Hydra investors frustrated

Investors in stalled schemes being developed by Hydra Properties were again left frustrated yesterday when the auction of a prime package of land owned by the developer was suspended at the last minute.

More than 74 bids were placed on Thursday on a 41,000-square-foot parcel of land close to the Burj Khalifa, which sold via an online auction for about Dh65 million (US$17.7m).

However, yesterday, three days after the hammer came down on the auction hosted by www.emiratesauction.ae, lawyers revealed that the sale had been suspended after a third party had submitted a petition to the Abu Dhabi courts.

"It is very difficult for us to explain this to clients," said Ahmed Odeh, the managing legal consultant at MIO Law Firm, a company representing a number of Hydra investors.

"They get frustrated because the process is not as straightforward as it seems."

The news came as a blow to investors who are hoping to get their money back on projects such as Hydra Village, Hydra Avenue and Hydra Golf Walk, which were sold off-plan by the Abu Dhabi developer.

Hydra officials were not immediately available for comment yesterday when The National contacted the company.

lbarnard@thenational.ae