Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced that the auction for the Amwaj Gateway development project will be held on December 13.
The reserve price at the previous auction of the project was not met and the Committee has set a new reserve price of BD25.5 million ($67.6 million).
The Amwaj Gateway development covers 33,391 square meters of land and will have a total built-up area of around 190,000 square metres once completed.
The project consists of 20-storey twin-towers which accommodate 384 apartments and a two-storey building comprising of 93 townhouses. The development also includes a 143-room hotel tower.
Harry Goodson-Wickes, head of Cluttons Bahrain, said: “We are optimistic for the outcome of the auction being held next Wednesday. This is a public auction where any bidder can participate. The feedback we have received from interested bidders at the new reserve price has been positive
"We believe the decision by the Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects to reduce the reserve price to BD25.5 million for the next auction is sensible and will generate further interest in what we believe to be a great project and opportunity."
The project will be open to local and international buyers while aiming to encourage investment in Bahrain.
Cluttons is now requesting pre-registration documents from interested bidders. These are required in order to be able to bid at the auction. Please contact Cluttons on +973 1756 2860 or email email@example.com
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