Date set for Amwaj Gateway public auction

Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects, has announced that the Amwaj Gateway development project will be auctioned publicly.

The Committee, which has judicial prerogatives, said that the decision to offer the Amwaj Gateway project for auction came after exhausting all possibilities for a cordial settlement as per the procedures stipulated by decree law 66 for 2014, and was made following extensive consultation with developers and stakeholders. This follows the Committee’s previous success finding sustainable solutions for real estate projects in Bahrain, including most recently the Juffair Views project.

The Committee has also announced the appointment of Cluttons, the leading international real estate consultant, and Mazad B.S.C. (c), the Bahrain-based public auction specialist, to organise and manage the public auction.

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

Harry Goodson-Wickes, Head of Cluttons Bahrain, commented: “We are delighted to have been appointed alongside Mazad B.S.C.(c) to organise and manage the Amwaj Gateway development and to be working with the Judicial Committee for the Settlement of Stalled Real Estate Projects going forward. The Committee’s actions will no doubt translate into increased confidence levels in Bahrain’s real estate market.

“We anticipate a lot of interest in the Amwaj Gateway Project once it is ready for auction later this year due to the potential of the development and its location. We believe that auctioning the project is the right move and we have already seen that it is an effective method of selling real estate, based on previous auctions in Bahrain and in other countries across the region, including Saudi Arabia and the United Arab Emirates.”

Talal Aref AlAraifi, CEO of Mazad B.S.C. (c), said: “We are very pleased to have been awarded the management of the Amwaj Gateway project alongside Cluttons and believe that auctioning is an important step for Bahrain to boost investor confidence in the real estate sector. The auction is also a great opportunity for Mazad B.S.C. (c) to expand its activity towards real estate auctions and to showcase how transparency and fairness are central to the company’s business philosophy.”

The project will be open to local and international buyers while aiming to encourage investment in Bahrain. The Committee will announce all relevant details in due course, including the date, time, minimum bid and location of the auction.

Source:BNA