Tourist Complex planned in Property Hot Spot Lustica, Montenegro  [edit] 

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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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Comments (3)Add Comment
Hot property Montenegro, Lustica
written by Dragan, March 10, 2012
That's great news. Looking forward to seeing more high quality developments in what such a beautiful place.

Lustica's getting hotter
written by Peter Flynnn, April 07, 2012
There's so much going on in Lustica. Orascom have started work on their €1Billion+ development.. North Star will soon break ground, apparently, having said that, I'm finding it difficult to get a comment from them, Qatari Diar are working away like beavers on their Hilton Hotel project at Blue Horizon beach. Within 30 minutes from all of this Porto Montenegro are forging ahead with their very successful development and have announced that they are going ahead now it plans to double the size of the marina from 175 berths to 350 berths, Their overall plan has expanded and Porto Montenegro have ambitions to build an 850 berth marina, possibly the biggest single marina in the Mediterranean, not forgetting the paused Banyan Tree Project at Sveti Marko Island with what could be Europe's first 6 star hotel. This amounts to over €3 Billion in investment in a very small area. Oh yes, there's our friends from Dubai who are catching on to the Montenegrin phenomena . Watch this space....

To all the doubting Thomas's out there, remember Montenegro is the exception not the rule.
written by Ailish, May 11, 2012
Even though the road in Lustica is a mess at the moment,it is nice to see so much investment .However I do worry about planning legislation in Montenegro.So many ugly new apartment blocks are being built along the roadside looking across to the island of Sveti Marko,that the natural beauty of the area is being spoiled ----if only there was some respect for the traditional Venetion architecture of the area ,it all could be really nice as has happened with Porto Montenegro..I am a regular visitor to the Lustica area but am saddened that there is no bus running from Radovici after 2.30 in the afternoon.The tourist season starts in early May so why cant the bus company have their summer schedule from then and make thier timetable available to users.

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