Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has posted the auction of the failed project until 9 January, 2019.
The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…46 Views | the publication reaches you by | Bahrain News
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.
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ELECTIONS 2018 | THE FIRST ROUND | PART 02