Redemption finally for Amwaj Gateway

Finally, Amwaj Gateway - one of the mega real estate projects in the Kingdom is all set to receive a new lease of life. The mixed-use real estate development project was auctioned off on Sunday for BD17.5 million after failing to find any takers in its last seven attempts.

The Justice, Islamic Affairs and Endowments Ministry held the auction at its headquarters in the Diplomatic Area. The successful bidder, reportedly, has paid 10 per cent of the price of the project off the Muharraq coast. Starting bid of the project was BD17.5m as fixed by Bahrain’s Judicial Committee for the Settlement of Real Estate Projects.

The decision to auction the project, according to the committee, came after exhausting all other options. The project was referred to the Judicial Committee for the Settlement of Stalled Real Estate Projects by the Ministerial Committee for Services and Infrastructure.

Proceeds from the auction will go towards the Ministry of Justice, Islamic Affairs and Endowments.

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 can accommodate 384 apartments and a two-storey building comprising of 93 townhouses.

 The development also includes a 143-room hotel tower. The project, first put up for sale in August 2017 for BD 36m, was not sold despite multiple attempts. In a public auction in March last year, American company M Tech Services placed a BD22.5m bid but failed for not meeting auction requirements. 

The project, launched in 2007, was expected to be complete in 2010 but stalled in 2009 hurt by the meltdown in the global economy.   In 2015, the project was among others referred to the Committee for the Settlement of Real Estate Projects.