Hello,

Through this thread I will try to inform you about ongoing big investments in Montenegro.

On 15.january, VAS Invest signed a memorandum with Kempinski for building of luxury hotel of highest standard in locality of Smokvica, 12 km south from Budva and 5 km from Sveti Stefan. Building should start in march this year. Russian company VAS Invest will build hotel and Kempinski will take management over hotel.

VAS Invest bought last year over 200000 m2 of the land for 30 million of Eur, together with a bay of Smokvica, untouched beauty of Adriatic sea. They will build city hotel with villas over bay, together with sport terrains, wellness and spa center.Worth of project is estimated to 100 million of Euros.

Kempinski have 110 luxury hotels throughout a world, some of them are The Emirates palace, Ciragan palace in Istanbul , Grand hotel in St Moricu..

25 January 2008

Dutch Limon Investments offers over EUR 48 mil for Montepranzo

Dutch company Limon Investments Limited submitted the best offer, of EUR 48.27 million, for 75% state-owned share in Montepranzo-Bokaprodukt from Tivat. It also offered to invest EUR 205 million, state in Tender Commission after opening the bids on Thursday. Consortium of Atlas Group, Atlasmont bank, Boka golf, Brooklet Limited, owned by Canadian billionaire Peter Munk, and golf player Jose Maria Olazabal, offered EUR 16.2 million for Montepranzo shares and EUR 84.95 million of investments.

M.G.I. from Kotor, owned by Belgian Jean Dunortier, offered EUR 1.3 million for shares and EUR 142.5m of investments. Midland Resources Holding Limited was prepared to pay EUR 10m along with EUR 50m of investments.

The Commission stated that these figures need to be taken conditionally as a detailed analysis of each offer needs to be conducted and they need to be officially validated.

Afterwards, offers will be ranked according to their quality and set criteria. "The Commission will give its official statement after reviewing each offer and will give its proposal to the Privatization Council for adoption", states in the official statement.

Mirax Group LLC started with invest over €200 million ( $296.9 million) to build a seaside resort in Montenegro. Mirax Group has launched the project in the most popular part of the Montenegrin coast - the Budva Riviera. The resort will include a hotel, residential and recreation facilities with a total area of 94,000 square meters on 8.7 hectares. It will have luxury villas spread on 26,000 square meters and a residential building and hotel complex covering 30,000 square meters each.
Obviously, by new detailed plans of Budva Municipality, they will get a 25-40 floor skyscraper hotel and docks for luxury yachts. Hotel will be by the shape similar to hotel BURJ AL ARAB in Dubai.
MIRAX Group is known for its Federation Tower project in Moscow and many other investments throughout a world.

So did construction start in March?

I went personally in the urbanism office in Budva to check it regarding your question, and answer is They didnt start to build yet, because they are waiting new Detailed Urbanistic Plan for that region, and it will be brought soon.
Budva is first municipality in Montenegro with allmost all regia covered with DUP so it will be more clear for investors where is what supposed to build.

However, they have cleaned all region from wood and other stuff.

When I will be able, I will post a picture of the beutifull beach and region

MLS

Personally I like Buljurica. If you ever hear of anything esp. land there please let me know.

They are building very fast, started also with hotel. Selling price for villas are from 6000 - 8000 Euro / m2.

E8000/m2 in Montenegro??? That's a joke and totally unsustainable. That's almost triple the price of beach side apartments in Dubai.

It can be tripled price, but Russians just like Montenegro, rather than any other out country destination.
I do not want to promote their project here, they do not pay me for it, and moderator will not like it as well, so search for yourself and get the most right information from their office.

Preliminar Tender for Velika Plaza beach

Ministry for Economic Development announced that 4 companies have send Letter of Interest for realisation of project Velika Plaza.
That is Greek-American ProofRock, Bloom International Properties from UAE, Hidra Properties and Trigranit from Hungary. They are all well known in development of holiday and real estate projects.

Velika Plaza is sandy beach 12 km. Still undeveloped. Previous project was valued from 7 - 10 billion of Euros.



Also, you can find more information on Government of Montenegro web site

The Government of Montenegro