Unas fotos que he tomado hoy:
The project comprises six towers of 24 – 29-storeys each. The towers are built on a five storey mixed-use podium, housing all the facilities associated with a modern luxury living environment. The towers will comprise residential studio, one, two, and three bedroom apartments as well as luxury serviced apartments, all with stunning views overlooking either the sea or a green public park.
Hydra Properties is being forced to auction three plots of land in Dubai to settle outstanding payments owed to homeowners who won legal cases against the developer for delayed and cancelled real estate projects in Abu Dhabi.
Abu Dhabi’s Court of First Instance ordered the developer sell AED164m (US$45m) worth of land, including two plots in the Burj Khalifa area and one in Al Barsha, in three separate auctions, starting December 12 at the Ramada Downtown Dubai.
Proceeds from the auction will be used to pay off outstanding creditors, including eight home owners owed AED11m, Fareya Azfar, head of arbitration at The Legal Group told Arabian Business.
“It’s a very rigorous implementation of the execution procedure; it shows the severity and the consequences of not paying, [which] can lead to auctioning,” said Azfar.
Local developers faced a slew of legal cases from buyers in the wake of the 2008-2009 economic downturn, which led to billions of dollars worth of projects being put on hold or cancelled while house prices plummeted around 60 percent from their peak.
More than 100 buyers last year filed cases for refunds from Hydra for property in stalled projects, including Hydra Village, Hydra Avenue and Hydra Golf Walk.