We have more real estate news from Montenegro, as there are media reports on 4.9 million square meters of beach properties being put up for sale in the municipalities of Buljarica, Budva, and Bar by the Montenegrin Council for Privatisation and Capital Projects. Interested bidders are obliged to submit their offer as part of an investment program, which would also then include a plan for the development of infrastructure at the site, as well as a business plan that provides a clear outline of the structure and dynamics of investments by years and designated source of investment capital. The investment program in question should also by accompanied by an acceptable bank guarantee, while the tender itself stipulates that the obligations of the investment program must be fulfilled within seven years from the sale contract’s entry into force.

Furthermore, it is reported that the tender will only be open to experienced investors with financial resources, with significant experience in the construction and management of urban mixed use complexes, and who have purchased all of the necessary tender documentation, as well as signed a declaration of confidentiality. Additional conditions to be fulfilled by an interested bidder include proving that his/her company has achieved a positive financial result in the last business year – with a total turnover of at least EUR 120 million – and is the owner or co-owner, or manages or participates in management or has a Letter of Intent or a concluded management contract with a reputable company that manages at least two hotel complexes that correspond to the international standard of at least four stars.

The interested bidder should also pay a deposit along with the offer, or provide a bank guarantee in the amount of EUR 500 000, issued either by a bank with at least a BBB credit rating according to Standard & Poor, or approved by the tender commission. The deadline for the final submission of offers is 18 July 2016.