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