As previously announced, Savills Bahrain is the appointed real estate advisor to the Judicial Committee for Stalled Real Estate Projects. Savills are also acting as exclusive sales agent for the Juffair Views project. Following a decision by the Judicial Committee last week we can now announce that the real estate project, Juffair Views, will be sold at auction on 20th December at 10.00 am. The auction will be held at the office of the Ministry of Justice, Islamic Affairs and Waqf.
Juffair Views is a part completed residential building in northern Juffair, located near to some of the most sought after developments in Bahrain. The 26 storey development comprises of 81 flats; 40 one bedroom, 40 two bedroom and one penthouse. There are also 93 parking spaces over three floors and a health club with various amenities. The development is located on Plot Number: 03042887 with a land area of 1,246.78 sqm and a total built up area of 18,771 sqm.
Immediately after the auction, the successful bidder will be required to lodge 10% of the sale price with the Ministry of Justice, Islamic Affairs and Waqf treasury, with the outstanding balance paid within one month. An administration fee will also be levied on the final sale price, the amount of this fee will be announced on the day of the auction. It is important to note that any person bidding on behalf of a company should be in possession of a CR copy and, if required, Power of Attorney paperwork.
On settlement of the sale price, the judge will issue an order to transfer the building ownership to the buyer. The building will be sold ‘as is, where is’ and clear of all liabilities.
Mr Donald Bradley FRICS, CEO Savills Northern Gulf comments on Savills unique appointment: “This is a really special appointment and shows the determination of the Judicial Committee to adopt a best practice solution to a range of strategies for the stalled real estate projects which are overhanging the market. We are now in a period of market consolidation where development projects will have to be properly organised and those which have issues are professionally handled and re-launched into the market. This is a really major step for the authorities and will provide a work out plan and perhaps a precedent for other projects. We look forward to working with the Government and the Judicial Authorities on this matter and our top team is now fully committed to bringing about the best possible solution for all concerned”.
Commenting on the announcement of the sale, James Moore, Savills Director – Bahrain, said: “This announcement is an important step forward for boosting investor confidence in the Bahraini real estate sector. People will now see the effect of the Government’s hard work trying to resolve what has proven to be a very complex issue. We hope that following a successful sale of Juffair Views the Judicial Committee can consider other projects for sale, if appropriate.”
Savills plc is a UK company founded in 1855 and is one of the world’s largest property firms with over 700 offices and 30,000 staff around the world. Savills offers numerous service lines, including: property valuation, development consultancy, dispute resolution, market research, international investments, international property sales, local sales and letting and property management.
Savills has two offices in Bahrain, their main office in Seef and a sales office in the Ritz Carlton Hotel. If you have any real estate requirements please contact the Savills office on or +973 1700 5208 or +973 3200 4800.