Hydra Properties on Tuesday announced the near completion of phase 1 of Hydra Avenue, its flagship project in Abu Dhabi comprising residential, commercial and mixed use properties.
The waterfront development islocated on Reem Island, one of the few designated freehold developments in Abu Dhabi, was initally flagged for completion in the fourth quarter of 2011.
Phase 1 of Hydra Avenue comprises three towers, with over 1.7 million sq ft of built up area. The three towers collectively offer 906 apartments, as well as 45,000 sq ft retail space.
Hydra said in a statement that handover of the residential units is set to commence in August.
Ali Saeed Bin Sulayem, CEO of Hydra Properties, said: “We have achieved an important milestone today in completing phase one of Hydra Avenue that is already being recognised as a distinctive mixed-use project in the Abu Dhabi real estate landscape.
Mohamad Al-Habech, chief commercial officer of Hydra Properties, added: “We are in the final stagesto complete all necessary arrangements to ensure a smooth handover of the completed units. The completion of phase one validates our capability to develop and deliver integrated projects that assure optimal return on investment for our investors.
When fully developed, Hydra Avenue will comprise of six towers ranging between 24 and 29 storeys, interconnected by a mixed-use podium that spans five floors.
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