Greece announced on Tuesday an international tender for the exploitation of a seafront property on the western island of Corfu "with significant development potential."

The press release of the Hellenic Republic Asset Development Fund (HRADF) is the third issued in a week regarding a tender for the exploitation of Greek state assets in the context of an ambitious privatization program.

With a target of a total 19 billion euros (24.97 billion U.S. dollars) raised by 2015, the privatization program is an integral part of the efforts to address a severe debt crisis that threatens Greece with bankruptcy since 2009.

The 500,000-square-meter forested property put on offer on Tuesday is located at the Kassiopi area at the northeastern side of Corfu, which is a major tourism destination at the Ionian Sea.

HRADF officials seek to sell the right of surface which will be extended up to 100 years.

They noted that Corfu has an international airport which serves domestic and international flights, as well as charter flights from major European cities, as well as a port with ferry crossings to other islands of the Ionian Sea, to Patras and to Italy.

The deadline for the submission of bids by potential investors in the first phase of the tender expires on April 10, 2012.

"The property's touristic development will enhance the local economy and create new prospects and new jobs in the area," said Tuesday's announcement.

"Greece has launched the largest divestment program in the world, aiming at attracting significant capital flows that will contribute to restarting the Greek economy and fuel economic growth," it added.

Last week, HRADF announced two tenders for the sale of the state-run gas company and a part of the Athens 2004 Olympic Games facilities in the Greek capital.

Greece has launched a painful austerity and structural reform drive since 2010 in return for vital multi-billion euro rescue loans to avoid a financial meltdown that could hit the entire eurozone.