Amwaj Gateway to be auctioned on October 31
MANAMA, October 9, 2017
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced that the Amwaj Gateway, a mixed-use development project located near the entrance of Bahrain's Amwaj Islands, will be auctioned publicly on October 31.
The committee, which has judicial prerogatives, said that the decision to auction the project was taken after exploring all other options in accordance with the procedures stipulated by the Civil and Commercial Procedures Law.
The committee also announced that the proceeds from the auction will be transferred to the Ministry of Justice, Islamic Affairs and Endowments.
Leading global real estate services company Cluttons was recently appointed alongside Mazad to organise and manage the Amwaj Gateway development auction.
The prime development boasts several retail and commercial units, seafront townhouses and apartment towers besides a 143-room hotel tower.
The project was referred to the Judicial Committee for the Settlement of Stalled Real Estate Projects by the Ministerial Committee for Services and Infrastructure after concluding its studies of the project’s debt inventory and obligations.-TradeArabia News Service
