Current projects and developers in Montenegro

1. M o n t e n e g r o
pearl of Mediterranean
September2010

2.  In the period after obtaining independence, Montenegro has become a very
attractive real estate market for both domestic and foreign investors. This is
confirmed by a significant influx in the real estate market.
 A stable macroeconomic situation, continued improvement of credit ratings,
favorable tax systems, simplification of business procedures, and progress in
processes of integration (EU and NATO), additionally strengthens the
attractiveness of the Montenegrin real estate market. This is especially
significant for investors who regard Montenegro as a possible starting point
for future activities in the region.
 UK Financial Times article from December 28th 2009 placed Montenegro on a
4th position as a place to invest in 2010: “.. Montenegro appeared relatively
recent on the second-home buyer radar - in effect only since its split from Serbia in
June 2006. It has a small but attractive coastline with little room for significant resort
development, limiting the risk of oversupply. And property prices - at €1,550-€3,100
per sq meter on average for new developments - are cheap when compared with
many established European locations although they can go as high as €4,000-€5,500
per sq meter. In the longer term, Montenegro aspires to European Union
membership, which will significantly lower its risk profile…”

3.  Capital projects in tourism announced till 2010
 Porto Montenegro – Pitter Munk
Four Seasons
 Sveti Stefan Island
Milocer Aman Resorts
 St Marco Island – Metropol Group
Banyan Tree

4.  Lustica Development-
Orascom Egypt – Government of Montenegro
 Blue Horizon-Qatari Diar
 Rose resort-Equest Capital Partners
 Atlas Capital Center –Capital Investments UE
Hilton
 Rezevici -Kempinski resort
 Valdanos – Cubus Lux UK

5. The Porto Montenegro,700mil
project in Tivat, initiated by
the Canadian industrialist
and Barrick Gold Chairman
Peter Munk, is by far the
largest such venture so far.
www.portomontenegro.com
Four Seasons will build a 300 bed hotel in
Tivat within the project Porto Montenegro.
The construction will begin this autumn
and is scheduled for completion by
2010.It will be the first Four Seasons hotel
on the Mediterranean.
It envisions a massive, 800berts
mega-yacht marina in the former
Arsenal shipyard which occupies
around 24hectares
The Porto Montenegro,400mil
project in Tivat, initiated by the
Canadian industrialist and Barrick
Gold Chairman Peter Munk, is by far
the largest such venture so far.
Munk's project also calls for an
exclusive marina, with full boat
repair and servicing facilities and a
golf course.

6.  Aman Luxury Hotel and Resorts investing EUR 100mil in the three
Montenegrin hotels they leased on 30 years. Sveti Stefan Island and Miločer
will be managed by Aman, while General Hotel Management (GHM), Aman’s
sister company will manage Kraljičina Plaža Hotel.
Sveti Stefan Island

7.  The METROPOL Group's development project for the Saint Marko
Island, one of the biggest islands in Montenegro, worth 400mil€ . The
resort will be managed by the famous Banyan Tree company
www.banyantree.com
www.metropol.com

8.  Lustica development has started a preparatory work for the construction of tourist
complex on the Lustica peninsula
 Lustica Development AD was founded in 2008. The company is a joint venture between
Orascom Development Ltd. (90%) and the Government of Montenegro (10%). The
plan is to create and operate the holiday resort that offers a wide range of amenities
including 8 hotels, 1,600 apartments, 750 villas, a downtown area with all the necessary
facilities offering shops, schools, medical services; 2 marinas, water sports opportunities, a
conference centre, a Thalassic centre and an 18-hole golf course.
 It is scheduled that the first stage of the project at the end of 2013. The whole project is
worth of 1,1 billion of Euros.

www.lusticadevelopment.com

9.  Qatari Diar, is planning the construction of a new modern hotel complex, at the place
where is now Blue horizon.
Qatari Diar is the biggest investor who ever came to Montenegro and the region in
general, their portfolio in contracted jobs count for hundreds of billion dollar measure.
It is a fund that is owned by the State of Qatar, and the ruling Al-Thani family, it is an
emirate, rather than classical state. The head of the fund, as president of
administration, is Sheikh Hamad bin Jasim bin Jabor al-Thani, who is also Prime
Minister of Qatar, Minister of Foreign Affairs and one of the most influential members
of the royal family. Blue Horizon investment worth 400mil eur
Qatari Diar
www.qataridiar.com

10. Rose-Lustica Peninsula
 The Equest Partners lease on 99years from the Government around
80hecatres on the front line of the sea, and there will be hotel, villas under the
hotel management, all kind of facilities..
 Resort worth 500mil eur
www.equest-partners.com

11.  The development area
comprises some 3.4 million sq
m, and includes around 3 km
of coastline which is believed
to be the last stretch of
available coastline in
Montenegro. The Company's
tender submission proposes a
development which would
include: * A golf course, with
a 4 star golf hotel (400 beds)
and villas (for sale); * A 5-star
beach hotel (500 beds) with
villas and apartments (for
sale); * A 4-star hotel (400
beds) including a Wellness
centre and Spa, with villas
and apartments (for sale);
and * Amenities such as a
casino, a night club, a water
park, around 15 restaurants,
and other communal
facilities.
Valdanos project
The resort is expected to create
between 400 and 600 jobs locally
once complete.

12. Atlas Capital Center
www.atlascentar.com

13.  The project will be developed as a mixed-use project which will comprise of
retail and residential space in order to capitalize on the synergies of all those
developments and to generate additional traffic to the area.
 According to the preliminary plans, Atlas Capital Center will include 12 992 m2
of 90 business apartments (apartments will range in size from 80 to 340 m2),
14 678 m2 office space, 12 625 m2 of retail space and 14 352 m2 will be
reserved for the hotel.
 Total area is 84 600 m2.
 The developer plans include a three level garage space, which will be placed in
an area of 28 995m2, and which will certainly differentiate the project by
addressing the issue of residents’ parking.
 Atlas Capital Center is scheduled for completion in Q1 2010
 Project value:120mil
Atlas Capital Center
www.atlascentar.com

14. On 15.january 2009, VAS Invest signed a memorandum
with Kempinski for building of luxury hotel of highest
standard in locality of Smokvica, 12 km south from
Budva and 5 km from Sveti Stefan. Building should start
in March this year. Russian company VAS Invest will
build hotel and Kempinski will take management over
hotel.
VAS Invest bought last year over 200000 m2 of the land
for 30 million of Eur, together with a bay of Smokvica,
untouched beauty of Adriatic sea. They will build city
hotel with villas over bay, together with sport terrains,
wellness and spa center.Worth of project is estimated to
100 million of Euros.
Kempinski have 110 luxury hotels throughout a world,
some of them are The Emirates palace, Ciragan palace in
Istanbul , Grand hotel in St Moritz…

15. Similar announced developments in Montenegro
 ALT Developments - Maljevik Bay – Bar Municipality
 Royal Montenegro-Golf courses and two hotels
 Hotel As – Perazica Do – Budva Municipality

16. ALT Developments
 Maljevik Bay
 202.000sqm land –planned objects around 260.000 sqm gross
 The plan includes rent-a-villas(50.000sqm), mixed-use and civic building,
apartments units(130.000sqm) and exclusive hotel resort(80.000sqm),
inspired by the historic towns and villages including Kotor and Sveti Stefan in
Montenegro and Cavtat and Dubrovnik in Croatia
 The investment estimated at 150 mil Eur

17. ALT Developments

18. ALT Developments

19. www.houseinmontenegro.com

20. Very low density project - 18 holes golf course with condominium
and villas, five star hotels and club house
Investment estimated at 200mil www.houseinmontenegro.com
www.houseinmontenegro.com

21. Hotel As
 The Russian owned NegaTours is the owner of the As hotel resort in Perazica
Dol. Work is near completion on the six-year project to renovate the hotel,
add extra 14 stories, build villas, three helipads, and a marina for 50 yachts
up to 25 meters. The Total investment will exceed 100m euros
NegaTours Ltd

22. Other developers in Montenegro:
 TriGranit
 Lamda Developments
 The Dorchester Collection Hotel Group
 Restis Group
 Al Nahyan royal family from Abu Dhabi-
First Gulf Bank
Capital Investment
Hydra Properties
 Gintas Group
 Bolici Group

23.  David Stanley Redfern
 Porr
 Strabag
 Delta Group – Real Estate
 Oleg Deripaska – RUSAL
 Roman Abramowich
 Ralph Schumacher

24. Announced tenders-large investments
The €250mn Millennium City Centre will
have a multifunctional hall for congressional
tourism as well as cultural and other events, a
high-class hotel, shopping centers, business
spaces, 1,800 parking spaces and numerous
green areas.

25.  Joint venture project with a Government who owns 75% of the land(1500ha)-
13km long sandy beach,60 to 100m wide.. 10 billion Eur investment
Velika Plaza (Grand Beach)

26.  Tender for 500 hectares of Ada Bojana Island for the development of upscale tourism,
including up to 2,500 hotel beds,to be managed by a recognized international
hospitality brand or brands.
Ada Bojana

27.  Anex Consultancy is a premium real estate consulting & brokerage
company based in Montenegro.
 Our special Focus is on Real Estate developments and investments into
Real Estate sector. Our special mission is to attract foreign direct
investment and facilitate its establishment in Montenegro
 We delivers a comprehensive and flexible range of property related
services including initial screening of the most valuable investment
opportunities, search & acquisition of land, planning, building consultancy,
estate strategy, up to the end user sales.
 Our dedicated team brings together a wealth of knowledge of local
market, people and proven relations with local Governments and
authorities on state level
 Understanding what is happening in the market, where, how and when
gives us the ability to help investors make wise decisions.
 Our strength lies within the ability to deliver rather than to discuss it.
www.anexmontengro.com
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