MANAMA: The Real Estate Regulatory Authority (Rera) yesterday issued an edict temporarily suspending the licence granted to Golden Gate project’s developing company, GG Developers SPC, for three months.
Based on provisions of a law promulgating the real estate sector regulations, the decision, which takes immediate effect, was taken as a result of violations committed by the developer, a statement issued by the authority said.
“The decision aims to preserve investors’ funds and ensure the smooth progress of the Golden Gate project,” Rera said.
The project is the maiden venture of Golden Gate Developers, a joint venture between Bahrain’s Kooheji Golden Gate and India-based real estate firms Ajmera Realty and Mayfair Housing.
The Golden Gate project, comprising two towers scaling 45 and 53 floors respectively, is poised to become the highest residential tower in Bahrain. The planned development was launched with razzmatazz in 2018 and was described as a “jewel in the crown” of Bahrain Bay.
The towers will feature 746 apartments overlooking views of the water and was described as the first project developed by a partnership between Bahraini and Indian firms.
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