May 12, 2015
The Russian company V.A.S. Invest and Boticelli Land Development, related to Boticelli Corporation from the offshore zone (Marshall Islands), will build a huge hotel complex on the territory of 22 hectares on the Budva Riviera, near the village of Smokvica, not far from Petrovac. 8 years ago developers bought about 6.2 hectares of land in the Municipality of Budva for €13 million and spent other €12 million on neighboring plots from private owners, ee24.com reports.
Earlier it was informed about the Kempinski project, but now there are other plans. According to vijesti.me, the new resort in Montenegro will consist of 12 high-rise buildings (11 and 12 floors) with an area of 5,000-6,500 sq.m, 17 buildings (7 and 6 floors) with apartments for sale, and 22 villas with an area of 700-900 sq.m, part of which is intended for rent. The total construction area is estimated at 190,000 sq.m, 25,000 out of which – a main 7-storey hotel's area.
Approx. 1,000 new apartments will be built on the undeveloped site between Perazića and Reževića. It may be a major development on the primary real estate market in Montenegro. The planned project's volumes are much larger than in Zavala (Dukley Gardens), or in the old town of Budva.