EY Hydra Rent to Buy collapses?

[camelbreath]

It looks like the Hydra project of the rent to buy scheme has all but collapsed, the latest message states that the builder cannot release the properties for the origional price!
All bets are now off!

If we had been told earlier we could have looked at other options whilst the prices were still sensible....

Will Hogie remove it from his recruitment propoganda?...one less carrott to dangle.

[Yani Yani]

Does anyone know if Hydra raised the prices for all Hydra investors, beyond just the Etihad's rent-to-buy clients ? Or is it just the Etihad pilots who got hit ? I cant see the Rent to Own program surviving this debacle. Abu Dhabi's property prices already skyhigh.

Time to remove it from the website.

HYDRA PROPERTY FINAL OFFER DETAILS

Original Offer

Revised Offer

Project Name
: Hydra Village
: Hydra Village
Villa Type
: C1 3 Bedroom
: C2 3 Bedroom (Floor plan attached)
Built up area
:166 sq m / 1,786 sq ft
: 187.50 sq m / 2018.23 sq ft
Price per sq ft
: AED 587.90
: AED 740.75 (26% increase)
Final Price
: AED 1,050,000
: AED 1,495,008 (due to Area and price increase)

[schismatic]

Seems the Hydra Village project in Abu Dhabi has ground to a halt. Hydra still collecting payments and launching another "Hydra Village" in Sharjah but the Abu Dhabi project has languished for the past 3 months.

It would also appear that banks mortgaging this project have stopped making the regular schedule payments.

Hydra Properties website has been removed and replaced with a single page promising an improved website but this was meant to have been done back in November. Up to then it had not been updated since July.

Methinks Hydra Properties is just a lot of hot air.

[kit330]

Mayb he needs money for the january transfer market...buffon for 210mill??

[Firbolgs]

Hydra is very dead in the water (at least for EY staff)....yet it is still on the EY website?
Cmon Hogie get it updated and maybe let us know what you have in place to replace it

Mr Hydra would be well advised to get out of MCFC before that goes down the toilet too!

[Yani Yani]

Hmm..this is getting more absurd by the minute. My doorbell just rang and it was a courier delivering a Hydra contract ! I thought the EY rent to own deal was dead ?? The contract also states that I am mortgaged with First Gulf Bank. I have never been to, nor signed, anything with First Gulf Bank. Anyone else get a the same surprise package ?

Now, unless I sign my contract and send it back to Hydra, I assume I can still walk away from this deal...but 100 % financing is a pretty good deal....if Hydra actually builds Hydra Village...so far not much accomplished out there....decisions, decisions...

[camelbreath]

When the financing package was changed for the NBAD customers an email was sent out from EY requesting that you express confirmation that you were still interested. It said that FGB would now be doing the financing but only upto 70%.....

I had all the paperwork in place with NBAD so I just ignored it and have heard nothing since. Might be a good idea to get it checked out.

[Yani Yani]

So EY's rent-to-own people informs me that no deal has been made with FGB or any other bank with regards to 100 % financing for Hydra Village townhouses and advises me not to sign any Hydra contract unless I have alternate financing in place....I think we can now officially declare EY's rent-to-own Hydra Village project dead....would be nice to hear from EY directly though....but oh yes, having to send out such gloomy news to their pilot community is rather unpleasant to say the least, perhaps the affected pilots just will forget about the whole thing if we just ignore the issue...hmm...