Bahrain delays auction of $46m stalled Amwaj Gateway

      Published on Wednesday, 12 December , 2018      578      
Bahrain delays auction of $46m stalled Amwaj Gateway

  • Bahrain News

The much-awaited auction of Bahrain’s stalled Amwaj Gateway mixed-use real estate development has been postponed until 2019.

Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has posted the auction of the failed project until 9 January, 2019.




When it eventually goes ahead, the auction will open with a starting bid of $46.5m (BHD17.5m), more than 50% below its initial price in 2017.

The committee said the decision to delay the auction, which had been scheduled to take place this year, rested on efforts to resolve stalled real estate projects and protect the rights of all parties involved.

An attempt to auction off the property in October 2017, with an opening bid price of $95.5m (BHD36m), was unsuccessful.

The auction was subsequently postponed to November of that year, with the price slashed by 15% to $80.9m (BHD30.5m).

Covering slightly more than 3ha, Amwaj Gateway is made up of two 20-storey towers, one two-story building, and a 143-room hotel.

Keywords:
Category Bahrain News | 2018/12/12 latest update at 6:36 PM
Source : Construction Week | Photocredit : Google
579
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.