the Palm, Jebel Ali and is not delivering the original plot where the Palm Springs was to be built. What Damac has conveniently forgotten to mention is that the Master Developer will be delivering to Damac a new plot on the Palm, Jebel Ali. A group of over 60 Palm Springs apartment owners are disputing the legality of using the Force Majeure clause in the contract and are drawing up plans to take Damac to court.
It is quite clear that, 5 years on from the launch of the project, faced with increased construction costs, Damac have decided to try and buy off investors under the pretext of ‘Force Majeure’. Damac’s actions are not only immoral, but we believe illegal. Instead of honouring binding contracts, DAMAC have decided to cheat investors. Although the value of the apartments bought by investors has more than doubled since the launch, Damac are offering only to return money paid plus a paltry 6%, or alternatively or a 15% discount to buy in another Damac project.
We, the Palm Springs Investors Group will be taking Damac to court in order that Damac either reverse their decision and proceed with constructing Palm Springs on Palm Jebel Ali, or they provide a like-for-like apartment at same cost and terms and conditions on a new Damac development on Palm Jebel Ali, or they provide financial compensation at current market rates for Dubai Waterfront/Palm Jebel Ali
Many investors who bought re-sale properties in Palm Springs (assigned by Damac) stand to loose premiums of up to £150,000.
We attended similar evenings to this launch and were duped into buying from Damac. We trusted and believed in Damac but strongly warn that you
DO NOT MAKE THE SAME MISTAKE AS US
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