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COMMUNITY NEWS

Ramee Group wins bid for stalled Bahrain tower

Feb 16, 2017 4:40 PM

UK-based property firm Savills said it has sold Juffair Views a part-completed residential building in the northern Juffair area of Bahrain at an auction for BD3.6 million ( 9.48 million). The auction...

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UK-based property firm Savills said it has sold Juffair Views, a part-completed residential building in the northern Juffair area of Bahrain, at an auction for BD3.6 million ($9.48 million).

The auction took place on Tuesday (December 20) at Savills Northern Gulf (Bahrain Office), under the guidance of the Committee for Stalled Real Estate Projects. This is believed to be the first of its kind to be held in Bahrain.

The bids, which started at BD3.5 million ($9.2 million) quickly went up to BD3.6 million ($9.48 million) and was sealed by Ramee Group.

On the sale, Donald Bradley, CEO Savills Northern Gulf, said: "Today 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," he noted.

James Moore, the director at Bahrain, pointed out that the success of today's auction showed that investors and developers still saw 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. Savills has once again proven why we are the real estate company of choice," he added.

Savills, a UK company founded in 1855, is one of the world’s largest property firms with over 700 offices and 30,000 staff around the world. It is recognised globally and has been independently voted as the number one real estate super-brand for the last 12 years.

Savills Northern Gulf offers a broad range of specialist advisory, management and transactional services across Bahrain, Jordan, Kuwait, Qatar and Saudi Arabia.

It has two offices in Bahrain: its main office in Seef and a sales office in the Ritz Carlton Hotel.-TradeArabia News Service

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