Luštica Bay boasts two marinas at the gateway to the Adriatic
by Laura Westmacott 28 Jun 2018 15:00 UTC
Luštica Bay: Hotel and promenade © Luštica Bay
A Location Like No Other Offering Exceptional Properties, with The Main Marina and The Chedi Luštica Bay Opening this Summer
Luštica Bay is delighted to announce its two state-of-the art marinas offering 225 long and short-term berthing options. The main marina is due to be operational by this summer and offers accommodation for 176 power and sail boats up to 35 metres in length, and a sizeable secondary mooring area for smaller vessels. In addition to more than 1,500 properties being constructed, the first of the seven hotels, the five-star Chedi Luštica Bay, will open this July.
Located along Montenegro's Luštica Peninsula, Luštica Bay Marina is a state-of-the-art harbour and an ideal gateway to the Adriatic coastline. Set between emerald waters and mountainous horizons, at the entrance to the UNESCO world heritage site of the Bay of Kotor, it provides awe-inspiring access to one of the most coveted sailing destinations in the Mediterranean.
Philip Jones, Head of Orascom Marine Management, who runs all Orascom marinas commented: "We are delighted to be bringing our marina experience to Europe given OMM's track record and experience with projects such as Orascom Development's flagship town El Gouna on the beautiful Red Sea coast in Egypt, where we have three successful marinas. The marina facilities at Luštica Bay don't just offer services and amenities to access fuel and safe harbour for your yacht, they also provide residents and guests with the ultimate luxury Riviera lifestyle."
There is a yacht club with crew facilities, 24-hour yacht assistance and multi-lingual marina team, chandlery, and local repair and maintenance services. Other marina facilities include a sports club including gym, yoga, pilates, and bowling, and access to a luxury swimming pool.
Luštica Bay also offers commercial and private yacht owners a range of financial benefits because as a non-EU country, Montenegro is not subject to EU tax and import regulations. In addition, there is no local VAT to pay when purchasing a boat, tax and duty-free fuel and unlimited berthing, and no custom taxation on all incoming provisions and spare parts.
Enjoying the coastline's 240 days of sun per year, seafarers can venture from Luštica Bay to Montenegro's diverse selection of high end marinas. The city harbours of Herceg Novi, Budva and Bar offer plenty of scope for exploration, whilst the Port of Kotor and Porto Montenegro are nestled within the old-world magnificence of the Bay of Kotor. For those seeking adventures further afar the coastal temptations of Greece, Croatia and Italy are only a short cruise away.
Designed to reflect the style of traditional fishing villages of Montenegro, the main marina forms the very heart of Luštica Bay. The fully-integrated town offers excellent services and a vibrant social hub with restaurants, bars and leisure activities. The destination also offers a wide range of properties, from waterfront apartments, charming hillside townhouses, to exclusive, private villas, and provides a home for healthy and active living on the Adriatic coast. The new Mediterranean community is served by three international airports, Tivat, Podorica, and Cilipi in neighbouring Croatia, which are within easy reach, offering direct flight connections across Europe.
Luštica Bay will feature over 500 villas and townhouses, more than a 1,000 apartments, 7 hotels, one wellness and spa centre, one world-class 18-hole golf course, a conference centre, and year-round amenities including shopping, dining, and educational and medical facilities. Some residents have already been living at Luštica Bay for three years, with 160 apartments in Marina Village now complete, and with more than 200 properties already sold, and the townhouses and villas due for completion this summer.
The first hotel, The Chedi Luštica Bay, commenced construction in spring of last year and will host the official opening this summer, which will mark the second Chedi launch in Europe after the addition of Andermatt to its portfolio at the end of 2013. The Chedi Luštica Bay will be among the largest 5-star hotels in the Boka Bay, offering 110 rooms, 60 of which will be hotel condominiums and part of The Chedi Residences. There will also be two restaurants, a bar, conference and business centre, a heated outdoor pool, spa and fitness centre featuring indoor heated pool and gymnasium and ancillary facilities.
Built on one of the world's most beautiful golfing spots, four holes of the star leisure attraction, the Gary Player-designed golf course and a practice range will be complete during 2018, with an official launch of the Montenegro's first 18-hole golf course expected by the end of 2020. Construction will now also begin on Centrale, a commercial and administrative hub, and a focal point for Luštica Bay's community life at with the first phase completing by summer 2019.
Additional financial benefits of life in Montenegro is that the tax system has become one of the most attractive in Europe with a flat-rate income and corporate tax (9%). Buying and registering property is easy and foreign investors are treated as equals with Montenegrin citizens. Buying and selling is always conducted in Euros, so there is limited foreign exchange risk.
Luštica Bay is quickly becoming one of Europe's most desirable destinations, providing virtually unlimited potential for investors. Whether you are looking for a stunning holiday home, an accessible and secure home port, a savvy rental opportunity, the perfect location for a business, a haven in which to retire, or your new home in Montenegro, Luštica Bay has something for everyone.
About Luštica Bay
Luštica Development AD was founded in 2008 as a joint venture between Orascom Development Ltd. (90%) and the Government of Montenegro (10%). As a subsidiary of Swiss Orascom Development, Luštica Development AD is the national project company responsible for developing, building and operating Luštica Bay and will remain a local partner for generations.
The project site is an inspiring, wonderfully secluded area along the Luštica peninsula, where rolling hills cascade down to an idyllic coastline. Its 690-hectares will be sensitively developed into a fully-integrated, new town in Montenegro with a state-of-the-art infrastructure. It will mark the biggest investment in Montenegro yet (1.1 billion Euros) and after completion will host a few thousand residents, more than 1000 apartments, more than 500 villas and townhouses, seven hotels, two marinas, a signature 18-hole golf course and a range of public facilities including a school and medical facility.
www.lusticabay.com