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Jul 10, 2023 15:07 EEST
July 10 (SeeNews) - Montenegro's Lustica Development [MNG:LUDE] will break ground on July 11 for a golf resort in the coastal town of Tivat - a project which will require investment of 400 million euro ($438.3 million) over the next six years, local media reported.
The Peaks golf resort, part of the Lustica Bay resort project, will include an 18-hole golf course, seven villas, twelve townhouses and 39 apartments, Radio Tivat reported last week.
The company is developing the Lustica Bay project which will feature more than 1,000 apartments, some 500 villas and townhouses, seven hotels, two marinas, the golf course, a school and a medical facility. Works on the development began in 2013, while the entire project is due to be fully operational by 2038.
Total investment in the project is estimated at 1.5 billion euro, Lustica Development has said.
Lustica Development was founded in 2008 as a joint venture between Swiss-based Orascom Development Holding (90%) and the government of Montenegro (10%). ODH has since increased its shareholding interest to 92.75%.
($ = 0.9124 euro)
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