The Prime Minister of Montenegro, Milo Đukanović on Monday announced the construction of a prestigious resort on the coast of the Luštica peninsula in the municipality of Tivat, reports ee24.com citing balkans.com.
The complex will be built on the coast of the Bay of Kotor on the peninsula Lustica on the plot with area of 6.8 million sq.m. The total cost of the project implemented by the Montenegrin Luštica Development AD, is estimated at €1 billion. Currently, the company has already invested €30 million in the project.
It is planned to build seven hotels, more than 500 private villas and townhouses, more than a thousand apartments, two marinas, designer golf course authored by legendary golfer Gary Player, spa, centers for recreational activities, a conference center, as well as shops, a school and a hospital.
Swiss developer Orascom Development Holding (90%) and the Government of Montenegro (10%) are engaged in financing the construction. Orascom Development is a global company, known for its construction projects at prestigious resorts of Egypt, Jordan, UAE, Oman, Switzerland, Morocco, Montenegro and Romania.