Flats instead of Kempinski in Budva

The announced construction of the first Kempinski chain hotel which was preceded the sales of the location of 13 ha on Smokvica at Rezevici for incredible EUR 25 mil, switches The Russian investors split the location in two parts and the Municipality implies in the plan construction of residential villas and apart hotels, i.e. flats for the market, Vijesti report.

Russian investors gathered around V.A.S. invest, bought a few years ago, 13 ha of land, 62.000 square meters were municipality-owned. The rest of the complex was the ownership of citizens.

The municipality earned EUR almost 13 mil which was the biggest financial boost for municipal budget ever. The municipality was selling a square meter for 207 while seven hectares which the Russians bought from citizens was sold at EUR 180 per square meter at highest.

The investor announced the construction of a luxurious hotel. Allegedly, the contract was signed with the famous hotel brand but the construction has never started.

After that, 13 ha of bought land was split in two owners of two companies V.A.S. invest remained the owner of 65.887 square meters at Smokvica. It is a company which, as the Central Registry stated, was set up by four companies, Leeson overseas, Renovatio investment holding, Croft Propertise limited and OAK estates limited.

The remaining 70 thousand square meters at this lot is registered at Boticelli land development, set up by Boticelli corporation from the Marshall Islands.

The program task for changes and supplements of the plan document defines that it is necessary to carry out re-division of lot within the urban lot.

The objective of the development of Changes and supplements of the plan document is to examine the solutions from the valid plan. The objective emerged from the problem which appeared during the Plan implementation. During the plan document implementation, certain traffic solutions proved to be unsustainable. Apart from that, a problem of forming urban lots appeared and it altogether brought to the situation that almost none of the solutions from the suggested plan concept were implemented, it was stated in the decision of the Secretariat for Spatial Planning and Sustainable Development.

The first plan on Smokvica anticipated the construction of 188.923 square meters of different purpose.