Hydra Properties has no difficulties in financing current or upcoming projects, said the company's CEO

Ali Saeed bin Sulayem said the company pursues the policy of self-finance in all projects. "We have big facilities to finance any new projects or those under way." 

He said the company has stopped announcing new projects pending the completion of a study of the market and a reassessment of some of its previous projects, since it would be logical not to go on with any project that has no economic feasibility for the company or few bookings. Hydra Properties is also reconsidering its foreign projects, he said. 

"The company will not make any changes in the prices of previously-announced projects," said bin Sulayem. Prices of those projects' matched those of the market at the time. For instance, the price of a square foot at Hydra Village was Dh750 when the project was offered for sale, and some investors have resold their units at Dh2,500 per sqft, he said. 

Bin Sulayem said "in its continued commitment towards its customers, Hydra Properties earlier this year waived the penalty fees and offered to hold off payments until early 2010." 

He said Hydra Village is made of 2,507 villas built at a cost of Dh2 billion. The project will be delivered in full in late 2011.  

Work is over on 60 per cent of the first 300 villas in the seventh area of the project where some 1,000 workers are working. 

Speaking at the press conference held after the tour, Bin Sulayem said: "We have no finance problems, and we have obtained finance from Abu Dhabi Commercial Bank, First Gulf Bank, Aseel Finance and Reem Finance. We also solved the problem of buyers who have financial difficulties as we got them loans of 70 per cent of the total cost of their units." 

Bin Sulayem said there will be no delivery delays. "We are committed on delivery." 

He said Hydra Properties have not announced a halt in any of its projects. "There are many rumours in the market, but not project has been stopped," he said. 

Bin Sulayem said the global financial crisis has impacted his as well as other companies, and the company is re-studying its projects. 

On foreign projects, bin Sulayem said they are being studied now, "and we will see whether they serve the company's strategic goals".