Amwaj Gateway auction on March 1

Manama : A new auction will be held on the March 1 to try to sell the stalled Amwaj Gateway development project. The Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects announced that the auction would be held at 11:00 AM on the third floor of the headquarters of the Ministry of Justice, Islamic Affairs and Endowments. The mandated judicial committee has also decided to reduce the price of the whole project by 15 per cent (15 per cent) to BD 22 million.

“This auction is the last opportunity to auction the project in its entirety within the fixed period for investors, whether companies or individuals”, said the committee, adding that the aforementioned deadline aims at allowing potential buyers enough time and protect the rights of all parties.

In a statement yesterday, the judicial committee said that other measures would be undertaken to settle the stalled Amwaj Gateway, in case of failure to sell the project in its entirety. The committee said that it had resorted to public auction after exhausting all other channels to reinstate the rights of the buyers of Amwaj units, stressing keenness on guaranteeing the rights of all parties and speed up the settlement of the stalled project. Bidders wishing to take part in the public auction are required to register a date before auction day or an hour before the auction and contact Cluttons experts on telephone: 17562860 - 973.

The Amwaj Gateway development covers 33,391m2 of land and will have a total built-up area of around 190,000m2once completed. The project consists of 20-storey twin-towers which accommodate 384 apartments and a two-storey building comprising of 93 townhouses, as well as a 143-room hotel tower.