Bahrain RERA suspends Golden Gate project's licence for 3 months
The decision was made due to violations committed by the developer, promulgating the real estate sector regulations
Bahrain’s Real Estate Regulatory Authority (RERA) has issued an edict, temporarily suspending the licence given to GG Developers SPC, the developer of Golden Gate project, for three months.
According to the state-held Bahrain News Agency (BNA), the decision, which takes immediate effect, was taken as a result of the violations committed by the developer, based on the provisions of Law 27/2017 promulgating the real estate sector regulations.
RERA said that the move is aimed to preserve the unit buyers’ funds and ensure the smooth progress of the Golden Gate project.
The news comes more than a year, after Golden Gate had acquired the necessary licences required for its operations, complying with the standards set by RERA.
HE Sheikh Mohammed Bin Khalifa Al Khalifa, CEO of RERA at that time said that the necessary licences to developers of off-plan sales developments was based on Law 27 of 2017.
RERA had granted Golden Gate two licenses, including a RERA Developers License, which is required for auditing and qualifying developers; and a RERA Off-plan Sale Development License, which allows the company’s Golden Gate project at Bahrain Bay to be developed.
Speaking to BNA at that time, chairman and board member of Golden Gate, Ishaq Al-Kooheji, had explained that the developer received the two licences as part of its cooperation with RERA.
A 140,000m2 project, Golden Gate is in the heart of Bahrain Bay. The project features 746 apartments that are spread over two 53-storey and 45-storey towers overlooking the Gulf of Bahrain.
The project was touted to be the tallest residential structure in the kingdom, with 999 car parking bays, spread over seven floors.