Amwaj Gateway Project on Auction for 7th Time on Dec. 10
2018-11-23 - 10:37 p
Bahrain Mirror: The judicial Committee for the Settlement of Stalled Real Estate Projects decided to hold an auction for Amwaj Gateway, a stalled real estate project auction, on December 10, 2018, after decreasing the setting price to 17.500.000 BD.
Amwaj Gate is a mixed-use development project located near the entrance of the Amwaj Islands, in Muharraq. The project consists of two 20-storey towers comprising 384 apartments, as well as a building featuring 93 townhouses and a hotel tower with 143 rooms. The Amwaj Gateway development covers 33,391m2 of land and will have a total built-up area of around 190,000m2 once completed.
The committee proposed the project last November for 36 million BD and then decreased its price to 30.5 million then to 22.5 million. The project was set for auction 5 times and failed to be sold due to absence of bidders. The fifth bid has been knocked down to M Tech Services (in April 2018), however, the company failed to pay the amount later, which made the committee put the project for auction for the seventh time.
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