Manama: Stalled Amwaj Gateway project has been successfully auctioned to American company M Tech Services for BD22.5 million.
The fourth auction was held on the third floor of the Justice, Islamic Affairs and Endowments Ministry headquarters in the presence of the Committee for the Settlement of Real Estate Projects operating under the ministry.
No bidders showed at the previous three auctions despite the price of the project being slashed from the original reserve price of BD36m.
Real estate specialist Cluttons and auctioneer Mazad organised the auction.
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 special committee.
Read the full report in tomorrow's GDN