Bahrain - The purchasers group of a long-stalled real estate project in Budaiya has urged the winners of the public auction to take steps to complete the sale. 

After a decade and a half of waiting, the Marina West real estate project was finally auctioned off for BD19.8 million on November 25 last year, to Sumou Holdings.

Now more than two months later, the Marina West Purchasers Group is urging the real estate establishment to finalise sale proceedings so that the celebrations can begin.“We applaud the kingdom’s efforts to restore confidence in the real estate market and to uphold justice and the rule of law,” the Marina West Purchasers Group told the GDN.

“We are concerned, however, that more than two months after the auction, there has been no forward movement in completing the sale.“Confidence will be realised when Sumou Holdings completes full payment of the auction price in accordance with the established timelines.“Justice will be achieved when the Settlement Committee distributes the proceeds to the long-suffering purchasers.

“Only then, will we be able to join in the celebrations, congratulations and commendations.“With the blessed month of Ramadan fast approaching, we hope to hear good news from the Settlement Committee.”

The beachfront living Marina West project was launched in 2007 and was supposed to have been finished in 2010, complete with 11 residential towers consisting of more than 1,000 units, plus a five-star hotel.

Investors from different nationalities, including Bahrainis, bought units in the development, with investments ranging from BD83,000 to more than BD200,000.

Work stalled in March 2010 as the original developer, AAJ Holdings Company, blamed the global financial crisis for bringing the project to a standstill.

In 2015, the Committee for Stalled Real Estate Projects first announced that the project would be auctioned.

A feasibility study conducted during that period claimed that the Marina West project remained viable, potentially profitable and required around BD85m to complete.

On November 25, almost 15 years after work stalled, the project was finally auctioned off to Sumou Holdings. The purchase is expected to provide relief to hundreds of off-plan investors, who put their hard-earned savings and high-interest bank loans in the $750m Marina West project.

Sumou Holdings officials earlier stated that they aim to complete the project in three years, with an additional investment of close to $100m and will be setting up a local company to carry out the remaining development, marketing and project operations associated with Marina West.

The GDN reported last month that Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa met with Sumou Holding chairman of the board of directors Dr Ayedh Al Qahtani and chief executive Saeed Al Nahdi.

Shaikh Khalid congratulated the officials of Sumou Holding on winning the public auction for the Marina West project, considering this step an important starting point for reviving the project and transforming it into a promising residential and tourist destination.

He was reportedly briefed on the development vision and the timeline set by the company to resume work on the project, as well as the mechanisms for completing the construction of the residential towers and their associated facilities.

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