I was wondering what everyone's feelings are about the seemingly endless delays and what compensation DAMAC will offer for the delays. Has anyone gone inside Lake View to see the finishing?

It seems that I'm the only one who bought in Lake View!

How much would you sell it at?
That's the best way to get comforted when you get worried.

Anyway, most pple won't tell you what they invested in just because you asked a general Q.
Clarify what you want from them, and if they have a common interest in responding, they would.

Good luck,

Rammah

Rammah,

Thanks for the response. I was specific in asking:

1. If DAMAC will compensate for the delays?
2. If anyone has managed to go inside the building to see the finishing since the bathrooms, kitchens, doors, cabinets, etc have been fitted to some of the apartments at least.

I am not asking how much the apartment is. In fact, I didn't even mention how many BR mine is.

Regards..

Hi there

1) If there is any mention in the contract given to you about the compensation on delay, they shall give it. Or else just forget about any compensation. ( In my contract , with anothe rdeveloper , its said that if its delayed by more than 6 months you can get all your money back.but thats not compensation.)

2)generally DAMAC is a quality developer, no need to see . the things are supposed to be high standards. I have seen the building from outside and it shows a good execution of work.
All the best to you.

Thanks for the response. There is a compensation clause in the contract. It says that the seller will pay LIBOR but I'm not how that will be actually calculated. I guess we'll see in the summer when we get possession; if there are no more delays!

I was wondering about the finish because there is no contractual obligation for DAMAC to deliver the materials they show in their show apartments, and with the rising construction costs; perhaps they'll be tempted to reduce cost by dropping the standard of materials they use.

Have a look at the Damac website it has images of a fairly hideous bathroom. The blue water splash tiles look disgusting, cheap and nasty.
The compensation (is in my opinion) deliberately difficult to work out and trying to get a straight answer from "customer service" is impossible. Anyone with a degree in advanced mathematics would struggle but suffice to say the "compensation" will be a token and nothing more. The last payment on handover should be waved - the project is over 18 months late and the lost revenue in rental income is way more than the last payment anyway.
So therefore by my reckoning Damac will be ringing up any day now to find out how to pay me my extra compensation but as Lake Terrace which is supposedly 6 months ahead of lake view looks miles away from handover I won't hold my breath.
It is a disgrace that they are allowed to continue advertising and doing business when they cant complete what they have on the go already.

Usually developers have a 6 month time after the promised date till which no interest is paid. After the six months, then the payment will be according to the prevailing interest rates.

There could be a temptation from the developer to compromise on quality, but DAMAC doing that....well I seriously don't know.

Regards

Roshan

How many new offices has opened worldwide this year alone?
How much have they invested in Egypt alone over the last 12 month?

Get me those answers, and then we'll talk.
If you don't know the answers, then please stop throwing rumours. Many people's life are depending on either their investments with DAMAC or their employment. It's not fair for you to put all those pple at an unease situation just because you're unaware of facts.

Rammah

Most of them say that but that would only be the original cost excluding fees. The developer then pockets the capital increase themselves. Some deal.

There will be zero compensation. Any problems with that then give Sheikh Mo a call.