Ladies and Gents,
We made a not-so covert visit to the Hydra site today..took many pictures before they stopped us!
My estimate is there are about 200 workers on site, and about 40 villas currently under construction, with foundations laid for perhaps another 50. One of the workers told us that 300 villas are being built, which is 300 short of the 600 Hydra tells us will handed over by the end of Q2 this year.
Given the level of activity, there is no way in hell that 600 villas will be handed over within that timeframe.
You may be interested to know the villas are being constructed of basically foam bricks filled with concrete..I guess time will tell whether this method of construction is any good or not.
My main concern is, given that I would estimate that construction of the total development stands at about 1% (seriously), that ADCB has mysteriously suddenly decided that progress is suitable, and that the next progress payment should be forwarded to Hydra, when only recently they were very concerned about the project? I would strongly recommend you contact the your bank IMMEDIATELY, expressing your concern about the level of progress, and ask why the bank deems it OK to make the next payment. It is in your best interests to query this; should the worst case scenario eventuate, and Hydra folds, you will at least have a paper trail to show the bank that you STRONGLY objected to this payment being made without suitable proof of progress. My understanding is that the bank has certain criteria to advance these payments, and from what I saw today I can't believe that that criteria has been met. If your next bank payment goes into a big black hole with Hydra, then at least you'll have some comeback to the bank.
Remember, the next payment is due 5th Mar; you should email or call your branch manager tomorrow expressing your concern about this payment.
For those banking with ADCB on beach road, Dubai, the contact is Nabila;
[email protected]
Photos of the construction underway will be on the Hydra Investors facebook site soon.