Amwaj Gateway auction today

Manama : In bid to sell the stalled Amwaj Gateway development project, a public auction will be held today.

The Judicial Committee for the Settlement of Stalled Real Estate Projects had set the new date for holding the auction, in accordance with the procedures stipulated by the Civil and Commercial Procedures Law, to protect all parties’ rights.

Cluttons will organise and manage the project’s public auction in conjunction with Mazad BSC. on the 3rd floor of the Justice, Islamic Affairs and Endowments Ministry headquarters. "The public auction on November 29 will be the last opportunity for investors and those desiring to acquire the full ownership of the Amwaj Gateway development project", said the committee today. The committee has already slashed the overall of Bahrain's Amwaj Gateway project by 15 per cent (15%), down to BD30 million.

Amwaj Gateway, a mixed-use development project, covers 33,391 square metres, with a potential to reach an overall construction area of 190,000 square metres. The development features two 20-storey towers comprising 384 apartments a 143-room hotel tower and 93 townhouses, in addition to retail and commercial units.