Riigi Kinnisvara AS (RKAS), Estonia’s real estate management company, pulled the construction tender for renovating the Estonian president’s new residence in Tallinn’s Rocca al Mare district. The six bids from nine contractors, including two joint bids, exceeded €4.4m, the estimated cost of the project. Construction was set to start at the beginning of the year, with completion set for June 2017. RKAS said it will reexamine the project in an effort to cut costs and launch a new tender in a couple of months.
