Hydra Properties announces near completion of phase 1 of ‘Hydra Avenue’ at Cityscape Abu Dhabi 2014
Hydra Properties today announced the near completion of phase 1 of Hydra Avenue, its flagship project in Abu Dhabi comprising residential, commercial and mixed use properties. The premium waterfront development is located on Reem Island, one of the few designated freehold developments in Abu Dhabi.
Phase 1 of Hydra Avenue comprises 3 towers, with over 1.7 million sqft of built up area. The three towers collectively offer 906 apartments, as well as 45,000 sqft retail space. Handover of the residential units is set to commence in August 2014.
The announcement was made at Cityscape Abu Dhabi, which opened today at the Abu Dhabi National Exhibition Centre and will run until 24 April, 2014.
Ali Saeed Bin Sulayem, Chief Executive Officer of Hydra Properties, said: “Since its inception nearly a decade ago, Hydra Properties has aspired to align its strategic priorities with the vision of our leaders in creating sustainable communities in the emirate of Abu Dhabi. Hydra Avenue compellingly reiterates this conviction. We have achieved an important milestone today in completing phase one of Hydra Avenue that is already being recognised as a distinctive mixed-use project in the Abu Dhabi real estate landscape.”
Mohamad Al-Habech, Chief Commercial Officer of Hydra Properties, said: “As a developer our aim is to create a more enjoyable urban and comfortable lifestyle. In order for us to succeed we must remove the boundaries of only putting buildings and houses in place and must start thinking on how to build communities which highlight Social Interaction. We are in the final stages to complete all necessary arrangements to ensure a smooth handover of the completed units. The completion of phase one validates our capability to develop and deliver integrated projects that assure optimal return on investment for our investors. This comes at a perfect time where the Abu Dhabi Real Estate market has seen substantial increase in prices in different areas which highlights diversification of demand in combination with the new government strategy for public sector employees.
When fully developed, Hydra Avenue will comprise of six towers ranging between 24 and 29 storeys, interconnected by a mixed-use podium that spans five floors. The state-of-the-art project has evolved from the ‘All-in-one-Living’ sustainable development model developed by Hydra that combines all aspects of convenient living – contemporary amenities and opportunities for social interaction – under one roof.
In a bid to match the demand and supply ratio for premium properties in the Abu Dhabi market, Hydra Properties seeks to leverage the proximity factor with its developments on Reem Island. Reem Island lies less than one kilometre from downtown Abu Dhabi adjacent to Al Maryah Island, the capital’s new Central Business District (CBD) that has become a preferred location for global companies looking to set up operations in Abu Dhabi.