Bahrain delays auction of stalled Amwaj Gateway to 2019 with new starting bid
The much-awaited auction of Bahrain’s stalled Amwaj Gateway mixed-use real estate development has been postponed until 2019. Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has postponed the auction of the failed project until 9 January, 2019.
When it eventually goes ahead, the auction will open with a starting bid of $46.5m (BHD17.5m), more than 50% below its initial price in 2017.
The committee said the decision to delay the auction, which had been scheduled to take place this year, resulted from efforts to resolve stalled real estate projects and protect the rights of all parties involved.
Plans to auction off the property in October 2017 – with an opening bid price of $95.5m (BHD36m) – were unsuccessful. The auction was subsequently postponed to November of that year, with the price slashed by 15% to $80.9m (BHD30.5m).
Covering slightly more than 3ha, Amwaj Gateway is made up of two 20-storey towers, one two-story building, and a 143-room hotel.
In August 2017, it was announced that global real estate consultancy Cluttons, and Bahrain-based public auction specialist Mazad had been appointed to organise and manage Amwaj Gateway’s public auction.
Bahrain has delayed the auction of the stalled Amwaj Gateway project