Mubasher: Esterad Investment Company and Promoseven Holdings revealed that they have won the auction on the Amwaj Gateway project held on 2 June, at a value of BHD 14.75 million.
The project will be registered under newly created SPV ‘Esterad Amwaj’, representing the ownership of both entities, Esterad said in a statement to the Bahrain Bourse (BHB) on Monday.
Spanning 33,400 square metres, Amwaj is a beachfront project that will have a total built-up-area (BUA) of around 190,000 square metres once completed.
The 20-storey twin-towers comprise 384 apartments and a two-storey building comprising of 93 townhouses, in addition to a 143-room hotel tower building.
“We believe that the Amwaj Gateway project as it is strategically positioned at the entrance of Amwaj Islands, located right on the sea, and is in close proximity to all major landmarks in Bahrain, this prime positioning coupled with the unique characteristics of having a private beach provides an unparalleled offering to the upscale residential market in the kingdom,” Akram Miknas, chairman of Promoseven, commented.
