Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced that the Amwaj Gateway development project will be auctioned publicly on 31 October 2017.
The global real estate services company Cluttons was recently appointed alongside Mazad B.S.C.(c) to organize and manage the Amwaj Gateway development project auction.
Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects, which has judicial prerogatives, said that the decision to auction the Amwaj Gateway project came after thoroughly exploring all other options, in accordance with the procedures stipulated by the Civil and Commercial Procedures Law.
The Committee also announced that the proceeds from the Amwaj Gateway auction will be transferred to the Ministry of Justice, Islamic Affairs and Endowments.
Amwaj Gateway development project is a mixed-use development project located near the entrance of the Amwaj Islands.
The development site covers 33,391 square meters and it consists of retail and commercial units, seafront townhouses and apartment towers.
The development includes a 143-room hotel tower as well.
The project was referred to the Judicial Committee for the Settlement of Stalled Real Estate Projects by the Ministerial Committee for Services and Infrastructure after concluding its studies of the project’s debt inventory and obligations.