Amwaj Gateway set for December 13 auction
MANAMA, December 11, 2017
Amwaj Gateway, a 33,391-sq-m mixed-use development project located near the entrance of Bahrain's Amwaj Islands, is being auctioned on December 13 at a new reserve price of BD25.5 million ($67.4 million).
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects, has announced that the auction will be held at 11am at the Ministry of Justice office.
The announcement comes following the previous auction where the reserve price was not met.
Global real estate company Cluttons has welcomed the new auction date for Amwaj Gateway which will boast a total built-up area of around 190,000 sq m on completion.
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.
Welcoming the decision, Harry Goodson-Wickes, the head of Cluttons Bahrain, said: "We are optimistic for the outcome of the auction being held next Wednesday. This is a public auction where any bidder can participate."
"The feedback we have received from interested bidders at the new reserve price has been positive," he stated.
"We believe the decision by the Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects to reduce the reserve price to BD 25.5 million for the next auction is sensible and will generate further interest in what we believe to be a great project and opportunity," he added.
Clutttons said the project will be open to local and international buyers while aiming to encourage investment in Bahrain. The property firm is now requesting pre-registration documents from interested bidders.-TradeArabia News Service
