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Portfolio

Portfolio

Ultimate Montenegro Ltd

Ultimate Montenegro is a Real Estate Investment company based in Montenegro and London.

Ultimate Montenegro is the property adviser to Montenegro Investments Ltd, a closed-end investment fund listed on the Channel Island Stock Exchange (CISX). The fund is audited by KPMG in Montenegro and in Guernsey.

Ultimate Montenegro’s primary focus has been to acquire, consolidate/package and re-zone land assets into scalable project pipelines for future real estate development.

acquire, consolidate/package and re-zone land assets into scalable project pipelines for future real estate development.
Contents 3 The Ultimate Montenegro Portfolio 4 Asset Locations 7 Zoning Status 9 Why Invest

Contents

3

The Ultimate Montenegro Portfolio

4

Asset Locations

7

Zoning Status

9

Why Invest in Montenegro?

11

Coastal Portfolio

19

Rural Portfolio

27

Mountain Portfolio

33

Lake Portfolio

38

Yielding Assets

40

About us

Montenegro

Montenegro MONTENEGRO With a population of only 650,000, Montenegro is the smallest country in the Balkan
MONTENEGRO
MONTENEGRO

With a population of only 650,000, Montenegro is the smallest country in the Balkan peninsular. This stable, independent and democratic state on the road to EU membership, is one of the most attractive development opportunities in Europe. Situated on the southern tip of the Dalmatian Coast; it is an ideal tourist destination. Although compact, it has significant ecological, heritage and cultural resources, a beautiful coastline, charming renaissance towns and some of the most dramatic UNESCO protected scenery in Europe. With the political and economic focus on luxury tourism development, Montenegro is set to stand out from the crowd.

The Ultimate Montenegro Portfolio

The Ultimate Montenegro Portfolio is for sale in its entirety or on the basis of one or more assets or packages as set out below.

Portfolio Structure

Total Area

 

m 2

%

Large-Scale Coastal Projects Medium-Scale Coastal Projects Restoration Projects Rural – Lake Projects Mountain Projects Commercial Projects Land Bank Portfolio Yielding Assets

410,062 m 2 125,568 m 2 269,980 m 2 686,207 m 2 286,908 m 2 9,747 m 2 957,351 m 2 181 m 2

15%

5%

10%

25%

10%

0%

35%

0%

TOTAL

2,746,004 m 2

100%

Asset Locations

With a Total Land Area of (TLA) of 2.8 million m 2 , the Ultimate Montenegro Portfolio offers access to a diversified investment pipeline of “lifestyle” development opportunities, primarily residential and/or freehold-tourism property. The assets are located throughout Montenegro from the prime Adriatic Coastal areas via the rural Lake Skadar region to the ski resorts in the northern mountains.

Investment Strategy Ultimate Montenegro’s primary focus has been to acquire, consolidate/package and re-zone land assets into scalable project pipelines for future real estate development.

The five key phases of the Land Value enhancement process are identified as follows:

Acquisition of Raw Land (legal due diligence and ownership status).

Re-Zone for Development.

Master Plan Approval.

Detailed Building Permit.

Fund Exit.

Different assets are at different stages of the zoning process, so the growth and development strategy of the business allows for a variety of acquisition/exit modes and structures to be considered and valued accordingly.

4

Coastal

Rural

Mountains

Bay Tree Estate Blue Horizon Budva Hillside Buljarica Bay Castle Land Kotor Bay Tree Kotor Woodland Lustica Bay View Mirac Village Oak Village Ocean’s Edge Rezevici Coast Villa Adria Ponte Village The Reef

1 l

Belvedere Estate

21 l

Koslasin Mountain Village Koslasin Peaks Koslasin Ski Apartments Zablijak Ski Apartments Zablijak Mountain Village

29 l

2 l

Vineyard Estate

22 l

30 l

3 l

 

30 l

4 l

Belvedere Cottage Orchard House Church House Hamlet Cottage Hilltop Meadow Cottage White Cottage The Lodge Church Valley Pond House The Guard House Valley Cottage Valley House The Retreat Vine House Vista Lodge

21 n

31 l

5 l

21 n

31 l

6 l

21 n

 

6 l

22 n

Moraca Valley Loven Mountain Retreat

33 n

7 l

22 n

34 n

8 l

22 n

 

9 l

22 n

Koslasin Retreat

30 ;

10 l

22 n

Koslasin 360

30 ;

10 l

23 n

Koslasin Hillside

30 ;

10 l

24 n

The Canyon

32 ;

11 l

24 n

Lovcen Mountain Meadow 34 ;

12 l

25 n

Lovcen Mountain Village

35 ;

 

25 n

 

Olive Mill Estate The Lustica Estate Olive Grove Cottage Ponte Villa The School House Villa Petrovac Sunset House Sunset Cottage

7 n

26 n

7 n

27 n

13 n

27 n

14 n

 

15 n

Belvedere Meadows Church Woods Orchard Meadows Hamlet House Ljuboutin Woods Half Woods Hamlet Meadows Hamlet Brook Lodge Meadows Hunting Land White Woods Pond Meadow Riverside Meadows Fig Tree Farm

21 ;

16 n

21 ;

17 n

21 ;

17 n

22 ;

 

22 ;

Fountain Square

18 s

22 ;

Milk House

18 s

22 ;

River House

18 s

22 ;

Stari Grad Apartments 18 s

22 ;

The Orangery

19 s

22 ;

 

22 ;

Industrial Land

20 s

24 ;

Commercial Land

20 s

25 ;

 

28 ;

Lake

 

Skadar Estate

36 l

Lakeside Cottage

37 n

Lakeside House

37 n

Key to Symbols

l

Projects

n

Restoration Projects

;

Land Bank

s

Yielding Assets

Airports

Airports

Bosnia-Herzegovina

Serbia

Croatia DUBROVNIK
Croatia
DUBROVNIK

GRUDA

PLUZINE ZABLIAK 31 32
PLUZINE
ZABLIAK
31
32
Serbia Croatia DUBROVNIK GRUDA PLUZINE ZABLIAK 31 32 NIKSIC SAVNIK Montenegro 33 MOJKOVAC 29 30 KOLASIN

NIKSIC

SAVNIK

Montenegro

33
33
GRUDA PLUZINE ZABLIAK 31 32 NIKSIC SAVNIK Montenegro 33 MOJKOVAC 29 30 KOLASIN BIJELO POLJE BERANE
GRUDA PLUZINE ZABLIAK 31 32 NIKSIC SAVNIK Montenegro 33 MOJKOVAC 29 30 KOLASIN BIJELO POLJE BERANE

MOJKOVAC

29 30
29
30

KOLASIN

BIJELO POLJE

BERANE ANDRIJEVIKA PLAV
BERANE
ANDRIJEVIKA
PLAV
26 RISAN HERCEG NOVI 19 34 6 18 PODGORICA 7 TIVAT 13 KOTOR 35 11
26
RISAN
HERCEG
NOVI
19
34
6
18
PODGORICA
7 TIVAT
13
KOTOR
35
11
1
15
8
2 20
28
14
CETINJE
27
23
21
24
12
5
36
22
9
37
3
17 25
BUDVA
10 16
SKADAR
LAKE
4
Adriatic Sea
BAR
ULCINJ

Albania

Zoning Status Zoned Development Projects Ultimate Montenegro has a substantial existing portfolio of “greenfield”

Zoning Status

Zoned Development Projects

Ultimate Montenegro has a substantial existing portfolio of “greenfield” Zoned Development Opportunities with a total land area in excess of 600,000 m 2 (representing a Gross Development Area (GDA) of more than 300,000 m 2 of build).

In general, Master Plan Approval for the

majority of these zoned projects is anticipated within the next 1-12 months.

Pre-Zoned Acquisition Opportunities

Restoration Projects

The Ultimate Portfolio also contains a unique valuable assembly of traditional stone buildings for restoration. Beyond the aesthetic attributes, the attractiveness of this asset class also relates to the embedded planning status and certain tax advantages.

In addition to the planning status provided by the existing structure, the zoning status of a number of the projects allows for significant additional (complimentary) build density on the sites.

Ultimate Montenegro has a substantial “active” land pipeline of pre-zoned acquisition opportunities with a total land area in excess of 1 million m 2 (representing a potential GDA of more than 250,000 m 2 of build).

A number of these assets will be re-zoned

to achieve “Development Status” within the next 12 months.

In addition to this “active” pipeline, the portfolio

has a significant Land Bank. The Land Bank assets are generally characterised as being at the very early stages of the zoning process, within approval cycle of 1-3 years.

Why Invest In Montenegro? Montenegro is a competitive and dynamic destination with the clear strategic

Why Invest In Montenegro?

Montenegro is a competitive and dynamic destination with the clear strategic objective of developing a sustainable tourism portfolio whilst protecting its dramatic and beautiful natural resources.

Virtuous Circle

EU ACCESSION FUNDS

natural resources. Virtuous Circle EU ACCESSION FUNDS INFRASTRUCTURE UPGRADES & DEVELOPMENT MONTENEGRO

INFRASTRUCTURE

UPGRADES &

DEVELOPMENT

FUNDS INFRASTRUCTURE UPGRADES & DEVELOPMENT MONTENEGRO STABLE DEMOCRACY SUSTAINABLE “ABOVE- AVERAGE”

MONTENEGRO

INFRASTRUCTURE UPGRADES & DEVELOPMENT MONTENEGRO STABLE DEMOCRACY SUSTAINABLE “ABOVE- AVERAGE” GROWTH

STABLE DEMOCRACY

UPGRADES & DEVELOPMENT MONTENEGRO STABLE DEMOCRACY SUSTAINABLE “ABOVE- AVERAGE” GROWTH (with Euro currency

SUSTAINABLE “ABOVE- AVERAGE” GROWTH (with Euro currency and low taxes)

The Virtuous Circle – Sustainable Growth

Since the adoption of the Euro currency in 2002 and the ensuing independence from Serbia in 2006, Montenegro has aggressively pursued its twin policy goals of:

1. EU membership – projected for 2014 (SAA signed Oct 2007).

2. Tourism growth – re-branding as a luxury leisure destination (by growth, Montenegro is already ranked in the top 5 tourist destinations globally).

A virtuous circle is now in place, underpinned by a significant programme of large scale infrastructure investment.

The Development Landscape – A Summary

Macro

Political and economic focus on the Tourism & Leisure sector.

Stable macro-economy with strong budget stance and moderate public debt (S&P – BB positive).

Economic growth at 7-8% p.a., driven by Tourism demand (+15-20% p.a.).

EU accession expected by 2014 (EU Funding & huge infrastructure upgrades).

A massive EU funded infrastructure programme is already underway – roads, airports, electricity, water.

Foreign Direct Investment (FDI) one of highest globally (per capita) – Middle East & Russia most active current investors.

A very favourable tax regime (Corp tax at 9%).

Very low local exposure to the global credit crunch – mortgages as % GDP at 2.2% (SEE av. 9.4%; EU av. 50%).

Micro

Re-branding as a luxury destination (Porto Montenegro, Four Seasons, Aman).

Creation of “development clusters” as the key driver of the luxury growth model.

Conservative zoning & planning framework, limiting overdevelopment.

Structural advantage of a natural landscape that physically restricts the supply.

Current market is characterised by strong demand but low supply of high-end product, creating potential investment opportunities with attractive risk-adjusted returns.

Coastal Portfolio

Coastal Portfolio

Views of the coastline of Montenegro. Coastal Portfolio The Coastal Projects Portfolio comprises a diverse
Views of the coastline of Montenegro. Coastal Portfolio The Coastal Projects Portfolio comprises a diverse

Views of the coastline of Montenegro.

Views of the coastline of Montenegro. Coastal Portfolio The Coastal Projects Portfolio comprises a diverse number

Coastal Portfolio

Views of the coastline of Montenegro. Coastal Portfolio The Coastal Projects Portfolio comprises a diverse number

The Coastal Projects Portfolio comprises a diverse number of prime development zone locations along the length of the Adriatic Riviera from Lustica via Kotor Bay to Budva and beyond.

The Portfolio is well positioned to take full advantage of the selective Tourism Development Strategy that Montenegro is actively pursuing. The most significant of the developments is Porto Montenegro (in association with the Four Seasons Group), the largest luxury/mega yacht marina on the eastern Mediterranean with over 700 berths.

As a consequence of the diverse coastal locations, together with the specific zoning characteristics of each site, the Coastal Projects Portfolio provides exposure to the full spectrum of market segments. The Portfolio is also positioned to benefit from the inevitable value-migration from the coastal frontline to the coastal hinterland (as witnessed along the South of France and Spain for example). The sites range from 1,000 m 2 to over 200,000 m 2 .

The Zoning and Master Plan Approval timelines also vary according to location, within a typical cycle of 3 months to 2 years. In general, the majority of the Ultimate Coastal sites are already zoned for development and are at an advanced stage of the Master Plan Approval process.

Oak Village

E80 Bijela Herceg Novi E65 E80 E80 E65 Kotor Tivat BAY OF KOTOR E65 Rose
E80
Bijela
Herceg Novi
E65
E80
E80
E65
Kotor
Tivat
BAY OF KOTOR
E65
Rose
Radovići
Lustica
E80
E65
ADRIATIC SEA
Lastva
Oak Village
Budva

Project Description

A

significant standalone restaurant will be developed

Oak Village is one of the largest and most dramatic

in

the largest of the village ruins. It is envisaged that

development projects on the coast of Montenegro. Set high on the terraced slopes of a mountainous valley overlooking the Adriatic Coast, the Oak Village development site is a naturally framed amphitheatre.

the local community will become integrated with this regeneration process, providing fresh vegetable produce, traditional home-made cheeses, smoked hams, wines and the local grappa.

The natural topography is such that every part of the site provides exceptionally beautiful views

Design & Construction

towards the open sea, the famous Jaz beach and surrounding Lovcen mountains.

The nature of the sloping site will result in a development which sits naturally within the landscape, giving the overall appearance of

The design of the site is inspired by the presence of a unique rural Montenegrin stone village (Zecevo Selo) perched high on the valley slopes. This picturesque authentic village will be restored to create a retail hub for the development, with a concentration of cafés, bars and shops.

a traditional Mediterranean hillside village.

Together with the use of traditional materials and characteristic architectural language, the rural authenticity and heritage of the development area will be maintained.

Total Land Area 213,540 m² Gross Development Area 92,307 m² Site Plan Urban Status Development
Total Land Area
213,540 m²
Gross Development Area
92,307 m²
Site Plan
Urban Status
Development Zone:
Tourism / Residential
Development Concept
Luxury Villa & Apartment
mix with spa/club
14
Concept Luxury Villa & Apartment mix with spa/club 14 A significant percentage of the terrain is

A significant percentage of the terrain is agricultural

terrace supported with stone dry walls. Much of the construction will be concentrated in these

areas. The gradient of the slopes is between 16-35 degrees, but mostly below 20 degrees. The slope

of the terrain allows for three storey buildings, with

open views to all. The residential development will take the form of village clusters around communal

pools and terraces.

form of village clusters around communal pools and terraces. Infrastructure & Transport Access The site is

Infrastructure & Transport Access The site is approximately a 10 km drive from the coast via the existing 3/4 lane Adriatic Highway, however 2 km as the crow flies. To facilitate the proper functioning of the new development, new local access roads will connect all parts of the site with the existing road and wider area.

Electric and telco cable networks serve the area. The site is located near to the central electricity hub which services the entire coastline.

Although the immediate district is not currently connected to mains water and waste, as part of the urbanization program of this designated zone, the local Municipality (Budva) is obliged to provide the necessary services and infrastructure appropriate to anticipated future demand.

The development site is supplied by numerous natural water sources. The regulation of the water supply will be facilitated by capturing the natural water at source and storing in strategic reservoirs above the development.

15

Ocean’s Edge - Rezevici

E80 E65 Kotor Tivat BAY OF KOTOR E65 Lustica Radovići E80 E65 ADRIATIC SEA Lastva
E80
E65
Kotor
Tivat
BAY OF KOTOR
E65
Lustica Radovići
E80
E65
ADRIATIC SEA
Lastva
Budva
Rezevici
Ocean’s Edge
Total Land Area
7,905 m²
Gross Development Area
6,829 m²

(Including underground parking)

This exceptional site, perched on a cliff edge with dramatic coastal views, sits on gently slopping open grassland and provides the ideal location for an exclusive apartment development.

Project Description The planning concept is to create a luxury apartment complex and one two storey villa. The site is situated immediately off the main coastal highway and is perfectly orientated towards the South-West, providing sun, spectacular sea views and dramatic sunsets.

Development Concepts A luxury apartment complex offering 44 apartments and one villa with a communal gym, three pools and a pool bar.

Project Location Ocean’s Edge, Rezevici is one of the most desirable locations in Montenegro. Sitting proudly on the Budva Riviera, 2km from Petrovac, Ocean’s Edge has outstanding views out across the Adriatic and the coast of Montenegro.

Tivat Airport is only 25 km from Rezevici and the lively town of Budva is 15 mins drive.

Site Plan

86% density

lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images
lively town of Budva is 15 mins drive. Site Plan 86% density Above: Computer generated images

Above: Computer generated images of proposed development. Left: Views of and from Ocean’s Edge.

Rural Portfolio

Rural Portfolio

Views of the Montenegrin Countryside. Rural Portfolio The coastal hinterland region of Montenegro is one
Views of the Montenegrin Countryside. Rural Portfolio The coastal hinterland region of Montenegro is one
Views of the Montenegrin Countryside. Rural Portfolio The coastal hinterland region of Montenegro is one

Views of the Montenegrin Countryside.

Rural Portfolio

Views of the Montenegrin Countryside. Rural Portfolio The coastal hinterland region of Montenegro is one of

The coastal hinterland region of Montenegro is one of the country’s best kept secrets. Lush valleys with beautiful scenery house olive groves and vineyards, which are a recurrent theme.

This area of Montenegro, which is only a 20 minute drive from the Adriatic, is equidistant

from the coast, Lake Skadar and Podgorica the capital; as a result of this, we expect to see significant growth in this region in the coming years.

We have packaged a portfolio of land and restorable properties in a number of charming villages that stretch the full length of this valley.

of land and restorable properties in a number of charming villages that stretch the full length

Church Valley

E80 Bijela Herceg Novi E65 E80 E80 E65 Kotor Tivat BAY OF KOTOR E65 Rose
E80
Bijela
Herceg Novi
E65
E80
E80
E65
Kotor
Tivat
BAY OF KOTOR
E65
Rose
Radovići
Lustica
Church Valley
E80
E65
ADRIATIC SEA
Lastva
Budva

Plot Size

1894 m²

Existing Building Footprint

167 m²

Proposed Building Footprint

312 m²

Proposed Total Build

533 m²

Footprint 312 m² Proposed Total Build 533 m² Artist’s impression of the Church Valley development.

Artist’s impression of the Church Valley development.

Church Valley is a rural location in Glavati although

only a 10 minute drive to the Adriatic coast and its

beaches. It sits in the middle of existing farmland

with old stone houses and indigenous flora. This

property is so called as it is in the unique position

of being surrounded by five churches.

The ruin site is easily accessible from Budva and

Tivat airport and is a 5 minute drive from Jaz beach

which has played host to international concerts.

The area is a traditional farming community and

the village is designated as a protected zone by

the heritage department of Kotor Municipality.

Site Description

The site is rectangular and gently slopes towards

the North-West. On the upper part of the site there

are three ruins. One is the main building with an

ancillary building adjacent to it. The ground floor,

external stone walls, and staircase of the main

building have been preserved. The ancillary building

is the best preserved with original Mediterranean

roof tiles and the footprint of the third building has

also been preserved; this was previously the farm

building. The original village ‘guvno’ still remains on

the site. This is a stone built circular structure used

for threshing grains and also was the meeting point

for the village.

The lower part of the site is almost a flat meadow

surrounded with trees and shrubs. The intention

is to preserve as much as possible of existing

site layout.

Site Plan

as much as possible of existing site layout. Site Plan Artist’s Impression Project Description This Project

Artist’s Impression

of existing site layout. Site Plan Artist’s Impression Project Description This Project is more of a

Project Description

This Project is more of a renovation (reconstruction)

than a new designed development.

It is proposed to build two houses, one larger

luxury villa and one smaller guest house on this

site. The existing circular stone structure ‘guvno’

is well preserved and can be renovated as an

arbour or gazebo. On the lower part of the site

(the meadow) a large swimming pool with an

arbour as a landscape feature and shaded area

is proposed. The access to the site is from the

existing road on the South-East side with a new,

stone-built arched gate. There will be four car

parking spaces with direct access to the road.

The two storey villa is constructed on the footprint of

the existing main and ancillary buildings, connected

together to make one house. There will be a newly

designed spacious ground floor, and formal living

room. The main view faces the North-Westerly

direction with views of the meadow and swimming

pool. In front of the villa is a large open terrace and

formal garden. On the South-East side, one could

plant a good sized winter garden.

The two storey guest house is a smaller 3 bedroomed building, adjacent to the house with

a lovely large open terrace and formal garden.

It has been proposed that most of the existing

landscape will be preserved, with added indigenous

trees, shrubs and flower beds. Both buildings will

be built as stone houses with duo pitched roofs

and Mediterranean (Roman) tiles in the traditional,

authentic style of the area.

Infrastructure & Transport Access

A newly built road and pathway connect the site to

the main road. Electrical and phone/internet/cable is

available. There is currently no sewage connection.

There is no mains water. A water supply will have to

be pumped into home from rain water storage tank.

water. A water supply will have to be pumped into home from rain water storage tank.

Ground Floor

First Floor

Vineyard Estate

Kotor E65 E80 E765 E65 E80 Budva Podgorica E65 Vineyard Estate Skadar Lake Total Land
Kotor
E65
E80
E765
E65
E80
Budva
Podgorica
E65
Vineyard Estate
Skadar Lake
Total Land Area
265,679 m²
Gross Development Area
19,680 m²

The Vineyard Estate is situated in the rural valley between Cetinje town and Skadar Lake. The proposed development looks to regenerate existing vineyards of this lush and plentiful area and make

a luxury village with spa, swimming and tennis facilities.

Project Description This rural location is surrounded by hills and orientated longitudinally North-South with open views to the mountains. The design of the site is inspired by traditional Montenegrin stone village houses, typical of this region. The Vineyard Estate concept is based on similar developments in Italy, France and South Africa, where vineyards are utilised for the Tourism and Hospitality industry.

Design and Construction The site is divided into three areas. A country club hub with Spa and recreation facilities, a boutique hotel with high-end restaurant and a residential development. The residential development will have access to swimming and tennis facilities. The bulk of the development will be characterised

by luxury villas nestled between the vineyards. This

is

are disappearing in this valley. As it is an integral part of this development, the vineyards and winery will serve the guests of the Vineyard Estate.

and winery will serve the guests of the Vineyard Estate. part of regeneration project for vineyards
and winery will serve the guests of the Vineyard Estate. part of regeneration project for vineyards

part of regeneration project for vineyards which

Section Elevation
Section Elevation
Site Plan
Site Plan

External treatment of all buildings will include the use of thick local stone walls to the South and West, with those to the North and East in contrasting render. All lower ground walls, balustrading, stairs and paving will be of local stone, with traditional roman tile roof coverings.

Environmental and Sustainable Development The development density of the site has been set to 20%. This policy reflects a strategic aim to minimize ecological impact and allow for sustainable development.

The proposed development is set within well established woodland, orchard and vineyards. Given this rural setting, it is imperative to retain as much of the existing landscape, native trees and bio-diversity as possible. Much of the existing woodland can be retained as a screen to the North and East. The existing vineyard will be revitalized due to its important local significance.

and East. The existing vineyard will be revitalized due to its important local significance. Artist’s Impression

Artist’s Impression

Mountain Portfolio

Mountain Portfolio

28 Left: Tara River. Above: Mountain Views. Mountain Portfolio The terrain of Northern Montenegro is

28

28 Left: Tara River. Above: Mountain Views. Mountain Portfolio The terrain of Northern Montenegro is mountainous
28 Left: Tara River. Above: Mountain Views. Mountain Portfolio The terrain of Northern Montenegro is mountainous

Left: Tara River. Above: Mountain Views.

28 Left: Tara River. Above: Mountain Views. Mountain Portfolio The terrain of Northern Montenegro is mountainous

Mountain Portfolio

Left: Tara River. Above: Mountain Views. Mountain Portfolio The terrain of Northern Montenegro is mountainous and

The terrain of Northern Montenegro is mountainous and the municipalities of Zabljak and Kolasin are considered to be the centres for Montenegro’s winter tourism. Snow fall is heavy here in the winter months but in summer the weather is glorious and these regions are perfect for those who enjoy the outdoors with challenging hiking and mountain-biking trails. The North of Montenegro also boasts the second largest canyon in the world.

also boasts the second largest canyon in the world. Above: Durmator Mountains. Montenegro is in the

Above: Durmator Mountains.

Montenegro is in the process of re-developing and expanding its two principal mountain resorts, Zabljak and Kolasin, which flank both sides of the country’s northern region. Ski facilities are operational in both resorts, in particular Zabljak (the highest town in the Balkans).

Access to both destinations will be greatly enhanced by new major road networks that are currently being built, providing direct, high speed connections with the coast and main airports. This infrastructure programme is the catalyst for rapid development and growth of these mountain regions. Ultimate Montenegro has significant land holdings in both regions.

The new road network will also open up other beautiful areas of the “Wild Montenegro” interior, such as the Savnik Canyon (an Ultimate Montenegro asset).

29

Kolasin Mountain Village

Kolasin Mountain Village Niksic E80 E765 Podgorica Kotor Budva E65 Skadar Lake
Kolasin Mountain
Village
Niksic
E80
E765
Podgorica
Kotor
Budva
E65
Skadar Lake

Kolasin

Total Land Area

92,753 m²

New Development Area

36,300 m²

New Build density

33%

30

Kolasin Mountain Village is situated approximately

2 km from the centre of Kolasin, creating easy

access to this beautiful area. The site is North-

facing with fantastic mountain views as well as

views across the sloping Kolasin meadows

and woodland.

Project Description

Kolasin Mountain Village is divided into three

areas. The upper central part of the development

will be the Village centre with indoor and outdoor

pools, saunas, bowling alley as well as shops and

restaurants. A sports centre with tennis courts in

the summer and ice rinks in the winter will sit on

the second meadow area of the development.

The main development will consist of traditional

style log cabins, stone built ground and lower

ground floors with timber construction on the

first and second floor and loft.

Luxury as well as mid to low range apartments will

be positioned around the rest of the site.

apartments will be positioned around the rest of the site. Views across Kolasin. Infrastructure and Transport
apartments will be positioned around the rest of the site. Views across Kolasin. Infrastructure and Transport
apartments will be positioned around the rest of the site. Views across Kolasin. Infrastructure and Transport

Views across Kolasin.

Infrastructure and Transport

There is electricity on this site but a new sub-

station will have to be built in order to service the

area. Proper road access to the site will need to be

built as well as a water supply, however the area is

extremely rich in natural water sources making this

a simple task.

Environmental and Sustainable development

The development density of the site has been

set to 40%. This policy reflects a strategic aim to

minimize ecological impact and allow for sustainable

development.

The proposed development is set within well

established woodland and meadows. Given this

rural setting, it is imperative to retain as much of the

existing landscape, native trees and bio-diversity

as possible. Much of the existing woodland can be

retained as a screen to the East of the site.

Site Plan
Site Plan
Section Elevation
Section Elevation
Section Elevation
Section Elevation

31

Lake Portfolio

Lake Portfolio

34 Skadar Lake. Lake Portfolio Skadar Lake Skadar Lake is located in Zeta-Skadar valley divided

34

34 Skadar Lake. Lake Portfolio Skadar Lake Skadar Lake is located in Zeta-Skadar valley divided between
34 Skadar Lake. Lake Portfolio Skadar Lake Skadar Lake is located in Zeta-Skadar valley divided between

Skadar Lake.

Lake Portfolio

34 Skadar Lake. Lake Portfolio Skadar Lake Skadar Lake is located in Zeta-Skadar valley divided between
34 Skadar Lake. Lake Portfolio Skadar Lake Skadar Lake is located in Zeta-Skadar valley divided between

Skadar Lake

Skadar Lake is located in Zeta-Skadar valley divided between the Municipalities of Bar and Podgorica. Two thirds of the lake is in Montenegro and a third in Albania. This unique lake is 391 km 2 and is the largest lake on the Balkan Peninsular. The Montenegrin part of the lake (40,000) hectares was declared a National Park in 1983 and is exceptionally rich in flora and fauna as well abundant marsh vegetation. It is one of the largest bird reserves in Europe, having 270 bird species, amongst which are some of the last pelicans in Europe, and is abundant in fish (especially carp).

Travelling to the Skadar region one cannot help but notice the beauty of the area, with its overgrown banks, bays, capes and islands. It is the perfect holiday destination with mild winters and dry, hot summers. The Adriatic Sea is only 20 mins drive from Skadar Lake accessed through the newly built Sozina tunnel.

Our assets overlook this stunning lake setting within the Skadar Valley.

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The Skadar Estate

Kotor E65 E80 E765 E65 E80 Budva Podgorica Skadar Estate E65 Skadar Lake
Kotor
E65
E80
E765
E65
E80
Budva
Podgorica
Skadar Estate
E65
Skadar Lake
E65 E80 Budva Podgorica Skadar Estate E65 Skadar Lake 36 Nestled in a mountainous valley overlooking

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Nestled in a mountainous valley overlooking the beautiful Skadar Lake, the development offers a rich variety of accommodation within exceptionally beautiful natural surroundings. The development includes a 5-star luxury Hotel and Spa, terraced houses under planted roofs and luxury villas that are arranged organically along the contours of the landscape.

Section Elevation

Project Location Skadar Lake is the largest lake in the Balkans. The landscape surrounding the lake is breathtaking, dotted with small, picturesque villages. The climate of the Skadar Valley makes it the perfect holiday destination with mild winters and hot summers. Tourists come to this region to enjoy fishing and swimming in the lake. In addition, the Adriatic coast is a mere 20 minutes drive from Skadar via the newly built newly built Sozina tunnel.

from Skadar via the newly built newly built Sozina tunnel. Development Concept A mixed use development
from Skadar via the newly built newly built Sozina tunnel. Development Concept A mixed use development
from Skadar via the newly built newly built Sozina tunnel. Development Concept A mixed use development

Development Concept

A mixed use development including a 5-star Luxury

Hotel and Spa, luxury villas and terraced houses.

Infrastructure & Transport Access Access to the site is gained from an existing road along the northern edge of the site. New paved vehicular routes feed off this existing arterial into the development. The new roads culminate in private driveways for each residential unit and outdoor parking courts and basement parking for the Hotel and Spa.

The development site is supplied by numerous natural water sources. The regulation of the water supply will be facilitated by capturing the natural water at source and storing it in strategic reservoirs above the development. To maintain the availability

of sufficient potable water, a rainwater harvesting

system will be used for grey water systems, maintenance of swimming pools and landscape irrigation.

maintenance of swimming pools and landscape irrigation. Environmental & Sustainable Development The proposed

Environmental & Sustainable Development The proposed development is set within a well established wooded valley. It is imperative, within this setting, to retain as much of the existing landscape, trees and bio-diversity as possible. Minimal cutting of trees is foreseen, with the luxury villas positioned where possible around existing trees.

The development density of the site has been limited to 19%, which reflects the aim to minimise ecological impact. Furthermore, the introduction of planted roofs over the terrace houses and hotel building will substantially reduce the built impact of the development on the site, with green roofs covering more than half the development on the site.

Views of Skadar Valley and The Skadar Estate.

with green roofs covering more than half the development on the site. Views of Skadar Valley
with green roofs covering more than half the development on the site. Views of Skadar Valley

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Yielding Assets – The Orangery, Perast

Ultimate Montenegro Ltd has 5 yielding assets in The Portfolio, the best example of which is The Orangery in Perast.

The Orangery, Perast Perast is well known as being the most desirable location in the UNESCO protected Bay of Kotor. This immaculately preserved Venetian town is steeped in history, boasting 16 Baroque palaces, 9 defensive towers, 16 Catholic and 2 Orthodox churches.

Artist’s Impression

The Orangery is a charming, waterfront, 4 bedroom villa in the heart of this chic part of Montenegro. It has a courtyard in the front of the house that could be used for parking, or one could erect a single storey building for which outline planning has been granted. At the back of the villa is a terraced garden, complete with barbeque area and sun deck. The shoreline of the Bay is only 10 m from the front door, providing immediate access to a wide range of water sports and activities (swimming/ snorkelling, sailing, water/jet ski, fishing).

(swimming/ snorkelling, sailing, water/jet ski, fishing). 38 View of Perast. Floor Plans - Ground Floor First

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(swimming/ snorkelling, sailing, water/jet ski, fishing). 38 View of Perast. Floor Plans - Ground Floor First

View of Perast.

Floor Plans - Ground Floor

snorkelling, sailing, water/jet ski, fishing). 38 View of Perast. Floor Plans - Ground Floor First Floor

First Floor

snorkelling, sailing, water/jet ski, fishing). 38 View of Perast. Floor Plans - Ground Floor First Floor

Second Floor

snorkelling, sailing, water/jet ski, fishing). 38 View of Perast. Floor Plans - Ground Floor First Floor

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About Us

The team are senior property investment professionals, with a blend of local knowledge and international experience who have identified a unique development opportunity in Montenegro. Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the country with diverse development opportunities.

Our specialist local team have carried out the necessary legal and planning due diligence for each asset. We offer consolidated land packages with zoning and planning consent and an on going local implementation support.

consent and an on going local implementation support. Michael Ward, Kotor, Montenegro Michael began working in

Michael Ward, Kotor, Montenegro Michael began working in the Investment Management industry in 1988, after graduating from Oxford University. With 22 years of industry experience of which 8 years in the Balkans, Michael has managed investment portfolios specialising in Eastern Europe faor various institutions, including Head of EMEA Equity at HSBC Asset Management, TCW Asset Management and ABN Amro. In 2000, he was ranked No.1 Investment Advisor in Turkey and No.2 in both Poland and Hungary (Reuters GEM survey). In 2005, Michael was appointed Director of Montenegro Investments Limited (MIL), a CISX- listed closed-end real estate company and one of the largest foreign investors in Montenegro to date. Michael is responsible for the implementation of the group’s Strategy, Research and Marketing activities. Michael has a working knowledge of the Serbian/Bosnian languages.

mward@ultimatemontenegro.com

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Serbian/Bosnian languages. mward@ultimatemontenegro.com 40 Amra Ward, Kotor, Montenegro Amra began working in the

Amra Ward, Kotor, Montenegro

Amra began working in the investment industry in 1996, after obtaining

a Masters Degree in Advanced

Mechanical Engineering from Imperial College, London. As an Eastern European investment specialist, Amra has worked for a number of blue chip institutions such as Merrill Lynch, TCW Asset Management and ABN Amro. In 2002, Amra acted as Advisor to a UK FTSE-listed real estate company regarding Western Balkan acquisitions

and privatization activities. In 2005, as the Director of Ultimate Montenegro Ltd, Amra was appointed Advisor to Montenegro Investments Limited (MIL),

a CISX-listed closed-end real estate

company. Amra‘s local knowledge and

extensive network is the principal driver behind the group’s Commercial

&

Urban Planning programs. Amra

is

fluent in English and her native

Serbian/Bosnian.

award@ultimatemontenegro.com

Chris Kemsley, London Chris started his own property consortium in 1994 and is one of the largest providers Chris started his own property consortium in 1994 and is one of the largest providers of affordable housing in West London. He has significant real estate experience in both developed and emerging markets. Chris advises on all property fund decisions and is responsible for Joint Ventures and new business opportunities.

Chris.Kemsley@penham.co.uk

Danny Parish, Kotor, Montenegro Danny has extensive experience with sales and marketing and has worked in the commercial and Danny has extensive experience with sales and marketing and has worked in the commercial and travel sectors internationally since 1990. At the beginning of 2007 she moved to Montenegro to work as a Sales and Marketing Director for a UK hedge fund’s Montenegrin division. After successfully completing the sales of their assets in October 2008, she moved to join Ultimate in November 2008, as their Head of Sales and Marketing.

danny@ultimatemontenegro.com

Sandra Tepic, Kotor, Montenegro Sandra is a graduate of the Faculty for Maritime Studies, Management Department, and is fluent Sandra is a graduate of the Faculty for Maritime Studies, Management Department, and is fluent in English. She has been with Ultimate since they opened in 2004, and with her excellent knowledge of office and human resources management, she is responsible for all office operations and procedures.

stepic@ultimatemontenegro.com

Borka Papovic, Kotor, Montenegro Borka obtained a Masters Degree in English Language & Literature at the University of Niksic. Borka obtained a Masters Degree in English Language & Literature at the University of Niksic. She has been working in the Montenegrin Real Estate sector since 2005, and joined Ultimate in 2008. With her extensive experience of the real estate market, she is responsible for property administration and market research.

bpapovic@ultimatemontenegro.com

and market research. bpapovic@ultimatemontenegro.com Tamara Peranovic, Kotor, Montenegro Tamara is a graduate of

Tamara Peranovic, Kotor,

Montenegro

Tamara is a graduate of the Faculty for Tourism and Hotel Management. She has a good understanding of English and experience in the Tourism and Property management sector. She joined Ultimate in 2006 and is responsible for all property and land management.

tperanovic@ultimatemontenegro.com

Ultimate Montenegro Stari Grad 475 Kotor 85330

Montenegro

T

+382 (0)32 304 369

F

+382 (0)32 304 370

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www.ultimatemontenegro.com

Corporate Partners

www.ultimatemontenegro.com Corporate Partners 1st Floor, Bree Street Studios 17 New Church Street Cape Town P.O.Box 15794

1st Floor, Bree Street Studios 17 New Church Street Cape Town P.O.Box 15794 Vlaeberg 8018 T: 021 423 3241 F: 021 423 6633 info@visserthomas.co.za www.visserthomas.co.za

Design and produced by SmallBackRoom.com

info@visserthomas.co.za www.visserthomas.co.za Design and produced by SmallBackRoom.com Ivan Usljebrka Architect RIBA

Ivan Usljebrka

Architect RIBA

info@visserthomas.co.za www.visserthomas.co.za Design and produced by SmallBackRoom.com Ivan Usljebrka Architect RIBA
info@visserthomas.co.za www.visserthomas.co.za Design and produced by SmallBackRoom.com Ivan Usljebrka Architect RIBA