Golden Gate project gets a new lease of life

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Real Estate Regulatory Authority announced reaching a “comprehensive and equitable” solution for the Golden Gate Project, whose licence was earlier suspended by RERA citing violations.

Sheikh Mohammed bin Khalifa bin Abdullah Al Khalifa, the RERA CEO, said the new development comes following Al Hidd Real Estate LLC of Grnata Group submitting all required financial guarantees to carry on.

“Therefore, the project will resume as agreed with the previous developer, in compliance with all the requirements,” said the RERA statement. “The main priority for RERA was to preserve and protect the interest of all parties including developer, buyers and investors,” Sheikh Mohammed said.

The RERA CEO said that a solution was agreed to give buyers two options - either to continue with the new developer or to recover their full amounts. “Those wishing to retrieve the amounts paid in full, can access RERA’s website through the Golden Gate buyer’s system and upload all the required documents.” Sheikh Mohammed added: “Preserving the funds of buyers and investors is a success that proves the effectiveness of the measures taken by RERA.” As per Law No. (27) of 2017, the authority said it intervened promptly to “prevent any stalling in the real estate development projects, maintain proper functioning, and protect the rights and funds of buyers and investors.”

The 140,000m2 project features 746 apartments over two 53-storey and 45-storey towers overlooking the Gulf of Bahrain.