Hydra attempt to appease

Hydra attempt to appease

Abu Dhabi_Following investor complaints about the delay of the Hydra Village project and the introduction of late payment fees, developer Hydra Properties has announced a payment break for investors. It also assured buyers that the Abu Dhabi project, scheduled to be finished this year, is now slated for completion in December 2011.

Investors who have paid 50% or more for their units will be given a payment break which will extend into early next year, while the developer will retrospectively waive all late payment fees. Earlier this year, Hydra Properties issued legal notices by email to some investors in Hydra Village, stating that their property would be re-acquired by the developer and the amount paid to reserve the units by the investors would be forfeited if they failed to pay their outstanding dues.

Graeme Perry, a spokesman for the Hydra Investors Group (HIG), said the email asked investors to pay their dues and added that failure to do so by the specified date would result in a fine of Dh500 per day. At the announcement of the payment break, Ahmed Khalil, Hydra's commercial director, said delays in the project have been due to changes in the master plan designed to improve the project. Abu Dhabi Commercial Bank, once the project's main mortgage provider, has announced that it will no longer provide financing to buyers of units in Hydra Village. Reem Finance has taken over the task of providing financing for the project.

In response to accusations that Hydra is asking unrealistic prices, Khalil said the average price of Dh750/ft² on all the Hydra Village properties is in line with market standards.

At a press conference, Hydra produced photos of construction progress and promised that six villas, slated to be finished by the end of July, would be open for display upon completion. The company has also increased its number of Customer Relations Executives and established a call centre.

"We are going to complete our project," said Ali Bin Sulayem, a board member at Royal Group, the company that owns Hydra. "There is no reason to fear that we are not doing this, but we can understand the economic situation that is keeping people from feeling they are in a good position." The announcement was an attempt to reassure buyers and the community that the project has not been cancelled. Hydra also revealed how the ten-zone development will now be delivered in phases over the next 30 months.

Despite the announcement, members of the HIG won't be happy until these become concrete. "Whatever changes they announce, great, but let's see these changes happen," said HIG member Karl Howard .
Laura Fulton/freelance writer

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