Top panel working to settle stalled projects in Bahrain

ELEVEN stalled developments worth millions of dinars were identified by a government committee since 2014.

This was announced by the Supreme Judicial Council (SJC) during a Press conference at its premises in the Diplomatic Area yesterday.

Judicial Committee for the Settlement of Stalled Real Estate Projects chairman Judge Salah Al Qattan said they have successfully worked to close the files in some of the cases.

Homeowners of two stalled projects who were waiting for years to receive the keys to their dream homes were finally handed over the property’s title deeds during the event yesterday.

The two projects which were completed are Marina Breeze 1 and 2, and Dar Al Ezz 2 and 3.

“The committee has so far received 11 stalled projects since 2014 which includes Juffair Views and Amwaj Gateway, which were sold in previous auctions,” said Mr Al Qattan.

“We will soon present documents related to Al Areen Homes and Marina Reef to homeowners.

“The remaining stalled projects are currently being reviewed.”

This includes some of the unfinished projects such as Marina West, Sunset Hills, Elegant City Development Project and One Central in Hidd.

Mr Al Qattan explained that homeowners had already moved into some of the stalled properties but were only waiting to receive the title deeds from the developers.

“The goal of our committee is to protect the rights of homeowners who bought these properties and ensure there is no impact on the economy.”

Among those who was given his title deed yesterday was former MP and businessman Mohammed Al Maarafi who bought an apartment for investment in Marina Breeze 2 in Durrat marina in 2016.

“My property in the Marina Breeze project was on hold because the developer suffered financially, which led the judiciary to look into the project,” he told the GDN.

“Legislations helped us along with the committee’s efforts to ensure our rights are upheld so we get our title deeds.”

“This also helps support investments in Bahrain.”

The latest announcement by the SJC comes as this month marks the 12th anniversary of the one of the longest stalled real estate project in Bahrain – Marina West in Budaiya.

There are more than 450 buyers of different nationalities who invested their life savings in the $750 million project after it was launched in 2007.

It was supposed to have been completed in 2010, with 11 residential towers consisting of more than 1,000 units and a five-star hotel.

However, work stalled in March 2010 with the developer blaming the global financial crisis for bringing the project to a standstill.

Since then, investors across the globe have been waiting for some good news about the project.

noorz@gdn.com.bh