The public auction of Amwaj Gateway has been postponed for the second time.
The $183 million beachfront project was supposed to go under the hammer today, but was postponed because no bidders attended the auction which was hosted by the Justice, Islamic Affairs and Endowments Ministry's Committee for the Settlement of Real Estate Projects.
The GDN earlier reported that the committee had announced a new date for the public auction after the first attempt to sell off the project failed with no successful bids, prompting the government panel to reduce the reserve price from BD36 million to BD30.5m.
The project was launched in 2007 and scheduled for completion in 2010, but work stalled in 2009 due to the global financial crisis.
Read tomorrow’s GDN for the full story.