Bahrain’s stalled Amwaj Gateway project to be sold off this month
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has revealed that Amwaj Gateway will be sold at public auction on 31 October, 2017
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced that the Amwaj Gateway development will be sold at public auction on 31 October, 2017.
Proceeds from the stalled project’s auction, which will be organised and managed by Cluttons, will be transferred to the kingdom’s Ministry of Justice and Islamic Affairs.
In accordance with guidelines stipulated by Bahrain’s Civil Commercial Procedures Law, the judicial committee stated that the decision to auction Amwaj Gateway was only taken after all other options had been explored.
Located near to the entrance of Bahrain’s Amwaj Islands, the Amwaj Gateway project comprises retail and commercial units, seafront townhouses, apartment towers, and a 143-room hotel building.
The development occupies an area of approximately 33,400m2.
Amwaj Gateway was referred to the judicial committee by the Ministerial Committee for Services and Infrastructure, following the conclusion of studies relating to its debt inventory and obligations.
Cluttons will organise and manage the project’s public auction in conjunction with Mazad BSC.