A major step has been taken towards ending nearly two decades of uncertainty surrounding Bahrain’s long-stalled Marina West development, with the project formally awarded to Sumou Holding Company for BD19.8 million.
The decision, published in the recent edition of the Official Gazette, confirms the outcome of the public auction for the landmark Budaiya project and directs the Survey and Land Registration Bureau to register the property in the successful bidder’s name, free of encumbrances and liens, and issue a title deed.
The Committee for Settling Stalled Real Estate Development Projects issued the decision following its July 30 session, chaired by Judge Hossam Talaat in the presence of committee members Judge Hamad Al Suwaidi, Judge Hussain Al Sairafi, Dr Abdulla Taleb and Aref Rahimi.
The committee secretary is Nawfal Bubshait.
The decision covers the properties known as Marina West, located on plots No 114266 and 115803 in Budaiya.
The developer and property owner has also been ordered to hand over the property to Sumou Holding, marking a significant legal milestone for a development that has remained frozen for years.
The long-awaited move is expected to bring fresh hope to hundreds of investors who have been waiting for the fate of their money and homes to be resolved.
The beachfront development was launched in 2007 and was originally scheduled for completion in 2010.
Plans called for 11 residential towers containing more than 1,000 units, alongside a five-star hotel, creating a major residential and tourism destination on Bahrain’s northern coast.
Investors of various nationalities, including Bahrainis, bought units in the development, with individual investments ranging from around BD83,000 to more than BD200,000.
But construction came to a halt in March 2010 after the original developer, AAJ Holdings Company, cited the global financial crisis.
The project became one of Bahrain’s most prominent stalled developments, leaving purchasers facing years of uncertainty.
In 2015, the Committee for Stalled Real Estate Projects announced plans for the property to be auctioned. A feasibility study subsequently concluded that Marina West remained viable and potentially profitable, estimating that around BD85m would be required to complete the development.
Nearly 15 years after construction stopped, the project was eventually put up for public auction and won by Sumou Holdings for BD19.8m.
The Saudi-based company has previously indicated plans to revive Marina West within around three years, with an additional investment of nearly $100m. It is also expected to establish a local company to oversee the remaining development, marketing and operational activities.
The project’s revival has received high-level government attention.
Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa earlier met Sumou Holding chairman Dr Ayedh Al Qahtani and chief executive Saeed Al Nahdi, congratulating the company on winning the auction.
The meeting highlighted the importance of the project’s revival and its potential transformation into a major residential and tourism destination.
Sumou officials briefed Shaikh Khalid on their development vision, expected timeline and plans for completing the residential towers and associated facilities.
mohammed@gdnmedia.bh
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