Six-hundred hectare resort from scratch

The resort project involves the development of a comprehensive range of accommodation and services for residents and tourists. Luštica Development – a joint venture set up by Orascom Development (with a 90 pct stake) and the Montenegrin government (10 pct) – is in charge of the entire project, while Gray International is the property agent for the project in Poland.

The EUR 1.2 bln project will involve the development of around 500 villas and terraced houses as well as more than 1,000 apartments, seven hotels (five- and four-star), a spa and fitness centre, an 18-hole golf course, two marinas, a 4.9 km seaside promenade, a conference centre, as well as all the facilitied required to live there throughout the year (restaurants, shops, schools, and a hospital). Marina Village forms the first (completed) stage of the project and will comprise apartment buildings (with studios as well as one-, two- and three-bedroom flats) along the coast as well as cafés, restaurants, bars, shops, the promenade and the yachting marina.

The apartment buildings planned in the Centrale Village section are to be the centre of the resort and have been designed in a style that is similar to other coastal towns in Montenegro. The four-storey apartment buildings will be situated along the main road and in the central shopping zone. Centrale Village will also be the location for most of the retail, cultural and community buildings. Detached houses are to be built in a quieter part of Luštica Bay, on higher ground with views of the sea. A total of 14 properties of this kind are being developed in the first stage. These will be private houses with two or three bedrooms designed in a traditional style, with private pools, terraces and gardens of ​​up to 90 sqm. The first few properties in the Centrale Village zone should be completed this year.

“This phase will certainly take a few years to complete. The investors plan to build a residential area of 95,000 sqm and 20,000 sqm of public and recreational space,” reveals Eryka Leśniewska, the deputy CEO of Gray International.

Last year one of the largest five-star hotels on the Luštica peninsula opened in the resort – the Chedi Hotel, which comprises 111 guestrooms with 60 suites, three restaurants, a bar, a conference centre, an infinity pool and a wellness centre. In the Villas section four buildings are to be constructed with the future owners to decide on the interiors. From the outside, the buildings will look like traditional houses from the region’s coastal towns.

Luštica Bay will also have a marina for 176 yachts with lengths of up to 35m, another marina for smaller boats, as well as facilities for sailors. The golf course is to be designed by Gary Player. “This legendary former professional golfer is now a golf course designer. It will be the first 18-hole golf course in Montenegro,” adds Eryka Leśniewska.

Luštica Bay is 10 km from Tivat airport, 80 km from Podgorica and 60 km from Dubrovnik in Croatia.

Gray International is a family development and investment company. It has been operating on the Polish market for almost 20 years and in Montenegro for ten years. Gray International is the sole representative in Poland of the investors for the Luštica Bay project and is responsible for the sale of the apartments as well as securing investors for its later stages, such as for the development of hotels.