Bidding to acquire and complete the Marina West project has started.
It is Bahrain’s largest stalled real estate project.
Initially scheduled for completion in 2010, work on Marina West started in 2007.
It stopped, however, in March 2010 due to the global financial crisis.
The $750 million project was due to feature 10 residential towers holding over 1,000 apartments.
In addition to a five-star hotel.
According to Bahrain’s Committee for Stalled Real Estate Projects, interested buyers must submit their documents by the end of January.
These documents should prove technical capability, financial position, and experience in completing real estate developments.
Bahrain Property Development Association chairman Aaref Hejres said: “After the public auction of Juffair Views and now the initiation of the bidding process for Marina West and Amwaj Gateway, the government is sending a strong message to the real estate developers.”
“The issue of stalled projects is no doubt complex but solvable and, yes, authorities were initially late in taking action, but now we sit on solid ground. It is only after exhausting all options, the panel calls for an open bidding process,” he added.