It is with pride that I join the entire team at Hydra Properties LLC in announcing the completion of phase 1 of Hydra Village Abu Dhabi in Al Shahama. Despite tough conditions and adversity, we are delighted that we have achieved a great milestone and are going to deliver a world class residential community, built with the residents and the environment in mind.
Since the launch of the project, we have faced a number of challenges, including a huge number of defaulting purchasers which resulted in a further lack of consumer confidence in the UAE real estate market.
Despite such challenges we adopted an aggressive consolidation strategy in order to allocate customers from underperforming projects into continuing strong projects. Over the last four years, we have worked quietly but steadily to fulfill our pledge to deliver the high levels of quality and lifestyle, to our customers that we hold ourselves to.
The handover of phase 1 of Hydra Village Abu Dhabi, will begin in June 2013. On behalf of the entire team at Hydra Properties LLC, I would like to thank all our investors and stakeholders for their patience and continued support over the past few years.
We look forward to bringing you more from Hydra Properties LLC in the near future.
Ali Saeed Bin Sulayem
Chief Executive Officer