Golden Gate receives real estate developer licence from RERA

Manama, Mar. 20 (BNA): Following its compliance with the standards set by the Real Estate Regulatory Authority (RERA), a growing real estate development company in Bahrain, Golden Gate (GG Developers SPC), has acquired the necessary licences required for its operations. His Excellency Sheikh Mohammed Bin Khalifa Al Khalifa, Chief Executive Officer of the Real Estate Regulatory Authority (RERA) said that RERA is continuing to issue the necessary licenses to developers of off-plan sales developments based on Law 27 of 2017. RERA is assisting Developers and other key stakeholders in the real estate sector to ensure compliance with the law. The RERA CEO speaking at the presentation of the off-Plan Sale Development License to Golden Gate Board members said "I would like to congratulate all the parties involved in the Golden Gate project which represents a significant new chapter of collaboration between Bahrain and India and will stimulate further foreign investment in the Kingdom. We welcome such international partnerships and wish you every success with this major project." The Real Estate Regulatory Authority (RERA) granted Golden Gate two licenses: a RERA Developers License which is required for auditing and qualifying developers and a RERA Off-plan Sale Development License which allows the company’s (Golden Gate) project at Bahrain Bay to be developed. Chairman and Board Member of Golden Gate, Ishaq Al-Kooheji, explained that the company's receipt of these two licenses at once is a result of the cooperation between the company and RERA. "We are keen on continuing to work with RERA in order to achieve our common goals and make strides in the development of the Kingdom’s real estate sector and to promote economic growth and investment in Bahrain," stated Mr. Al Kooheji. Golden Gate has met the requirements of these two licenses as a result of its full compliance with the new standards set by RERA which are in line with international best practice in the field of real estate development. "The company is committed to implementing all laws and regulations related to real estate development," said Board Members from Ajmera and Mayfair, two well renowned Real Estate developers from India, who are joint venture partners with Golden Gate. Vice President of Sales and Marketing, Eman Al Mannai, pointed out that the project has met the requirements of establishing the ‘off-plan sales Register’ which enables the developer to sell the units before the completion of construction. "This includes the right of the buyer to register their name in the Off-Plan Sale Register which is maintained by SLRB. The Register will list additional information such as the area of the unit, its value and the number of stage payments" she explained. To date, the Golden Gate project has been receiving a keen interest from local and international investors. "Golden Gate aims to further enhance its presence in the Kingdom’s real estate market, move ahead with the Golden Gate project, and meet the expectations of RERA and partners," she said. Golden Gate, a 140,000 square meter project in the heart of Bahrain Bay, has 746 apartments spread over two 53-storey and 45-storey towers overlooking the Gulf of Bahrain. The project is expected to be the tallest residential structure in the Kingdom and can accommodate 999 cars spread over 7 floors.