Professional Documents
Culture Documents
MONTENEGRO
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.
PLUZINE
Montenegro
Ultimate Montenegro’s primary focus has been Kotor Woodland 6l Hamlet Cottage 22 n Moraca Valley 33 n
Lustica Bay View 7l Hilltop 22 n Loven Mountain Retreat 34 n 33
to acquire, consolidate/package and re-zone land
Mirac Village 8l Meadow Cottage 22 n
assets into scalable project pipelines for future
real estate development.
Oak Village
Ocean’s Edge
9l
10 l
White Cottage
The Lodge
22 n
22 n
Koslasin Retreat
Koslasin 360
30 ;
30 ;
Croatia PLAV
ULCINJ
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Zoning Status
Zoned Development Projects Restoration Projects
Ultimate Montenegro has a substantial existing The Ultimate Portfolio also contains a
portfolio of “greenfield” Zoned Development unique valuable assembly of traditional stone
Opportunities with a total land area in excess of buildings for restoration. Beyond the aesthetic
600,000 m2 (representing a Gross Development attributes, the attractiveness of this asset class
Area (GDA) of more than 300,000 m of build).
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also relates to the embedded planning status
and certain tax advantages.
In general, Master Plan Approval for the
majority of these zoned projects is anticipated
In addition to the planning status provided
within the next 1-12 months.
by the existing structure, the zoning status of
a number of the projects allows for significant
Pre-Zoned Acquisition Opportunities 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 m2 (representing a potential GDA
of more than 250,000 m2 of build).
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Why Invest In Montenegro?
Montenegro is a competitive and dynamic • Economic growth at 7-8% p.a., driven
destination with the clear strategic objective by Tourism demand (+15-20% p.a.).
of developing a sustainable tourism portfolio • EU accession expected by 2014 (EU
whilst protecting its dramatic and beautiful Funding & huge infrastructure upgrades).
natural resources. • A massive EU funded infrastructure
programme is already underway – roads,
Virtuous Circle The Virtuous Circle – Sustainable Growth airports, electricity, water.
• Foreign Direct Investment (FDI) one of
Since the adoption of the Euro currency in highest globally (per capita) – Middle East
2002 and the ensuing independence from & Russia most active current investors.
Serbia in 2006, Montenegro has aggressively • A very favourable tax regime (Corp tax at 9%).
INFRASTRUCTURE
EU ACCESSION FUNDS UPGRADES & pursued its twin policy goals of: • Very low local exposure to the global
DEVELOPMENT
credit crunch – mortgages as % GDP
1. EU membership – projected for 2014 at 2.2% (SEE av. 9.4%; EU av. 50%).
MONTENEGRO (SAA signed Oct 2007).
2. Tourism growth – re-branding as a Micro
SUSTAINABLE “ABOVE- luxury leisure destination (by growth, • Re-branding as a luxury destination
STABLE DEMOCRACY AVERAGE” GROWTH
(with Euro currency Montenegro is already ranked in the top (Porto Montenegro, Four Seasons, Aman).
and low taxes)
5 tourist destinations globally). • Creation of “development clusters”
as the key driver of the luxury growth model.
A virtuous circle is now in place, underpinned • Conservative zoning & planning framework,
by a significant programme of large scale limiting overdevelopment.
infrastructure investment. • Structural advantage of a natural landscape
that physically restricts the supply.
The Development Landscape – A Summary • Current market is characterised by strong
demand but low supply of high-end
Macro product, creating potential investment
• Political and economic focus on the opportunities with attractive
Tourism & Leisure sector. risk-adjusted returns.
• Stable macro-economy with strong budget
stance and moderate public debt
(S&P – BB positive).
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Oak Village
Project Description A significant standalone restaurant will be developed
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Oak Village is one of the largest and most dramatic in the largest of the village ruins. It is envisaged that
Bijela development projects on the coast of Montenegro. the local community will become integrated with
Herceg Novi
E65 E80 E80 Set high on the terraced slopes of a mountainous this regeneration process, providing fresh vegetable
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BAY OF KOTOR Tivat Kotor valley overlooking the Adriatic Coast, the Oak Village produce, traditional home-made cheeses, smoked
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Rose
development site is a naturally framed amphitheatre. hams, wines and the local grappa.
Lustica
Radovići
The natural topography is such that every part
of the site provides exceptionally beautiful views Design & Construction
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towards the open sea, the famous Jaz beach and The nature of the sloping site will result in a
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surrounding Lovcen mountains. development which sits naturally within the
ADRIATIC SEA
Lastva
landscape, giving the overall appearance of
The design of the site is inspired by the presence a traditional Mediterranean hillside village.
Oak Village Budva
of a unique rural Montenegrin stone village (Zecevo Together with the use of traditional materials
Selo) perched high on the valley slopes. This and characteristic architectural language, the
picturesque authentic village will be restored to rural authenticity and heritage of the development
create a retail hub for the development, with a area will be maintained.
concentration of cafés, bars and shops.
Total Land Area 213,540 m²
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Ocean’s Edge - Rezevici
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Rural Portfolio
Rural Portfolio
The coastal hinterland region of Montenegro from the coast, Lake Skadar and Podgorica
is one of the country’s best kept secrets. the capital; as a result of this, we expect to
Lush valleys with beautiful scenery house see significant growth in this region in the
olive groves and vineyards, which are a coming years.
recurrent theme.
We have packaged a portfolio of land and
This area of Montenegro, which is only a 20 restorable properties in a number of charming
minute drive from the Adriatic, is equidistant villages that stretch the full length of this valley.
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Church Valley
Church Valley is a rural location in Glavati although Site Plan Project Description It has been proposed that most of the existing
only a 10 minute drive to the Adriatic coast and its This Project is more of a renovation (reconstruction) landscape will be preserved, with added indigenous
E80
beaches. It sits in the middle of existing farmland than a new designed development. trees, shrubs and flower beds. Both buildings will
Herceg Novi Bijela with old stone houses and indigenous flora. This be built as stone houses with duo pitched roofs
E65 E80
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E80 property is so called as it is in the unique position It is proposed to build two houses, one larger and Mediterranean (Roman) tiles in the traditional,
Tivat Kotor
BAY OF KOTOR of being surrounded by five churches. luxury villa and one smaller guest house on this authentic style of the area.
Rose E65
site. The existing circular stone structure ‘guvno’
Radovići
Lustica The ruin site is easily accessible from Budva and is well preserved and can be renovated as an Infrastructure & Transport Access
Tivat airport and is a 5 minute drive from Jaz beach arbour or gazebo. On the lower part of the site A newly built road and pathway connect the site to
Church Valley E80 which has played host to international concerts. (the meadow) a large swimming pool with an the main road. Electrical and phone/internet/cable is
E65
arbour as a landscape feature and shaded area available. There is currently no sewage connection.
ADRIATIC SEA
Lastva
Budva The area is a traditional farming community and is proposed. The access to the site is from the There is no mains water. A water supply will have to
the village is designated as a protected zone by existing road on the South-East side with a new, be pumped into home from rain water storage tank.
the heritage department of Kotor Municipality. stone-built arched gate. There will be four car
parking spaces with direct access to the road.
Site Description
The site is rectangular and gently slopes towards The two storey villa is constructed on the footprint of
Plot Size 1894 m² the North-West. On the upper part of the site there the existing main and ancillary buildings, connected
Existing Building Footprint 167 m² are three ruins. One is the main building with an together to make one house. There will be a newly
Proposed Building Footprint 312 m² ancillary building adjacent to it. The ground floor, designed spacious ground floor, and formal living
external stone walls, and staircase of the main Artist’s Impression room. The main view faces the North-Westerly
Proposed Total Build 533 m²
building have been preserved. The ancillary building direction with views of the meadow and swimming
is the best preserved with original Mediterranean pool. In front of the villa is a large open terrace and
roof tiles and the footprint of the third building has formal garden. On the South-East side, one could
also been preserved; this was previously the farm plant a good sized winter garden.
building. The original village ‘guvno’ still remains on
the site. This is a stone built circular structure used The two storey guest house is a smaller 3
for threshing grains and also was the meeting point bedroomed building, adjacent to the house with
for the village. a lovely large open terrace and formal garden.
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Vineyard Estate
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B ij
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BA
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FK
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Ra
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v ić The Vineyard Estate is situated in the rural valley Site Plan
Lu i Kotor
sti E65 between Cetinje town and Skadar Lake. The
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proposed development looks to regenerate existing
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EA vineyards of this lush and plentiful area and make
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E765 a luxury village with spa, swimming and tennis facilities.
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Budva Project Description
Podgorica This rural location is surrounded by hills and
orientated longitudinally North-South with open
E65 views to the mountains. The design of the site is
inspired by traditional Montenegrin stone village
Vineyard Estate
houses, typical of this region. The Vineyard Estate
Skadar Lake concept is based on similar developments in Italy,
France and South Africa, where vineyards are
utilised for the Tourism and Hospitality industry.
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Mountain Portfolio
Mountain Portfolio
The terrain of Northern Montenegro is Montenegro is in the process of re-developing
mountainous and the municipalities of Zabljak and expanding its two principal mountain
and Kolasin are considered to be the centres resorts, Zabljak and Kolasin, which flank both
for Montenegro’s winter tourism. Snow fall is sides of the country’s northern region. Ski
heavy here in the winter months but in summer facilities are operational in both resorts, in
the weather is glorious and these regions are particular Zabljak (the highest town
perfect for those who enjoy the outdoors with in the Balkans).
challenging hiking and mountain-biking trails.
The North of Montenegro also boasts the Access to both destinations will be greatly
second largest canyon in the world. 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.
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Kolasin Mountain Village
Kolasin Mountain Kolasin
Kolasin Mountain Village is situated approximately Infrastructure and Transport Site Plan
Village
2 km from the centre of Kolasin, creating easy There is electricity on this site but a new sub-
Niksic
access to this beautiful area. The site is North- station will have to be built in order to service the
E80
facing with fantastic mountain views as well as area. Proper road access to the site will need to be
views across the sloping Kolasin meadows built as well as a water supply, however the area is
E765
E80 and woodland. extremely rich in natural water sources making this
OR Tivat a simple task.
E65 Podgorica
Project Description
Kotor
ići
Kolasin Mountain Village is divided into three Environmental and Sustainable development
areas. The upper central part of the development The development density of the site has been
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will be the Village centre with indoor and outdoor set to 40%. This policy reflects a strategic aim to
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pools, saunas, bowling alley as well as shops and minimize ecological impact and allow for sustainable
A
Lastva
Budva restaurants. A sports centre with tennis courts in development.
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the summer and ice rinks in the winter will sit on
Skadar Lake
the second meadow area of the development. The proposed development is set within well
established woodland and meadows. Given this
The main development will consist of traditional rural setting, it is imperative to retain as much of the
Total Land Area 92,753 m² style log cabins, stone built ground and lower existing landscape, native trees and bio-diversity
New Development Area 36,300 m² ground floors with timber construction on the as possible. Much of the existing woodland can be
New Build density 33% first and second floor and loft. retained as a screen to the East of the site.
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Lake Portfolio
Lake Portfolio
Skadar Lake
Skadar Lake is located in Zeta-Skadar valley Travelling to the Skadar region one cannot
divided between the Municipalities of Bar help but notice the beauty of the area, with its
and Podgorica. Two thirds of the lake is in overgrown banks, bays, capes and islands. It is
Montenegro and a third in Albania. This unique the perfect holiday destination with mild winters
lake is 391 km2 and is the largest lake on the and dry, hot summers. The Adriatic Sea is only
Balkan Peninsular. The Montenegrin part of the 20 mins drive from Skadar Lake accessed
lake (40,000) hectares was declared a National through the newly built Sozina tunnel.
Park in 1983 and is exceptionally rich in flora
and fauna as well abundant marsh vegetation. Our assets overlook this stunning lake setting
It is one of the largest bird reserves in Europe, within the Skadar Valley.
having 270 bird species, amongst which are
some of the last pelicans in Europe, and is
abundant in fish (especially carp).
Skadar Lake.
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He
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Ra
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v ić Nestled in a mountainous valley overlooking the Project Location
Lu i Kotor
sti E65 beautiful Skadar Lake, the development offers a Skadar Lake is the largest lake in the Balkans.
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rich variety of accommodation within exceptionally The landscape surrounding the lake is breathtaking,
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E765 includes a 5-star luxury Hotel and Spa, terraced of the Skadar Valley makes it the perfect holiday
houses under planted roofs and luxury villas that destination with mild winters and hot summers.
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Budva are arranged organically along the contours of Tourists come to this region to enjoy fishing and
Podgorica the landscape. swimming in the lake. In addition, the Adriatic coast
Skadar Estate is a mere 20 minutes drive from Skadar via the
E65 newly built newly built Sozina tunnel.
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Yielding Assets – The Orangery, Perast
Ultimate Montenegro Ltd has 5 yielding assets The Orangery is a charming, waterfront, 4 bedroom
in The Portfolio, the best example of which is villa in the heart of this chic part of Montenegro.
The Orangery in Perast. It has a courtyard in the front of the house that
could be used for parking, or one could erect a
The Orangery, Perast single storey building for which outline planning has
Perast is well known as being the most desirable been granted. At the back of the villa is a terraced
location in the UNESCO protected Bay of Kotor. garden, complete with barbeque area and sun
This immaculately preserved Venetian town deck. The shoreline of the Bay is only 10 m from the
is steeped in history, boasting 16 Baroque front door, providing immediate access to a wide
palaces, 9 defensive towers, 16 Catholic and range of water sports and activities (swimming/
2 Orthodox churches. snorkelling, sailing, water/jet ski, fishing).
Artist’s Impression
View of Perast.
38 39
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.
Michael Ward, Kotor, Montenegro Amra Ward, Kotor, Montenegro Chris Kemsley, London Sandra Tepic, Kotor, Montenegro Tamara Peranovic, Kotor,
Michael began working in the Amra began working in the investment Chris started his own property Sandra is a graduate of the Faculty Montenegro
Investment Management industry in industry in 1996, after obtaining consortium in 1994 and is one of the for Maritime Studies, Management Tamara is a graduate of the Faculty
1988, after graduating from Oxford a Masters Degree in Advanced largest providers of affordable housing Department, and is fluent in English. for Tourism and Hotel Management.
University. With 22 years of industry Mechanical Engineering from Imperial in West London. He has significant real She has been with Ultimate since She has a good understanding of
experience of which 8 years in the College, London. As an Eastern estate experience in both developed they opened in 2004, and with her English and experience in the Tourism
Balkans, Michael has managed European investment specialist, Amra and emerging markets. Chris advises excellent knowledge of office and and Property management sector.
investment portfolios specialising has worked for a number of blue chip on all property fund decisions and is human resources management, she She joined Ultimate in 2006 and is
in Eastern Europe faor various institutions such as Merrill Lynch, TCW responsible for Joint Ventures and new is responsible for all office operations responsible for all property and
institutions, including Head of EMEA Asset Management and ABN Amro. business opportunities. and procedures. land management.
Equity at HSBC Asset Management, In 2002, Amra acted as Advisor to a
Chris.Kemsley@penham.co.uk stepic@ultimatemontenegro.com tperanovic@ultimatemontenegro.com
TCW Asset Management and ABN UK FTSE-listed real estate company
Amro. In 2000, he was ranked No.1 regarding Western Balkan acquisitions
Investment Advisor in Turkey and No.2 and privatization activities. In 2005, as
Danny Parish, Kotor, Montenegro Borka Papovic, Kotor, Montenegro Ultimate Montenegro
in both Poland and Hungary (Reuters the Director of Ultimate Montenegro
Danny has extensive experience Borka obtained a Masters Degree in Stari Grad 475
GEM survey). In 2005, Michael was Ltd, Amra was appointed Advisor to
with sales and marketing and has English Language & Literature at the Kotor 85330
appointed Director of Montenegro Montenegro Investments Limited (MIL),
worked in the commercial and travel University of Niksic. She has been Montenegro
Investments Limited (MIL), a CISX- a CISX-listed closed-end real estate
sectors internationally since 1990. At working in the Montenegrin Real
listed closed-end real estate company company. Amra‘s local knowledge and T +382 (0)32 304 369
the beginning of 2007 she moved to Estate sector since 2005, and joined
and one of the largest foreign investors extensive network is the principal driver F +382 (0)32 304 370
Montenegro to work as a Sales and Ultimate in 2008. With her extensive
in Montenegro to date. Michael is behind the group’s Commercial
Marketing Director for a UK hedge experience of the real estate market,
responsible for the implementation & Urban Planning programs. Amra
fund’s Montenegrin division. After she is responsible for property
of the group’s Strategy, Research is fluent in English and her native
successfully completing the sales administration and market research.
and Marketing activities. Michael Serbian/Bosnian.
of their assets in October 2008, she
has a working knowledge of the bpapovic@ultimatemontenegro.com
award@ultimatemontenegro.com moved to join Ultimate in November
Serbian/Bosnian languages.
2008, as their Head of Sales
mward@ultimatemontenegro.com and Marketing.
danny@ultimatemontenegro.com
40 41
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