Tender Commission for resort near Ulcinj invited “Cubus Lux” from UK to negotiations, “Mos City Grop” declined: joint bid of MCG from Russia and “MCG Montenegro” from Montenegro assessed as technically invalid since it neither had necessary bank guarantee for the bid nor other tender requirements for the complete tender documentation were met so the bid was retracted. Negotiations with “Cubus Lux” soon to be launched.
Podgorica – The Tender Commission for implementation of the tourism development project for former military resort Valdanos near Ulcinj decided yesterday to invite to negotiations UK-based Company “Cubus Lux” while the bid submitted by the Russian “Mos City Group” was declared invalid.
Tender for valorization of Valdanos was closed on April 15th. Companies which submitted bids within defined time limit were “Cubus Lux” from United Kingdom and “Mos City Group” (MCG).
3.71 million sq m of land is offered on the tender for a 30-year lease period with the possibility of lease extension.

– After detailed analysis of submitted bids it was concluded that the joint bid of MCG from Russia and “MCG Montenegro” from Montenegro was technically invalid since it neither had necessary bank guarantee for the bid nor other tender requirements for the tender documentation were met so the bid was retracted – it is said in the statement of the Tender Commission.
Upon proposal of the Tender Commission member and the Mayor of Ulcinj Gzim Hajdinaga, conclusion was adopted to bound the potential investor to adhere as much as possible to requests made by the local administration and citizens of Ulcinj regarding maintenance and rational use of olive groves at location of Valdanos, as well as other issues which can be defined by the long-term lease agreement for this location.

The Russians offered EUR 644 million for investments in former military resort “Valdanos” near Ulcinj and “Cubus Lux” from United Kingdom offered EUR 222.5 million.

The UK-based company is willing to pay 18 cents per sq m for a fixed annual lease and for the variable lease they offered 5% of total annual revenues. The Russians offered 15 cents per sq m for an annual lease and 3% of total annual revenue in terms of variable lease.
According to the information obtained on Internet, “Cubus Lux” focused its investments on Croatia and that the company runs two casinos in the tourist resorts of Pula and Selce. They operate marina with over 200 berths on the island of Ugljan, in the vicinity of Zadar.

By M.M.
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