The Montenegrin government has approved an urban plan for the construction of another exclusive resort on the peninsula in Lustica.
This is a significant project for the state, because, according to the Central Depository Agency (CDA), the state of Montenegro owns 7,19% of the equity capital of the development in Lustica, while Orascom owns 92,7% of the company's shares. In accordance with the instructions of the higher plan, the preparation of technical documentation for the objects of the tourist resort, designed for 150 places of the highest category, was allowed.
The lease and construction agreement was concluded on October 23, 2009 between the Government of Montenegro, the Municipality of Tivat and the Luštica Development Company Podgorica on the basis of the Resolution of the Parliament of Montenegro on the long-term lease of land on the Lustica peninsula. The agreement entered into force on October 11, 2013.
The territorial plan of the city of Tivat provides for the development of the tourist complex Luštica as a completely new urban area on the shores of the Trashte Bay with a total capacity of 16 places.
At the first stage, Luštica Development includes 1 hotel rooms, 610 apartments and 1 villas with a total capacity of 300 people.