Source: eKapija | Monday, 22.08.2016.| 08:56

Investments in SPA centers (not) paying off – No bidders for Banja Ovca, new tender for disposal of building land called

(Photo: gurinaleksandr/
There have been no bids for the sale of land meant for the construction of sports and recreation complex in Palilula, better known as Banja Ovca. This has been confirmed for eKapija by the Belgrade Land Development Public Agency.

Although the institution kept pointing out that investors had been waiting for years to start realizing the SPA center project, there was no interest in the key moment, and the Agency has called a new tender for the disposal of land in Ovca. Investors will have the opportunity to submit their bids until September 19, under far more favorable conditions.

Based on this July's reports on the assessment of the market value, the starting price of RSD 2,643.99 per m2, that is, RSD 71.8 for the entire complex, has been set, which is around RSD 20 million less relative to the previous tender.

These are, however, not the only changes. The total gross building area of the planned structures on the 2.7 ha plot of land, meant for the construction of a sports center along with the spa complex, is nearly 54,000 m2, which is around 30,000 m2 more than in the previous tender. These changes, the Agency says, have been made based on the General Regulation Plan, which was adopted following the initiative for putting the location out to tender.

(Photo: Aleksandar Mijatovic/
By purchasing the building land in Ovca, the investor won't acquire the right of exploitation of mineral waters, which is, they explain, regulated by a separate law and not an object of the tender.

– In line with its operating policy, the potential investor will assess its interest in investing in Banja Ovca and submit a request for exploitation of underground waters. The Law on Planning and Construction prescribes that the location can be developed with or without the exploitation of mineral waters – the Agency says.

The location in Ovca might be interested to potential investors, above all because it is situated on one of the central traffic routes in Banat, the one leading from the Pancevo Bridge to Zrenjanin, which would enable the people of Belgrade to reach the future spa center quickly and easily.

Experts, however, deem that investing in such projects is not cost-effective at the moment.

The real estate and financial counseling company Coreside believes that investors will wait a bit longer before making serious investments in the sport leisure market.

Ovca SPA Center 2012 conceptual design
– Initiatives and projects do exist, as do inquiries through our clients' network, but we have not yet seen any serious intentions displayed by investors – says Srdjan Vujicic, director at Coreside, for eKapija.

One of the main causes for this is the high price of maintenance, which is why a lot of hotels have been built without “spa oases” recently.

Potential conceptual design

eKapija wrote about potential architectural solutions for the spa in Ovca back in 2012. According to the conceptual design prepared by the project studio Formaprojekt from Belgrade, the spa center should have several indoor and outdoor pools, a quiet spa, children's pools, a gallery, areas for sitting, resting, walking... The complex would be surrounded by green areas and divided into several sections. The design envisions a glass facade.

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