Auction of Amwaj Gateway will open with a starting bid of $46.5m, more than 50% below its initial price in 2017
The long-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 January 9.
When it eventually goes ahead, the auction will open with a starting bid of $46.5 million, more than 50 percent below its initial price in 2017, Construction Week Online reported.
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 $95.5 million, was unsuccessful.
The auction was subsequently postponed to November of that year, with the price slashed by 15 percent to $80.9 million.
Covering slightly more than 3 bectares, Amwaj Gateway is made up of two 20-storey towers, one two-story building, and a 143-room hotel.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.