Manama: A fourth attempt to auction off Amwaj Gateway, a stalled real estate project, is to be held on March 1, with its reserved price slashed by another 15 per cent to BD22 million, it was declared last night.
It will be held at 11am on third floor of the Justice, Islamic Affairs and Endowments Ministry headquarters, according to a special government committee formed to resolve the issue of unifinished real estate projects that has been tasked with finding a buyer for the development.
This is the last opportunity to auction the project in its entirety within the fixed period for investors, whether companies or individuals,” the committee said.
Amwaj Gateway was launched in 2007 as a $183m beachfront project and was scheduled for completion in 2010. The development was supposed to include 384 apartments, 93 town houses and a hotel tower with 143 rooms.
However, work stalled in 2009 in the wake of the global financial crisis and in 2015 it was among projects referred to the Committee for the Settlement of Real Estate Projects.