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Details of Future Investments in Lustica Bay Complex – Another 6 Hotels to Be Built, as Well as Golf Course, New Settlements…
Source: eKapija
Monday, 19.06.2023.
10:12
Monday, 19.06.2023.
10:12
Comments
Over EUR 380 million has been invested in the Lustica Bay complex so far, whereby around 10% of the whole settlements has been developed. This is a project that is the first greenfield investment in Montenegro, whose estimated value is EUR 1.5 billion. The complex itself is now developing through three settlements – Marina Village, Centrale and The Peaks, and in addition to the already built hotel The Chedi with five stars, the plan is to open another six hotel brands by the end of the project.
Masa Radulovic, Corporate Relations Manager at Lustica Development, said this in a conversation with eKapija.
– Lustica Bay is a new city in development on the south coast of the Adriatic Sea and a fully integrated community which fosters the philosophy of “a place you belong to”. With an investment of over EUR 380 million, so far, we have developed around ten percent of the whole settlement. Lustica Bay is the biggest investment project of this type in Southeast Europe. It is the first greenfield investment in Montenegro with an estimated value of EUR 1.5 billion and developed infrastructure worth 150 million – Radulovic said for our portal.
She reminds that the project is realized by Orascom Development Holding, a leading international investor which creates integrated communities in Europe, Middle East and North Africa, including Andermatt in Switzerland and El Gouna on the Red Sea in Egypt.
According to our interviewee, Lustica Bay is now home to over 400 families from, for now, 40 countries.
(Masa Radulovic) – As a successful community, it is currently developing within three settlements – Marina, Centrale and The Peaks as the latest collection of residential property placed in the market this month. The Peaks settlement encompasses a future golf course, and Botanika, the first residential collection which consists of spacious apartments, city houses and villas, is already available in the real estate market – our interviewee says.
Marina Village, she says, is the first settlement which reflects in the right way the vision of Lustica Bay, as a city where an easygoing, maritime lifestyle is predominant.
– It features a marina, beaches, seaside rest zones, an elegant promenade, busy boutique shops and numerous restaurants, as well as the hotel The Chedi Lustica Bay with five stars. Another main characteristic are the 450 residential units already sold to the owners, of the total of 600 different types of residences overlooking the sea which this settlement will have once it’s finished – she adds.
The Centrale settlement is conceived of as an urban core which will become the epicenter of everyday life in Lustica Bay.
– It is directly connected with all other settlements, and this summer we are also opening Piazza Centrale as a meeting place for the residents and the guests – Radulovic says.
According to earlier announcements, within the Lustica Bay complex, the plan is to build seven hotels. The first among them is The Chedi with 5*, which has already been awarded as the best hotel in this category in Montenegro.
– By the end of the project, another six international hotel brands will open their doors to the guests who visit this urban Mediterranean destination. The Chedi is the epicenter of the Marina settlement, with its 111 remarkably elegant rooms and apartments, the world-class restaurants, two elegant bars, several different conference halls, a beach, a spa center inspired by Asian wellness rituals, an indoor pool and an outdoor infinity pool – our interviewee says.
The next hotel will be built in the Centrale settlements. It is a boutique hotel with 30 rooms, which will also have five stars.
– The terrain preparation works are in progress, and the beginning of rough construction works on the construction of the hotel is expected after the season ends. The opening of the new urban center of this settlement, Centrale Piazza, for us, is the peak of this calendar year. In this place, we will offer a range of commercial and social content, as well as several types of residential units, with the desire to create a new city center, not just for Lustica Bay, but for the whole peninsula and this area – Radulovic says.
Talking about the construction of the golf course, eKapija’s interviewee says that EUR 5 million has been invested in this project so far.
– In cooperation with the Municipality of Tivat, we are currently working on solving the problem of water supply for the golf course. We are also focused on the development of the necessary infrastructure and other preconditions for the first holes on the golf course. In that sense, among other things, we are looking at the opening of a golf training ground of a more advanced level compared to the one we had before. This season, the training ground will be open to all golfers and visitors. The positions with the first holes of the golf course should be operational as soon as the next season – she says.
The golf course project is signed by the legendary Gary Player, and from each hole of the golf course, a view to the sea will be available – the Adriatic Sea, the Boka Kotorska Bay and the Lovcen mountain.
– This property places the course in the elite group of less than 10% of world courses that can boast a view to the sea from the position of each hole – she points out.
Close to the golf course, The Peaks settlement will be located, and this month, they launched the first residences on the market.
– The residential collection next to the course features a sophisticated design and a direct view to the sea and the bay, and it consists of apartments, city houses and villas. The golf course of this type will be a big turning point in the tourism industry on the east Adriatic coast – Radulovic says.
As the demand for real estate has not been letting up these past years, the company Lustica Development is satisfied with the sale of residential units. Radulovic says that he believes that this sector in Montenegro will remain attractive, because the country offers mild Mediterranean climate and extraordinary nature.
– The improvement of the potentials for the development of tourism and project development influences the value and the demand for real estate in Montenegro, from purchasers from both the traditional and new markets. At Lustica Bay, we are very satisfied with the sales dynamics and we see our concept of redefining luxury as an advantage compared to the competition. Our offer consists of a multitude of open spaces and preserved nature, as opposed to being crammed and crowded, and you can also enjoy the view to the mountains and the sea while being able to visit the beach, sail, walk, play golf etc. The numerous development projects in Montenegro cover various target groups, and we focus equally on attracting purchasers looking for another home and guests who just want to spend a relaxed vacation at the seaside – our interviewee says.
Talking about this season, she says the Lustica Bay is welcoming the summer with an open Piazza Centrale and eight new tenants, four developed beaches and three zones for resting by the sea.
– We will soon share the event calendar, so we are happy about the high demand for the capacities of The Chedi Lustica Bay hotel and the residential units within our settlement until the end of the season, which confirms that Lustica Bay is an already established destination. We believe that all the big projects have contributed to the tourist flourishing of the Montenegrin riviera in the past decade, and the trend will continue in the coming years as well – Radulovic says.
She reminds that Lustica Development, as a joint investment of Orascom Development Holding and the Government of Montenegro, has been developing successfully in the past fifteen years.
– We remain dedicated to our vision of creating the first sustainable, fully integrated destination in southeast Europe and we believe that the Government of Montenegro is our strong partner in these efforts. We will also remain dedicated to raising the profile of Montenegro as a tourist destination, with the aim of contributing to the growth and diversification of the Montenegrin tourist sector on a strategic level – Masa Radulovic concludes in her interview for eKapija.
D. Obradovic
Masa Radulovic, Corporate Relations Manager at Lustica Development, said this in a conversation with eKapija.
– Lustica Bay is a new city in development on the south coast of the Adriatic Sea and a fully integrated community which fosters the philosophy of “a place you belong to”. With an investment of over EUR 380 million, so far, we have developed around ten percent of the whole settlement. Lustica Bay is the biggest investment project of this type in Southeast Europe. It is the first greenfield investment in Montenegro with an estimated value of EUR 1.5 billion and developed infrastructure worth 150 million – Radulovic said for our portal.
She reminds that the project is realized by Orascom Development Holding, a leading international investor which creates integrated communities in Europe, Middle East and North Africa, including Andermatt in Switzerland and El Gouna on the Red Sea in Egypt.
According to our interviewee, Lustica Bay is now home to over 400 families from, for now, 40 countries.
(Masa Radulovic) – As a successful community, it is currently developing within three settlements – Marina, Centrale and The Peaks as the latest collection of residential property placed in the market this month. The Peaks settlement encompasses a future golf course, and Botanika, the first residential collection which consists of spacious apartments, city houses and villas, is already available in the real estate market – our interviewee says.
Marina Village, she says, is the first settlement which reflects in the right way the vision of Lustica Bay, as a city where an easygoing, maritime lifestyle is predominant.
– It features a marina, beaches, seaside rest zones, an elegant promenade, busy boutique shops and numerous restaurants, as well as the hotel The Chedi Lustica Bay with five stars. Another main characteristic are the 450 residential units already sold to the owners, of the total of 600 different types of residences overlooking the sea which this settlement will have once it’s finished – she adds.
The Centrale settlement is conceived of as an urban core which will become the epicenter of everyday life in Lustica Bay.
– It is directly connected with all other settlements, and this summer we are also opening Piazza Centrale as a meeting place for the residents and the guests – Radulovic says.
According to earlier announcements, within the Lustica Bay complex, the plan is to build seven hotels. The first among them is The Chedi with 5*, which has already been awarded as the best hotel in this category in Montenegro.
– By the end of the project, another six international hotel brands will open their doors to the guests who visit this urban Mediterranean destination. The Chedi is the epicenter of the Marina settlement, with its 111 remarkably elegant rooms and apartments, the world-class restaurants, two elegant bars, several different conference halls, a beach, a spa center inspired by Asian wellness rituals, an indoor pool and an outdoor infinity pool – our interviewee says.
The next hotel will be built in the Centrale settlements. It is a boutique hotel with 30 rooms, which will also have five stars.
– The terrain preparation works are in progress, and the beginning of rough construction works on the construction of the hotel is expected after the season ends. The opening of the new urban center of this settlement, Centrale Piazza, for us, is the peak of this calendar year. In this place, we will offer a range of commercial and social content, as well as several types of residential units, with the desire to create a new city center, not just for Lustica Bay, but for the whole peninsula and this area – Radulovic says.
The Peaks (Photo: Luštica Bay)
– In cooperation with the Municipality of Tivat, we are currently working on solving the problem of water supply for the golf course. We are also focused on the development of the necessary infrastructure and other preconditions for the first holes on the golf course. In that sense, among other things, we are looking at the opening of a golf training ground of a more advanced level compared to the one we had before. This season, the training ground will be open to all golfers and visitors. The positions with the first holes of the golf course should be operational as soon as the next season – she says.
The golf course project is signed by the legendary Gary Player, and from each hole of the golf course, a view to the sea will be available – the Adriatic Sea, the Boka Kotorska Bay and the Lovcen mountain.
– This property places the course in the elite group of less than 10% of world courses that can boast a view to the sea from the position of each hole – she points out.
Close to the golf course, The Peaks settlement will be located, and this month, they launched the first residences on the market.
– The residential collection next to the course features a sophisticated design and a direct view to the sea and the bay, and it consists of apartments, city houses and villas. The golf course of this type will be a big turning point in the tourism industry on the east Adriatic coast – Radulovic says.
As the demand for real estate has not been letting up these past years, the company Lustica Development is satisfied with the sale of residential units. Radulovic says that he believes that this sector in Montenegro will remain attractive, because the country offers mild Mediterranean climate and extraordinary nature.
– The improvement of the potentials for the development of tourism and project development influences the value and the demand for real estate in Montenegro, from purchasers from both the traditional and new markets. At Lustica Bay, we are very satisfied with the sales dynamics and we see our concept of redefining luxury as an advantage compared to the competition. Our offer consists of a multitude of open spaces and preserved nature, as opposed to being crammed and crowded, and you can also enjoy the view to the mountains and the sea while being able to visit the beach, sail, walk, play golf etc. The numerous development projects in Montenegro cover various target groups, and we focus equally on attracting purchasers looking for another home and guests who just want to spend a relaxed vacation at the seaside – our interviewee says.
Talking about this season, she says the Lustica Bay is welcoming the summer with an open Piazza Centrale and eight new tenants, four developed beaches and three zones for resting by the sea.
– We will soon share the event calendar, so we are happy about the high demand for the capacities of The Chedi Lustica Bay hotel and the residential units within our settlement until the end of the season, which confirms that Lustica Bay is an already established destination. We believe that all the big projects have contributed to the tourist flourishing of the Montenegrin riviera in the past decade, and the trend will continue in the coming years as well – Radulovic says.
She reminds that Lustica Development, as a joint investment of Orascom Development Holding and the Government of Montenegro, has been developing successfully in the past fifteen years.
– We remain dedicated to our vision of creating the first sustainable, fully integrated destination in southeast Europe and we believe that the Government of Montenegro is our strong partner in these efforts. We will also remain dedicated to raising the profile of Montenegro as a tourist destination, with the aim of contributing to the growth and diversification of the Montenegrin tourist sector on a strategic level – Masa Radulovic concludes in her interview for eKapija.
D. Obradovic
Tags:
Orascom Development Holding
Luštica Development
Municipality of Tivat
Government of Montenegro
Marina Village
Centrale settlement
The Peaks settlement
Gary Player
golf course Luštica Bay
hotel construction
real estate
restaurant construction
sale of real estate
construction of golf courses
golf residences
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