Investors complaining of poor customer service relations. Bust ups with investors. Arbitrary rises in housing units, severe penalties for late payments, delayed construction work, and unhonoured site visits.
“Does anyone know of anywhere else in the world where a seller is able to sell an off-plan property without a contract and then a year or two later provide a contract showing an increase the price of what he has already sold? Beware of buying Hydra Village units!”
The problems are partly due to the difficult financial times that is affecting everyone. But it is also not a case of badmouthing that the potential owner of Portsmouth FC claims it to be. The financial problems confronting Hydra Properties is true. The problems are compounded by the fact that Abu Dhabi does not have a regulatory organization that oversees the real estate sector. Most of these real estate investment projects are floated out by big companies on their financial strength and closeness to the royal family. In good economic times, this may not be a problem. But when things go south, it becomes a potential flashpoint between investors bailing out of their commitments and the company that goes to any lengths to keep them in and pad losses.
It maybe a good PR exercise on Suleiman Al-Fahim’s part to de-emphasize the Hydra Properties part of the resume when talking about the takeover of Portsmouth FC. That is why he talks up the private investor part of the deal. It also clouds the connection between ADUG which controls Man City and is a subsidiary of his own company.
I am sure Portsmouth FC fans are delighted to have a source of seemingly unlimited transfer funds to propel the club to new heights but they must also be curious to know more about the entity taking over their club. Between oil rich Arab sheiks and billionaire American businessmen, the financial turmoil has taken the shine out of every stereotype.