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PODGORICA (Montenegro), February 7 (SeeNews) – Montenegrin-based Lustica Development has been awarded a building permit for the construction of a golf course in the area of the Adriatic town of Tivat, the country's tourism ministry said on Friday.
Lustica Development applied for the permit in September, the ministry said on its website.
Also on Friday, news portal Portalanalitika.me reported that the golf course, which will be designed by international firm Gary Player Design, will cover an area of 86 hectares, adding that it will be the first such project in the tiny Adriatic country.
To date, Lustica Development, a joint venture of Swiss-based Orascom Development and the Montenegrin government, has invested over 35 million euro ($47.3 million) in its Lustica Bay project on the Lustica peninsula, Portalanalitika said.
The total value of the Lustica Bay project is estimated at around 1.1 billion euro.