Orascom Development Holding AG plans to build a fully integrated town covering a total area of 6.8 million square meters in Lustica, in the municipality of Tivat on the Mediterranean’s Traste Bay.
The project will create 2,350 residential units, hotels, a town centre, a marina on the Adriatic Sea and an 18-hole golf course. The first phase is expected to be open by 2015.
Orascom Development will retain a 90 per cent stake in Lustica Development AD Podgorica, while the Government of Montenegro will hold the balance. This project is Orascom Development’s third in Europe and is a further extension of the company’s integrated town model. Now operating in nine countries including Switzerland, United Kingdom, Egypt, Oman, Morocco, UAE, Mauritius, Jordan and Montenegro, the group portfolio covers approximately 141 million square meters.
Orascom Development’s flagship town is El Gouna on the Red Sea, Egypt. It celebrated its 20th anniversary in 2009.