 Tivat |
After two years of negotiations, an Egypt-based developer is moving forward with plans to construct a self-contained "integrated town" covering 6.8 million square meters on a bay in Tivat, Montenegro.
Orascom Hotel and Development says the project will eventually include more than 2,350 residential units, several hotels, a marina on the Adriatic Sea, an 18-hole golf course and a variety of commercial facilities.
In October, Orascom pledged to invest more than €1.1 billion in the project, assuming a 90 percent stake in a Montenegro company called Lustica Development. The Montenegro government retained ownership of the remaining 10 percent.
Orascom expects the first phase to open by 2015, which would provide a boost to Montenegro’s fledgling second home industry. After it gained independence in 2006 (and adopted the Euro), Russian and English buyers started buying property along the picturesque Adriatic coast, Global Property Guide reports.
Orascom is part of the Orascom Group, a conglomerate controlled by billionaire Onsi Sawiris, one of Egypt’s richest men. The real estate arm focuses on creating “integrated towns,” with hotels, commercial space, residential units and affiliated amenities.
Existing projects include El Gouna on the Red Sea coast of Egypt and The Cove in Ras Al Khaimah in the United Arab Emirates.
