Right-handed shape
The Committee for Settlement of Troubled Real Estate Development Projects announced that the “Marina West” project, located in the Budaiya area, will be put up for public auction, with the auction starting at a base price of 22 million dinars.
The committee set Sunday, November 9, at twelve noon, for the auction to take place on the first floor of the Ministry of Justice building in the diplomatic area.
Anyone who wishes to bid should contact Mazad Company on 17778887, email, or come in person.
The committee explained that the reason for the sale will be based on its decision to allow the sale of the property issued in the 10-6-2025 session in accordance with Decree Law No. 66 of 2014 regarding the settlement of troubled real estate development projects.
The sold property was described as a mixed-use real estate development project, with a building area of approximately 354,199 square meters, and it is a group of residential facilities represented by 11 towers and spaces for commercial use to serve the property.
The basic price of the property was estimated at 22 million dinars, “based on the estimate of the troubled real estate development projects settlement committee based on the valuation reports submitted to the committee.”
Mazad Company was appointed to undertake the procedures for selling the project by public auction, so that the project will be sold in one transaction.
Whoever enters the auction is obligated to deposit a preliminary guarantee, which is one tenth of the basic price of the auction, before the auction session is held. The bidder is also obligated to deposit the rest of the price in the treasury of the Ministry of Justice within one month from the date of the auction bidding session. The bidder who wins the auction must pay 3% of the auction bid as administrative expenses.
The property will be delivered free of any movables to the person who wins the auction after paying the full price and expenses and the decision to award the sale becomes final, free of any mortgages or accessory real rights.
“Marina West” was launched in 2007 at an announced cost of about $750 million, including residential towers and a luxury hotel. The project attracted about 400 investors from 32 different nationalities, but construction work stopped in March 2010. As the crisis worsened and the developer failed to fulfill its obligations, the Ministerial Committee for Reconstruction and Infrastructure referred the “Marina West” file to the Troubled Projects Settlement Committee, which has judicial authority, in March. 2015, to begin the legal solution path.
Earlier, the Troubled Projects Settlement Committee announced its decision to put the project up for sale at public auction, noting that it refused to grant the real estate developer any further deadline, after exhausting all means of amicable settlement, and due to the “developer’s incompetence” after a stumble that lasted for more than 10 years.
