By Staff writer
Stalled project was among schemes earmarked for completion by Bahrain’s government
Indian hospitality firm Ramee Group has snapped up Bahrain’s stalled Juffair Views scheme for $9.5 million (BD3.6 million) in a public auction in Bahrain.
The group plans to spend an additional $18.5 million (BD7m) to finish the part-complete residential tower on which work started in 2007, according to chairman Raj Shetty.
The 26-storey project was intended to be completed in 2009, but was delayed due to the financial crisis and difficulties in sourcing material and manpower, the developers said at the time.
It is one of four projects that was referred to Bahrain’s Committee for Stalled Real Estate Projects, which organised the auction as part of efforts to kickstart construction of stalled projects also including Marina West, Amwaj Gateway and Sunset Hills.
The amount raised through the sale of Juffair Views will be split between investors and apartment buyers who have waited years for their property to be handed over, according to a report in Gulf Daily News.
Shetty said his company plans to redesign the residential tower into around 80 serviced apartments, plus a penthouse and health club, to be completed in 2017.
“The project is almost 70 per cent complete and we had a detailed analysis of the building, as well as the figures. The name will be changed, which we are yet to decide, and will be branded under the Ramee Group,” he was quoted as saying.For all the latest real estate 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.