Arabs offer more than EUR 21 million for Milocer

The Royal Group from the United Arab Emirates is the only bidder for the Kraljicina Plaza (Queen's Beach) site, which it offers to pay EUR 21.18 million.

The Royal Group has submitted its bid through its Montenegrin subsidiary Queens Beach Development Company from Podgorica.

Tender for the Kraljicina Plaza site was announced in late October last year, with the total of 423,000 square meters of land in Dubovica put up for sale. The municipality of Bar is the owner of 188,000 square meters of that land, whereas 230,000 square meters are in the possession of Budva.

Dragan Simovic, vice president of the Tender Committee, announced that the bid validity would be examined within the next 15 days.

The future owner will have to complete an eight-year investment cycle worth EUR 180 million and build central facilities - a hotel, spa center and a marina, in the first phase. According to Simovic, the Arab company has accepted that condition.

Simovic hopes that negotiations will end in a success and that the investor will kick off construction work this year, in line with the investment plan.