So far, more than 380 million EUR have been invested in the Luštica Bay complex, which covers around 10% of the entire settlement. It is a project that represents the first greenfield investment in Montenegro, the estimated value of which is EUR 1.5 billion. The complex itself is now being developed through three neighborhoods – Marina village, Centrale and The Peaks, and in addition to the five-star hotel The Chedi, the plan is to open six more hotel brands by the end of the project.
This is what Maša Radulović, corporate relations manager at Luštica Development, said in an interview.
– Luštica Bay is a new town under development on the southern coast of the Adriatic Sea and a fully integrated community where the philosophy of “a place to belong” is nurtured. With an investment of over EUR 380 million, in the current course of development we have arranged about ten percent of the entire settlement. Luštica Bay is the largest investment project of this type in Southeast Europe. It represents the first greenfield investment in Montenegro with an estimated value of EUR 1.5 billion and built infrastructure worth EUR 150 million – Radulović told our portal.
She reminds that the project is implemented by Orascom Development Holding, a leading international investor that creates integrated communities in Europe, the Middle East and North Africa, including Andermatt in Switzerland and El Gouna on the Red Sea in Egypt.
According to our interlocutor, Luštica Bay is today home to more than 400 families from, for now, 40 countries.
– As a successful community, it is currently being developed within three neighborhoods – Marina, Central and The Peaks as the latest collection of residences placed on the market this month. The Peaks neighborhood includes a future golf course, and Botanika, the first residential collection consisting of spacious apartments, townhouses and villas, is already available on the real estate market – says our interlocutor.
As he says, Marina Village is the first settlement that properly reflects the vision of Luštica Bay, as a city where a casual, seaside lifestyle prevails.
– Contains a marina, beaches, rest areas by the sea, an elegant promenade, busy boutiques and numerous restaurants, as well as the five-star hotel The Chedi Luštica Bay. The main feature is the 450 residential units already handed over to the owners, out of a total of 600 different types of residences with a view of the sea that this settlement will have upon completion – he adds.
The Centrale neighborhood is conceived as an urban core that will become the epicenter of everyday life in Luštica Bay.
– It is directly connected to all other neighborhoods, and this summer we are opening Piazza Centrale as a meeting place for residents and guests – says Radulović.
According to earlier announcements, the construction of seven hotels is planned as part of the Luštica Bay complex. The first among them is The Chedi with 5*, which was already awarded as the best hotel of this category in Montenegro.
– By the end of the project, six more international hotel brands will open their doors to guests visiting this urban Mediterranean destination. The Chedi is the epicenter of the Marina settlement, with its 111 extremely elegant rooms and suites, two world-renowned restaurants, two elegant bars, several different conference rooms, a beach, a spa center inspired by Asian wellness rituals, an indoor pool and an outdoor infinity pool – says our interlocutor.
The next hotel will be built in the Centrale neighborhood. It is a boutique hotel with 30 rooms that will also have five stars.
– Ground preparation work is underway, and we expect the start of rough construction work on the construction of the hotel after the season. The opening of the new urban center of this settlement, Centrale Piazza, will be the highlight of this calendar year for us. We will offer a number of commercial and social facilities at that place, as well as several types of residential units, with the desire to create a new city center not only for Luštice Bay, but for the entire peninsula and area – says Radulović.
Speaking about the construction of the golf course, the interlocutor of eKapija says that EUR 5 million has been invested in this project so far.
– In cooperation with the Municipality of Tivat, we are currently working on solving the water supply of the golf course. We are also focused on developing the necessary infrastructure and other prerequisites for the first holes on the golf course. In this sense, among other things, we are expecting the opening of a more advanced golf course compared to the one we had before. The practice area will be available to all golfers and visitors this season. The positions with the first holes of the golf course should be operational already next season – he says.
The golf course project is signed by the legendary Gary Player, and from every hole of the golf course you will enjoy the view of the sea – the Adriatic Sea, the Bay of Kotor and the Lovcen massif.
– This feature places the course in an elite group of less than 10% of the world’s courses that can boast a view of the sea from the position of every hole – he points out.
The Peaks settlement will be located near the golf course, and this month they launched the first residences on the market.
– The residential collection next to the field was created with a refined design and a direct view of the sea and the bay, and consists of apartments, townhouses and villas. A golf course of this type will represent a major turning point in the tourism industry on the eastern coast of the Adriatic – says Radulović.
Since the demand for real estate has not decreased in recent years, the company Luštica Development is also satisfied with the sale of residential units. Radulović says that she believes that this sector in Montenegro will remain attractive in the future, because the country offers a mild Mediterranean climate and extraordinary natural beauty.
– Improving the potential for the development of tourism and the development of projects affect the value and demand for real estate in Montenegro, both from buyers from traditional and new markets. At Luštica Bay, we are very satisfied with the sales dynamics and we see our concept of redefining luxury as an advantage over the competition. Namely, our offer consists of an abundance of open space and preserved nature in contrast to the narrowness and crowds, as well as enjoying the view of the mountains and the sea with the possibility of staying on the beach, sailing, walking, playing golf, etc. Numerous development projects in Montenegro cover different target groups, and our focus remains equally on attracting buyers who are looking for a second home, as well as guests who just want to spend a relaxed vacation at the seaside – says our interlocutor.
Speaking about this season, he states that Luštica Bay welcomes the summer with an open Piazza Centrale and eight new tenants, four well-maintained beaches and three holiday zones by the sea.
– We will share the calendar of events soon, and we are pleased with the high demand for the capacities of The Chedi Luštica Bay hotel and residential units within our settlements until the end of the season, which is confirmation that Luštica Bay is already an established destination. We believe that all the big projects contributed to the Montenegrin Riviera experiencing a tourist boom in the past decade, and that trend will continue in the coming years – says Radulović.
He reminds that the Luštica Development company, as a joint venture of Orascom Development Holding and the Government of Montenegro, has successfully developed over the past fifteen years.
– We remain committed to our vision to create in Montenegro the first sustainable, fully integrated destination in Southeast Europe and we believe that the Government of Montenegro is our strong partner in this endeavor. Also, we will continue to be committed to raising the profile of Montenegro as a tourist destination, with the aim of contributing at a strategic level to the growth and diversification of the Montenegrin tourism sector – concludes Maša Radulović in an interview.
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