Ever since 2009 global economic crisis and the Kingdom of Bahrain has been battling to settle the matter of stalled real estate projects which became a real dilemma that affected all related parties.
And indeed the Kingdom of Bahrain succeeded in reviving many of these stalled and reaching a cordial settlement.
But on the other hand, Bahrain’s Committee for Stalled Real Estate Projects efforts to settle the rest of these projects was in vain.
One of these unsettled projects is Amwaj Gateway development where Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced earlier that it will be auctioned publicly.
After consuming all possibilities to settle the case of Awamj Gateway, the project is set to be open to local and international buyers.
The Committee will announce all relevant details that concern the auction whether its date, location or minimum bid at a later time.
It is worth mentioning that Cluttons, the leading international real estate consultant, and Mazad B.S.C. (c), the Bahrain-based public auction specialist have been appointed by the Committee to organize and manage all that is related to the auction.
According to Harry Goodson-Wickes, head of Cluttons Bahrain, the advantages offered by the development and its strategic location ensures that the project will receive a lot of interest from potential buyers when auctioned later this year.
It goes without saying that the trend of auctioning stalled real estate projects has surely paid off where many of these projects saw the light of day once again such as Juffair Views, Villamar and Landmark Cityview.
More info about the project
Sprawling over an area of 33,391 sqm, Amwaj Gateway project is a 20-storeys twin tower that comprises of 384 apartments in addition to a two-storey building that encompasses 93 townhouses.
A mixed-use development, the project will also include a hotel tower that houses 143 rooms.
Amwaj Gateway redefines modern, upscale urban living with its high-end residential developments that offer varied unit suitable for all families.
“A city within a city” is what Amwaj Gateway promises to provide to its residents where everything is within walking distance.
A fully integrated community that offers all sorts of facilities and services, Amwaj Gateway provides residents with a well integrated livable experience like no other.
See for yourself,
About the organizers
Founded in 1765, Cluttons – UK based – has an international network of offices that operate in both the residential and commercial property markets worldwide where it provides top-notch services that include residential sales & lettings, commercial leasing & investment, consultancy, property & facilities management and valuation.
Established in 2017, Mazad is a Bahrain-based public auction specialist that is specialized in online and offline auctions. The company’s sole aim is to facilitate market growth, efficiency, and revenue optimization.
In a statement by Talal Aref AlAraifi, CEO of Mazad; he expressed his gratitude to be a part of this auction alongside Cluttons where he added that the auction is a great opportunity for Mazad to expand its activities towards real estate auctions and showcase the transparency and fairness by which the company plans to run this auction.