Samih Sawiris, president of Orascom - Lustica to get 2 hotels, marina, golf cours and 300 suites by 2017

(Samih Sawiris)

Construction of marina in one of the largest tourist complexes in the whole Mediterranean, Tivat-based Lustica Bay, commenced three weeks ago. The marina, which is going to be the heart of this neighborhood, will be surrounded by golf courses, walking and cycling trails, wellness facilities...

Commencement of the implementation of the Lustica Bay project, whose size and value (over EUR 1 billion) contributed to it occasionally seeming unreal, has been impatiently awaited by our southern neighbors since 2009, when Orascom rented nearly 700 hectares on Tivat's part of Lustica Peninsula.

Once completed, Lustica Bay will feature over 1,500 apartments, seven hotels with a total of 1,200 rooms, two marinas with 170 moorings for yachts, an 18-hole golf course, boutiques, restaurants, cafe bars, school, hospital...

Construction of this magnificent tourist complex, that is, its first ten buildings, began May this year. In an interview with eKapija, Orascom President Samih Sawiris speaks about the construction of this complex in the following period as well as about all the amenitites that Lustica will be capable of offering tourists and future property buyers.

(commencement of marina construction)

eKapija: When do you expect this marina to be completed? How much will a berth cost there?

- Construction will take 2‐3 years, so the marina is planned to be operational in 2016. Berth prices will be similar to the costs of mooring in competitive marinas in the region. By the way, it will be a 120-berth marina for boats up to 40m in length. The designer is Egyptian company ECMA.

eKapija: How is the construction of apartments that commenced in May progressing?

- Construction of Lustica Bay's first 10 buildings with 72 apartments is going as planned and the keys will be handed over in 2015 as scheduled.

eKapija: What is the next step in the construction of this complex? Will the entire Lustica Bay complex be finished by 2030?

- This is a huge project as the complex will cover a surface are of 690 hectares. The first phase, which will take three or four years to complete, will see the construction of over 300 housing units, 2 hotels, a golf course designed by Gary Player Design, a marina, and a commercial block.

townhouses will feature their own swimming pool, two or three bedrooms and a spacious yard (Photo: lusticabay.com)

Apartment sales are what will affect the commencement of the second phase of construction, but the most important thing is that Orascom has long-term plans for this project.

eKapija: How much money has Orascom already invested in this project?

- So far we have invested nearly EUR 35 million.

eKapija: Tell us something about residential buildings that Lustica plans on offering prospective buyers?

- Architecture in Lustica Bay is very traditional and authentic – all buildings have only 3 floors (ground floor + 1st and 2nd), while materials used are mostly stone and wood.

Orascom is commited to developing a sustainable community at Lustica Bay, which means that the environment is at the center of our every decision‐making process. We have commited ourselves to LEED Certification for each building within the project and this means minimum environmental impact, energy efficient architecture, green construction methods, etc.

villas will be adapted to meet investors' desires (Photo: lusticabay.com)

Unit types in Lustica Bay will range from studios, one‐, two‐ and three‐bedroom apartments to townhomes and villas.

eKapija: What kind of hotels will Lustica feature?

- Once the complex is completed, there will be a total of 7 hotels. We still can’t announce the names of hotel operators but what we can tell at this stage is that all of the hotels will have 4+ or 5 stars.

eKapija: Orascom invests in projects all around the world. How did you pick Montenegro as investment destination?

- Montenegro is a beautiful country with rich culture, great people and amazing potential... It has a very positive investment climate and is perfectly located in the very heart of Europe so it was almost a logical choice.

eKapija: Do you consider investing in some other countries in the Balkans? Can we expect some new projects of yours in Serbia?

- Not at the moment.

suites sharing a swimming pool (Photo: lusticabay.com)

TOWNHOUSES, VILLAS AND SUITES

Lustica will offer its future tenants three types of residential facilities - apartments (suites), villas and so-called townhouses.

Villas will be designed to meet the individual requests of owners, but their exterior will be adapted to the spirit of local architecture.

A total of 14 townhouses will be built in the first phase, each featuring two or three bedrooms, a garage and a private swimming pool as well as a spacious yard of about 90 square meters.

Suites will comprise one, two or three rooms each. These residences are classified into categories E, F and G. E residences will be situated in the second row of buildings from the marina, while F and G residences, jointly called Martina Height, will be located in the hills above the marina. All residences will share a swimming pool.

M.S.