News

A new a €180million (£144million/$229million) luxury real estate development is set to go ahead in Montenegro’s most popular tourist town.
 The resort, in Budva Bay, will be the area’s first five-star resort and will include a five-star hotel, residential apartment complex and conference centre.

Future Capital Partners Limited (FCP) the £6 billion alternative investment boutique has joined forces with Bouygues Batiment International (BBI), a leading construction and property development company.
 
BBI, the international building division of Bouygues Construction, has signed a Memorandum of Agreement with Integrated Property Contractor Services (Montenegro) Limited, a wholly owned subsidiary of FCP, for the construction of the project.
 
The venture is now in the final stages of raising capital and is seeking senior financing from institutions and equity through a joint venture partnership and direct investment.
 
The development land in Budva Bay has already been bought by a wholly owned subsidiary of FCP. Budva attracted around 550,000 guests in summer 2010, making it the most popular tourist destination in Montenegro.
 
Tim Mycock, head of real estate at FCP, says, “There is now real momentum behind this project, and the backing of one of the world’s largest construction firms is a huge stamp of approval for the project. BBI is globally recognised for its expertise at every stage of a project: design, construction, fundraising and maintenance. They are the ideal partners to help us deliver this development on budget and on time.”
 
The sale of the luxury residential units and from the operation of the five-star hotel, which will be run by leading global hotel group, is expected to yield investment returns over six to eight years.
 
The development, which includes 100 metres of prime beachfront, will be the first five-star resort in Budva.
 
According to The World Travel and Tourism Council, Montenegro is the fastest growing tourism destination in the world, and will continue to be for the next 10 years.
 
On the back of inward foreign investment from Europe and Russia, The World Travel and Tourism Council predicts that Montenegro will attract a rise in capital investment of 6.4% in 2012, and a rise of 13.2 % per annum until 2022.
 
Christophe Petit, Development Director, at Bouygues Batiment International says, “With Montenegro fast becoming one of the world’s number one tourism destinations, we believe this project has the opportunity to deliver an outstanding tourist resort that we will be proud to build.”