Six-hundred hectare resort from scratch
HotelsThe 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 responsible for the leasing of the project in Poland.
The app. EUR 1.2 bln project will see 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 a fitness centre, an 18-hole golf course, two marinas, 4.9 km of a seaside promenade, a conference centre as well as the full infrastructure necessary for year-round living (restaurants, shops, schools, and a hospital). Marina Village forms the first (completed) stage of the scheme and will comprise apartment buildings (with studios as well as one, two or three-bedroom flats) along the coastline as well as cafés, restaurants, bars, shops, the promenade and the yachting marina.
The apartments planned in buildings in the Centrale Village section are to form the urban fabric of the resort. The houses have been designed in a style reminiscent of other coastal towns in Montenegro. Four-storey apartment buildings will be located along the main road and in the central shopping zone. Centrale Village will be the location for the largest number of retail, cultural and community buildings. Detached houses in are to be built in a quieter part 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, panoramic terraces and gardens of up to 90 sqm. The first few properties in the Centrale Village zone should be completed this year.
“The execution of this phase will certainly take a few years. The investor plans to build 95,000 sqm of residential area and 20,000 sqm of public and recreational space,” reports Eryka Leśniewska, the deputy CEO of Gray International.
Last year, the resort opened one of the largest five-star hotels on the Bay of Kotor – The Chedi Hotel, which comprises 111 rooms including 60 suites, three restaurants, a bar, a conference centre, an outdoor infinity pool and a wellness centre.
In the Villas section four buildings are to be constructed that will be finished according to the individual wishes of potential owners. From the outside, the buildings will follow the style of coastal towns, with designs drawing inspiration from traditional local architecture, while the interiors will be left to the owners to decide upon.
Luštica Bay will also have a marina for 176 yachts with lengths of up to 35m and a large marina for smaller boats as well as facilities for sailors. The golf course s to be designed by legendary golfer Gary Player. “This famous 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 located 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 of the investor for the Luštica Bay project in Poland. It is responsible for the sale of the apartments as well as securing investors for later stages of the project, such as for the development of hotels.
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