The Hellenic Republic Asset Development Fund made the decision to suspend the tender for the development of property in the Ververonda area of Porto Heli.

Sources with knowledge of the matter note that this development came about as no satisfactory offers were submitted in the tender that ended yesterday, as you read in the Extraordinary Edition of Real Estate Daily Secret.  The same sources note that the Fund will proceed to re-evaluate the data in order to take decisions on the next steps for the development of the property.

WHAT HAPPENED

A "Ben Hur" process is reminiscent of the bidding process for this property, which had faced setbacks even before the suspension. The initial announcement of the tender was made in July 2023, while in October of the same year, the HRADF announced that it had received only one binding offer for the development of the property from Goutos Construction. The offer, however, was significantly lower than the independent valuation for the property's value that the HRADF had. An improved bid followed, which again fell far short of the valuation, and the Fund declared the tender unsuccessful on 29 February last year. Two months later, on 29 April, it announced a call for bids for the sale of the property but, in the end, this attempt was also unsuccessful.

 THE PROPERTY

The tender was for property in the Ververonda area of Porto Heli. It is a non-coastal land parcel with panoramic views of the Argolic Gulf, located outside the boundaries of the settlement of Porto Heli, at a distance of approximately 500 metres from the centre of the settlement and 300 metres from the Ververonda lagoon and the coast of Porto Heli Bay. The property has an area of 627,417.92 sq. m. and is offered for tourism, recreational uses and transport infrastructure in accordance with previous planning.