Bahrain de­lays auc­tion of stalled Amwaj Gate­way to 2019 with new start­ing bid

Construction Week - - FINANCE -

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.

[rep­re­sen­ta­tional im­age].

Bahrain has de­layed the auc­tion of the stalled Amwaj Gate­way project

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