The Government of Montenegro has approved the urban planning plan for the construction of another exclusive resort on the Luštica peninsula.
This is also a significant project for the state, because, according to the Central Depository Agency (CDA), the state of Montenegro owns 7.19% of the development’s equity in Luštica, while Orascom owns 92.7% of the company’s shares. In accordance with the guidelines of the higher-level plan, the preparation of technical documentation for the tourist resort facilities, designed for 150 premium-category beds, has been approved.
The lease and construction agreement was concluded on October 23, 2009, between the Government of Montenegro, the Municipality of Tivat, and Luštica Development Company Podgorica, on the basis of the Parliament of Montenegro’s Decision on the long-term lease of land on the Luštica peninsula. The agreement entered into force on October 11, 2013.
The spatial plan of the city of Tivat envisages the development of the Luštica tourist complex as a completely new urban district on the shore of Trašte Bay, with a total capacity of 16,000 beds.
In the first phase, Luštica Development includes 1,610 hotel rooms, 1,300 apartments, and 550 villas, with a total capacity of 7,612 people.