Lusail Damac
Good morning everyone. I would be very thankful to everyone who could help me with following question. We bought 2 br appartment in Piazza 2, Lusail, in 2008, February. Since that time we have no idea what is going on with this project. If they started the constraction and building the apprts? We also signed mortgage contact with Arab Bank, which is not willing to pay unless Damac starts building. We also got a letter from Damac saying that we have to pay penalty as our bank didnt start payments. Is anybody in the same situation as us? Please let us know and maybe we can move things together. Thank you in advance
...I'am telling you coz I'am in the know of things. The project has got delayed terribly due to infrastructure issues which have nothing to do with Damac. You need to get back whatever you can.
Life is Beautiful...Indeed!
Currently Damac is at least 2 years behind schedule. Arab bank is not the only bank which has "reviewed" their lending to the project. I know of at least two banks who have terminated contracts due to the lack of progress. My advice is to contact a solicitor and try to pull out. Sorry!