Stalled Juffair Views to be auctioned

Manama : The stalled real estate Juffair Views is to be sold at public auction, it was announced yesterday. The committee in charge of the stalled real estate, which was set up by virtue of decree 14 for 2015 said that it has started the auction procedures. The panel, which has judicial prerogatives, said that it had exhausted all possibilities for a cordial settlement as per the procedures stipulated by decree law 66 for 2014.

In a statement, it said the proceeds of the auction would deposited at the treasury of the Ministry of the Justice, Islamic Affairs and Endowments.

The committee scrutinised the documents and concluded that the heavy financial commitments would make it difficult for a new developer to carry on the real-estate project. “The current situation of the project is complicated further as 90 per cent of the units have yet to be sold,” it said. The committee will convene on May 22 and 23 to discuss respectively the cases of stalled real estate projects Amwaj and Marina West.