Monday August 10 2009

Hydra Properties is considering scrapping its entire portfolio of international projects, with several UAE projects also set to be scrapped, downsized, put on hold or sold to a new developer.

It is understood that developments in Mexico, Kuwait, and Libya may be totally shelved, while its new project in Pakistan will be transferred to the PAL Group (also part of the Royal Group which owns Hydra Properties).

In Dubai, sources claim the Twin Tower and Downtown Tower projects have been earmarked for the chop, leaving just Hydra Towers in the emirate.

In Abu Dhabi, it is believed that the flagship Hydra Avenue and Marina Spirit projects, comprising 8 towers, are being sold to a new private developer.

Its Hydra City project, which includes Golf Walk, faces a freeze. Hydra Height, also in Abu Dhabi, is likely to be scaled down from three towers to just one, while the status of Executive Towers in thought to be “unclear,” according to company sources.

“We are reassessing some of our projects. When we get [to] the decision that we can hold some of our projects we will publish them,” Bin Sulayem said at a press conference on Sunday, adding: “If a project is sold 10 percent there is no reason to continue this project.”

Bin Sulayem said it was still uncertain which projects would be put on hold.

He added that every unit of the flagship 2,507-home Hydra Village project in Abu Dhabi had been sold.

The boss of the Abu Dhabi based developer said that its parent company, The Royal Group, had not injected any funds into the company but capital was available if needed.

“We are reassessing some of our projects. When we get [to] the decision that we can hold some of our projects we will publish them,” he said.

“If a project is sold 10 percent there is no reason to continue this project,” he added.