Amwaj Gateway project auction on October 18

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Amwaj Gateway, a stalled real estate project auction to be held on October 18. Another attempt to auction this project will be held at 11am in Justice Affairs and Endowments Ministry headquarters 3rd floor with the starting price set at BD 20 million.

A special government committee formed to resolve the issue of unfinished real estate projects and has been given the task of finding the buyer for the development.

Amwaj Gateway a $183m beachfront project was launched in 2007 and was scheduled for completion in 2010. The development was supposed to include 384 apartments, 93 town houses and a hotel tower with 143 rooms. However, work stuck in 2009 due to the financial crisis and in 2015 it was among projects referred to the Committee for the Settlement of Real Estate Projects.

Interested bidders are requested to register one day before the auction date. For any further information bidders can contact Cluttons on 17562860.

SOURCE: BizBahrain

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