Bahrain’s Judicial Committee for the Settlement of Stalled Real Estate Projects has announced that an auction will be held on 1 March, 2018, in a bid to sell the stalled Amwaj Gateway development.
The auction will take place at the headquarters of the Ministry of Justice, Islamic Affairs and Endowments, with the price of the whole project set at $58.4m (BHD22m), Bahrain News Agency (BNA) reported.
The upcoming auction will not be the first attempt at selling the project. Last year, it was announced that the development would be put on the auction block on 31 October, with a starting price of $95.5m (BHD36m).
The auction was eventually postponed to November, with the price slashed by 15% to $80.9m (BHD30.5m). The reserve price was not met, however, and another sale event was organised for the following month, on 13 December, with a new reserve price of $67.6m (BHD25.5m).
The auction will be the “last opportunity to auction the project in its entirety within the fixed period for investors, whether companies or individuals”, the judicial committee said in a statement to BNA.
According to the committee, should the project fail to sell in its entirety, other measures would be undertaken to settle the project.
The Amwaj Gateway development covers 33,391m2 of land and will have a total built-up area of around 190,000m2 once completed. The project consists of two 20-storey towers comprising 384 apartments, as well as a two-storey building featuring 93 townhouses and a hotel tower with 143 rooms.