PROJECT ADRIATIC
The first development project identified to be undertaken by the
Partnership will be the Adriatic Project in Budva, Montenegro which
the Partnership will provide its services, and share the profits
from, a 5 star luxury hotel with approximately 200 rooms and 180
luxury residential apartments, together covering approximately
400,000 sq ft - with a state of the art exhibition centre.
The property has received planning permission to construct a
mixed use residential, commercial hotel and exhibition centre
development. The development site is next to the beautiful Roman
town of Budva - about 15 minutes drive from Tivat International
Airport and about 90 minutes from Dubrovnik in the South of
Croatia.
The Partnership has also been engaged by the developer of the
Adriatic Project (the "Developer Group") under a Real Estate
Consultancy Contract to provide ongoing consultancy services with
respect to identifying, recommending and facilitating further
development project opportunities within Montenegro over the next
two years and will be paid, subject to performance criteria, fixed
fees.
It is expected that the construction of the conference centre
will commence in the first half of 2010.
The project has advanced significantly to the point where it
expects to submit its preliminary design application (which is
equivalent to RIBA stage D detailed design).
LATEST NEWS
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