Friday 14-October 2011
|Orascom Development to build resort in Montenegro|
Swiss-based developer Orascom Development Holding will build a resort town on the Adriatic coast in Montenegro that will include hotels and an 18-hole golf course, the company said in a statement.
Orascom said the project would also include a marina, a town centre, commercial facilities and 2,350 residential units built over 6.8 million square metres on the Lustica peninsula in Tivat area. Orascom said it will hold a 90 per cent stake in the Lustica project, while the government of Montenegro will hold the rest.
The first phase would comprise building the main mooring area, hotel and town centre, and would be operational within five years. The town will be Orascom's third integrated development project in Europe, after the Andermatt development in Switzerland and the recently announced Cornwall project in the UK.
Earlier this month, Orascom said it was finishing a deal to build a coastal tourist village in Europe that would be similar to the company's flagship development El Gouna, a high-end resort on Egypt's Red Sea coast, but it did not specify where that project would be built.
With a land bank of approximately 127 million square meters, Orascom Development Holding (OHD) is a global town developer specializing in planning, building and operating integrated, self-sufficient leisure and residential towns around the world.
OHD is the operating corporate entity in Egypt. El Gouna, the company’s flagship town on the Red Sea coast, began as a simple real estate project. This development has since evolved into a fully independent town with a strong infrastructure, residential population, and established reputation.
OHD has expanded its operations internationally, broadening its development scope to cover seven countries across three continents. The company is now active in Egypt, Oman, Jordan, UAE, Switzerland, Mauritius, and Morocco, with plans to enter additional countries.
The company reported a net profit of roughly USD 42 million in the first half of 2009, up from USD 39 million in the same period a year earlier.