Hydra Avenue

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Hydra Avenue

Postby shawarma » 17 Feb 2008, 12:32

  • Property name: Hydra Avenue - 6 hotel apartment and residential towers overlooking the sea, in the shape of a crescent
  • Development: Al Reem Island
  • Completion date of construction (expected or actual):
  • Completion date of construction (scheduled): mid-2010
  • Start date of construction: March 2008
  • Project value:
  • Area: Al Reem Island
  • Emirate: Abu Dhabi
  • Developer: Hydra Properties
  • Project manager:
  • Construction firm:
  • Apartment types (studio, # bedrooms): studio for hotel / serviced apartments, studio / 1 bdrm / 2 bdrm for residences
  • Number of floors:
  • Ownership: leasehold?
  • Residence visa included for expats:
  • Payment Plan: 10% down, 5% May 08, 5% Oct 08, 5% Jul 09, 5% Dec 09, 70% on completion
  • Mortgage finance from (UAE banks): Aseel (up to 97%)
  • Unit sizes (including/excluding balcony):
    Hotel apartments 423-816 square feet
    Residence studio 556 / 797 sq ft
    Residence 1 bdrm 945 sq ft
    Residence 2 bdrm 1372 / 1704 / 1782 sq ft
  • Unit prices (Original Price / OP):
  • February 2008 prices:
  • OP per square foot:
  • February 2008 price per square foot:
  • Website:
Other facilities and information

25 February 2008 - Advertisement from Dynasty Zarooni (not Dynasti Zaroni) covering the Gulf News promises 22% return on your investment in one of these towers, and 3 weeks stay per year for free in your hotel apartment. Tel +971-4-4270222. Not clear if advertisement refers to just one tower, or all of them. Impression is all towers. Hydra Properties website has no information on the Hydra Avenue project, except that it's in their list of projects.

The calculations assume 70% occupancy at US$350 (AED 1284) or 80% occupancy at US$300 (AED 1101) per night. Finance costs if you mortgage apartment are not allowed for. Total revenue per annum is about AED 320-330,000, 50% share is AED 160-165,000 which is 22% of AED 740,000 hotel apartment cost (presumably the smallest ones).

Not mentioned if furniture etc included in price. Swimming pool not mentioned either.

Buildings include views, health and fitness center. Hotel also includes business center, shopping, restaurants, business center.

Could be a good project to invest in with those returns, payment schedule looks appealing. Question marks with how realistic the returns are, facilities, how likely that project is completed on schedule.

Dubai FAQs pages with useful information

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shawarma
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