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Copy linkGovernment of Montenegro adopted draft contract for long-term rental of Luštice peninsula
- Montenegrin Government adopted draft contract today (September 3, 2009) for 90-year rental of 500,000 square meters of land on Luštica peninsula - said Predrag Nenezić, the Minister of Tourism.
- Concerning the fact that it is a long-term lease, the contract should be confirmed by the Parliament - Nenezić said to the press after the Government's meeting.
As the Minister explained, the rent will amount to 0.88 EUR per square meter, while the rent for the first 10 years of lease must be paid right away.
- The draft contract anticipates minimum investments of 210m EUR and construction of a hotel and 29 luxurious villas with accompanying contents - said Nenezić.
As he explained, the construction will start soon because the study on the location is in the final phase, while Herceg Novi's General Land-Utilization Plan has already been adopted.
The only bidder on the tender for rental of state-owned land on Luštica, which was announced last year, was the consortium of Podgorica-based company "Nordstar" and British company "Capital". The consortium is negotiating with famous hotel management company "Rezidor", which should run the hotel complex, and that is one of the tender conditions.
