Starting bid price of Amwaj Gateway development auction now half of the $95.5mn proposed in October 2017
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has released a statement to announce that the Amwaj Gateway development project auction will be postponed until 9 January, 2019.
Local media reports suggest that the move to next year is the latest in several attempts to auction the development.
The current initial bid price of $46.5 million for the development is almost half of the asking price of $95 million that was set when the first auction was announced for October 2017.
The Amwaj Gateway development covers 33,391sqm of land and will have a total built-up area of around 190,000sqnm 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, said Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects.
The Committee added that the decision to postpone the Amwaj Gateway project auction comes as part of its efforts in “resolving stalled real estate projects and safeguarding the rights of all parties”.