Property Hot Spot Luštica, Montenegro moves ahead with Tourist Complex
A preliminary agreement between the Municipality of Herceg Novi and North Star DOO, Podgorica should be signed this week at the Ministry of Tourism in Podgorica. North Star will be in the strategic location of Lower Clinci on the property hot spot of Lustica Peninsula above the pretty fishing of Rosé and have leased over 500,000 square meters for 99 years to build a tourist complex.
The investment project is worth in the region of 210 million Euros. Located on the former military base it has commanding views over the entrance to Kotor Bay and is rumoured to include one of the several planned golf course on Lustica.
Rosé Fishing Village and Zanjice Beach, Lustica
It was reported in SEE News that North Star and Channel Island based Equest Capital Limited jointly offered €210m for the lease of land on the Adriatic coast where they plan to build an exclusive tourism complex. The consortium, which was the sole bidder in the tender opened on December 2, 2008, at that time pledged to build at least one 4 star hotel, one 5 star hotel and 50-60 villas for renting purposes on the 520,000 square metre plot of land.
Delays to start the project has now been resolved. A preliminary agreement between North Star and Herceg Novi Municipality lays out the plan for the North Star to invest in infrastructure in electricity, water and road in Lustica to the tune of €10m
Forts Arza and Mamula at the entrance of Kotor Bay
Preliminary agreement will be signed by Herceg Novi Mayor, Dejan Mandic and representative of the "North-Star" Kari Haataja.
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written by Dragan, March 10, 2012
written by Peter Flynnn, April 07, 2012