Savills successfully sells Bahrain's Juffair views project

03 January 2017

Savills, on behalf of the Committee for Stalled Real Estate Projects, has sold the stalled real estate project, Juffair Views in Al Juffair, Bahrain at auction for BD3.6 million ($9.5 million) to Ramee Group.

Juffair Views is located in a prime residential area and comprises of 81 flats; 40 one-bedroom, 40 two-bedroom and one three-bedroom penthouse over 26 storeys. The site includes three levels of parking and provisions for a health club. Construction commenced in 2007 but stalled in mid 2009.

The auction is believed to be the first of its kind to be held in Bahrain and it generated significant interest with approximately 30 potential buyers present in the auction room and four registered bidders. There were three bids during the auction, which started at BD3.5 million ($9.28 million).

Donald Bradley, CEO Savills Northern Gulf, comments: “The auction was a culmination of a lot of hard work from the Government, the Committee of Stalled Real Estate Projects and Savills. It has proven the Committee’s determination to resolve this longstanding issue in the most transparent and professional way possible. It has been our privilege at Savills to advise on, and sell, this project and we are very pleased that our work with the Committee has ended with a highly successful outcome.”

James Moore, director at Savills Bahrain, adds: “The success of the auction goes to show that investors and developers still see Bahrain as an attractive place to invest and do business. It is certainly a positive step for the Bahrain real estate sector and the wider economy, and we hope that the sale of Juffair Views acts as a catalyst for other real estate projects in Bahrain.”

The Committee for Stalled Real Estate Projects was formed by Bahrain’s Ministry of Justice in 2014.

 

 
 

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