Bahrain: Savills auctions Juffair Views for $9.5m
There were three bids for the project during the auction, which started at $9.2m (BHD3.5m)
Savills Northern Gulf Bahrain, under the guidance of the Committee for Stalled Real Estate Projects, successfully auctioned the stalled real estate project, Juffair Views, in a first-of-a-kind event in Bahrain.
Following a large amount of interest from potential buyers, there were approximately 30 people present, with four registered bidders. There were three bids during the auction, which started at $9.2m (BHD3.5m).
Ramee Group were the successful bidders with a bid of $9.5m (BHD3.6m).
Donald Bradley FRICS, CEO Savills Northern Gulf, commented: “Today was a culmination of a lot of hard work from the Government, the Committee of Stalled Real Estate Projects and Savills. It has proven the Committee’s determination to resolve this longstanding issue in the most transparent and professional way possible.
"It has been our privilege at Savills to advise on, and sell, this project and we are very pleased that our work with the Committee has ended with a highly successful outcome.”
James Moore, director - Bahrain, said: “Today's successful auction goes to show that investors and developers still see Bahrain as an attractive place to invest and do business. It is certainly a positive step for the Bahrain real estate sector and the wider economy, and we hope that the sale of Juffair Views acts as a catalyst for other real estate projects in Bahrain. Savills has once again proven why we are the real estate company of choice.”