Real Estate Regulatory Authority Temporarily Suspends Golden Gate Project License
2020-09-21 - 2:18 am
Bahrain Mirror: Bahrain's Real Estate Regulatory Authority (RERA) has issued an edict suspending the license given to GG Developers SPC, the developer of Golden Gate project, due to the violations it committed.
This decision has shocked the real estate market in Bahrain and cast a shadow over the feasibility of investing in the Bahraini real estate market, as this project is one of the largest real estate projects announced in the past two years.
The authority said that the decision, which takes immediate effect, was taken as a result of the violations committed by the developer, based on the provisions of Law 27/2017 promulgating the real estate sector regulations. It temporarily suspended the license granted to the Golden Gate project's developing company, GG Developers SPC, for three months.
A 140,000m2 project, Golden Gate is in the heart of Bahrain Bay. The project features 746 apartments that are spread over two 53-storey and 45-storey towers overlooking the Gulf of Bahrain.
Golden Gate Developers, a joint venture between Bahraini-based company Kooheji Golden Gate and Indian real estate companies Ajmera Realty and Mayfair Housing, launched on November 10, 2018 its new residential development project, Golden Gate.
According to Chairman and Board Member of Golden Gate, Ishaq Al-Kooheji, the project costs $200 million, which will be funded by the developer, customers and financing banks.