UK-based property firm Savills has announced that the real estate project, Juffair Views, a part-completed residential building in northern Juffair area in Bahrain, will be sold at auction on December 20.

Savills Bahrain was recently appointed the real estate advisor to the Judicial Committee for Stalled Real Estate Projects in Bahrain.

Located near to some of the most sought after developments in Bahrain, the 26-storey development comprises 81 flats; 40 one bedroom, 40 two bedroom and a penthouse, stated Savills, which is also acting as exclusive sales agent for the Juffair Views project.

The development, which boasts a total built up area of 18,771 sq m, has 93 parking spaces over three floors and a health club with various amenities.

The auction will be held at the office of the Ministry of Justice, Islamic Affairs and Waqf, said the leading property firm.

Immediately after the auction, the successful bidder will be required to lodge 10 per cent of the sale price with the Ministry of Justice, Islamic Affairs and Waqf treasury, with the outstanding balance paid within one month.

An administration fee will also be levied on the final sale price, the amount of this fee will be announced on the day of the auction. It is important to note that any person bidding on behalf of a company should be in possession of a CR copy and, if required, Power of Attorney paperwork, it stated.

On settlement of the sale price, the judge will issue an order to transfer the building ownership to the buyer. The building will be sold ‘as is, where is’ and clear of all liabilities.

Donald Bradley FRICS, the chief executive of Savills Northern Gulf, said: "This is a really special appointment and shows the determination of the Judicial Committee to adopt a best practice solution to a range of strategies for the stalled real estate projects which are overhanging the market."

"We are now in a period of market consolidation where development projects will have to be properly organised and those which have issues are professionally handled and re-launched into the market. This is a really major step for the authorities and will provide a work out plan and perhaps a precedent for other projects. We look forward to working with the Government and the Judicial Authorities on this matter and our top team is now fully committed to bringing about the best possible solution for all concerned," he stated.

On the sale announcement, James Moore, director of Savills Bahrain, said: "This is an important step forward for boosting investor confidence in the Bahraini real estate sector. People will now see the effect of the Government’s hard work trying to resolve what has proven to be a very complex issue."

"We hope that following a successful sale of Juffair Views the Judicial Committee can consider other projects for sale, if appropriate,” he added.

Savills, a UK company founded in 1855 and is one of the world’s largest property firms
with over 700 offices and 30,000 staff around the world.

Savills has two offices in Bahrain, their main office in Seef and a sales office in the Ritz Carlton Hotel.-TradeArabia News Service