Thursday 2 April 2020

Edamah, Mazad join hands for Bahrain online property auction

MANAMA, February 20, 2020

Bahrain Mumtalakat Holding Company (Mumtalakat), the kingdom's sovereign wealth fund, said its unit Mazad has joined hands with Bahrain Real Estate Investment (Edamah) to launch the first online auction of local real estate.
Representing a strategic alignment between two companies within the Mumtalakat group, the agreement allows Mazad to introduce online auctions in co-operation with renowned specialised auction companies to the real estate market in the kingdom as part of its asset-sale portfolio.
Connecting property buyers and sellers online for the first time, the live auction is due to kick off on April 12 for a period of three weeks with online bidding for six properties consisting of vacant plots of land, said the statement from Edamah.

During the ceremony, Edamah CEO Amin Alarrayed revealed that the first property listed is a 12,000-sq-m empty plot in Aali, located near Riyadat Mall and the Arabian Open University.

The remaining five properties to be included in the listing will be announced in March in order to allow potential buyers and investors enough time to prepare ahead of the live auction, he stated.
"This partnership allows Edamah to benefit from the e-commerce solutions provided by Mazad and is in line with our strategy to be inclusive, optimizing our extensive land bank and providing opportunities for the private sector to develop new properties," remarked Alarrayed.

The Mazad-Edamah partnership will introduce the sale of local real estate through online auctions for the first time in the kingdom. In its first offering, six empty plots of land will enter a dedicated live auction in April for a period of three weeks.

While bidders are expected from the investment and business communities, both Mazad and Edamah are encouraging the public to participate and explore the possibilities offered by the diverse property listing.

"Prospective buyers would not want to miss the opportunity to bid live on these properties, which are entering the market for the first time," remarked Mazad CEO Talal AlAraifi.
"Online bidding with Mazad ensures buyers everywhere can bid on the same terms as all other prospective buyers and purchase assets fairly and transparently. Investors, real estate companies and developers and members of the public interested in property acquisition are on an equal footing when property is sold through an online auction process," observed AlAraifi.

"All buyers have the same easy access, and benefit from the same trusted online buying experience," he stated.

Mazad, first established in 2017 has pioneered the auction process in Bahrain, having held 63 auctions to date. From vehicle plate numbers at the outset, today the company’s asset portfolio encompasses vehicles and real estate as well, said the top official.

"Auctions ensure the asset sale process attracts only serious and qualified buyers as it requires the deposit of a refundable insurance fee, reducing sale time and costs, while providing bidders with a variety of choices," he added.-TradeArabia News Service


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