Hydra Avenue passes major milestone with completion of podium structure

An unannounced progress and quality inspection yesterday by Hydra Properties' CEO, Ali Bin Sulayem, confirmed the development is on track for the next milestone, the 50% structure completion for towers C4, C5 and C6 to be completed April, 2010.

Hydra Avenue investors have been able to access regular construction updates through the Hydra website, including the completion of the enabling work and pile cap in October. The coming milestones and timelines include the 50% structure completion, topping out of final floor structure, commencement of façade, and commencement of testing and commissioning. The entire development is on track for completion on schedule in Q4 2011. Unannounced site visits by top level management ensures they have full visibility of progress and construction quality.

Mr Ali Bin Sulayem, Hydra Properties' Chief Executive Officer, said:

"We are pleased to see the progress that has been made here, and the quality of work is exemplary. I receive regular update reports, but I like to visit the site and see the construction progress with my own eyes. Today I have been delighted to see the complete podium structure and work under way towards the next milestones."

"Hydra Properties is committed to completing Hydra Avenue in accordance with our timetable and communicating this progress to our investors. I would like to express my gratitude to all our employees and contractors who have come together to make this happen."

The Hydra Avenue development 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 Avenue is one of Hydra's many projects on Al Reem Island, which include Hydra Corporate Towers, Hydra Executive Towers, Hydra Heights, Marina Spirit, Hydra Square, and Hydra 55.

Hydra Properties is a privately owned company, established in 2006 in Abu Dhabi, the capital of the UAE.