Stalled Amwaj Gateway to hit auction block

Manama : Amwaj Gateway, one of the stalled real-estate projects in the Kingdom, is scheduled to hit the auction block soon. 

The sale was approved by the Judicial Committee for the Settlement of Stalled Real Estate Projects chaired by Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa. 

Bids for the project located in the Muharraq governorate will start at BD36 million. The auction, according to the committee, is scheduled for October 31. 

The committee, in a statement, said the decision, after extensive consultation with developers and stakeholders, was made after “exhausting all possibilities for a cordial settlement”, as per the procedures stipulated by decree-law 66 for 2014. 

The committee’s announcement is published in the official gazette on Thursday.  

Covering an area of 33,391 square meters, Amwaj Gateway development project consists of a 20-storey twin-towers with 384 apartments and a two-storey building with 93 townhouses. The development also includes a 143-room hotel tower. Upon completion, the project, located in Amwaj Islands in the northeastern shores of Bahrain, will have a total built-up area of around 190,000 square meters.