Date set for auction

Manama : Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects, has announced that the Amwaj Gateway development project will be auctioned publicly.

The Committee, which has judicial prerogatives, said that the decision to offer the Amwaj Gateway project for auction came after exhausting all possibilities for a cordial settlement as per the procedures stipulated by decree law 66 for 2014, and was made following extensive consultation with developers and stakeholders. This follows the Committee’s previous success in finding solutions for real estate projects in Bahrain, including most recently the Juffair Views project.

The panel has announced the appointment of Cluttons, the leading international real estate consultant, and Mazad, the Bahrain-based public auction specialist, to organise and manage the public auction.The Amwaj Gateway development covers 33,391 square meters of land and will have a total built-up area of around 190,000 square meters once completed. 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.

“We have been appointed alongside Mazad to organise and manage the Amwaj Gateway and to be working with the Judicial Committee for the Settlement of Stalled Real Estate Projects going forward. The Committee’s actions will no doubt translate into increased confidence levels in Bahrain’s real estate market,” said Harry Goodson-Wickes, Head of Cluttons Bahrain.