Cluttons to lead Amwaj Gateway auction in Bahrain
Bahrain’s Amwaj Gateway development project will be auctioned publicly, the country’s Judicial Committee for the Settlement of Stalled Real Estate Projects
Bahrain’s Amwaj Gateway development project will be auctioned publicly, the country’s Judicial Committee for the Settlement of Stalled Real Estate Projects announced on Tuesday.
Global real estate consultant Cluttons, and Mazad B.S.C. (c), the Bahrain-based public auction specialist, have been appointed to organise and manage the public auction.
The committee said that the decision to auction the project came after extensive consultation with developers and stakeholders after “exhausting all possibilities for a cordial settlement”, according to a statement.
Harry Goodson-Wickes, head of Cluttons Bahrain, said: “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.”
Covering an area of 33,391m2, Amwaj Gateway consists of a 20-storey twin-towers complex with 384 apartments, a two-storey building comprising 93 townhouses, and a 143-room hotel tower development.
It will have a total built-up area of around 190,000m2 once completed.
The project will be open to local and international buyers when an announcement is made by the committee on all relevant details soon.