Golden Hillside

Property Overview

Urban planning: residential, hotels, tourism

Plot size: 42.000m2

Plot for sale: 31.155m2

Development: 38.000m2

Type: upmarket villas and/or hotels

Infrastructure: all available near the site

Distance from airport: 21km

Distance from sea: 1.2km

the largest site for development on the Budva Riviera

Opportunity

The Site is about 42.000m2 out of which, by the local urban planning conditions, about 11.000m2 is set aside for internal roads and other infrastructure and therefore is not included in the sale. A total of 31.155m2 is offered for sale on which new developments totalling GBA of 38.000m2 can be developed. The current owners refer to it as the “Golden Hillside” because of the beautiful sun settings which paint the Site in golden-yellowish colours every day.

The current market price for residential properties of this type is between €2.500-3.500 depending on the level of luxury. We estimate the exit value of the project is between €90-120 million. The price of the Site is set at €8,5 million which is less then 10% of the value of the project. Details of our project calculation values are set out in the sale prospectus which we will send you upon your request.

Description

The Golden Hillside development concepts

There are two development concepts with conceptual design shown in the picture gallery as architect’s impressions:

  1. a higher density contemporary design stand-alone residential buildings Ug+G+2 or Ug+G+4 with various size apartments or
  2. luxury classic style villas with large terraces and courtyards.

In the close neighbourhood of the Site other investors have built classic style luxury villas with swimming pools all with commanding view of the Budva town and in the tranquillity and splendour of the hillside. We present photographs a couple of such villas below in the picture gallery.

All villas and apartments will have:

  • Garage space provided for every residential unit, one or more depending on the size of the residential unit
  • Additional parking spaces for visitors
  • Swimming pools and sunbathing areas
  • Green roof gardens
  • Video and other security devices

At the project/Site level

  • Maintenance and upkeep of all properties
  • Maintenance and upkeep of common green and infrastructure areas and facilities
  • Necessary retail and commercial content
  • Restaurants and bars
  • Multi-purpose sport facilities
  • Kids playground
  • A gym and a spa centre

Condo concept applied

A full-service holiday homes or condo home concept may be applied here. Each property represents a condo unit which enable someone to own a full-service holiday home. When they are not using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.

All properties are registered in the Cadastral Registry (Land Registry). The buyer acquires and has a freehold title (private ownership) over the residential unit and the land. The property can freely be sold, charged or inherited.

Financial aspects of the construction site purchase

The current market price for the residential properties of this type for this type of location is between €2.500-3.500 depending on the level of luxury. We estimate the exit value of the project is between €80-110 million.

The price of the construction site is €8,5 million which is about 10% of the value of the project. Details of our project calculation values are set out in the sale prospectus which we will send you upon your request.

Location

The Site is tucked away in the beautiful background the green hills above Budva that provides privacy, peace and enjoyment. The Golden Hillside development is planned as a luxurious gated residential separated complex from the town which in addition to the extraordinary view over the Budva city and the Budva Bay offers exceptional condition for holidaying, resting or recreation.

In the close neighbourhood of the Site other investors have built classic style luxury villas with swimming pools all with commanding view of the Budva town and in the tranquillity and splendour of the hillside. The villas are shown in the Picture Gallery.

It is 10 minutes walking distance to the Budva Old Town and with easy access to the motorway, Tivat Airport, Lustica Bay or Porto Montenegro are all reachable within 30 minutes by car.

About Budva

Budva is the centre of tourism in Montenegro. The town is located in the central part of the Montenegrin Adriatic coast. The city is the centre of the municipal district under the same name. Budva was founded 2500 years ago, is one of the most ancient settlements on the shores of the Adriatic Sea.

Budva by Wikipedia

About Budva by Visit Montenegro

Budva Old Town

The Telegraph - Budva, Montenegro: Secret Seaside

Budva by Lonely Planet

Budva – aerial view

Budva Montenegro–Budva Old Town and beaches

Market

Montenegro is an independent and sovereign country, defined as a “civic, democratic, ecological state and state of social justice, based on the rule of law”. “Montenegro” in Montenegrin means “Black Mountain” which is associated with its wild beauty and natural resources. Montenegro’s natural wealth is very diverse combining mountains and seaside. On one side, the seaside of Montenegro is famous for the Boka Bay and city of Kotor (UNESCO), number of attractive islands, bays and clear water and in which, one of the pre-selected developments, the Portonovi Development is located. On the other side there are numerous mountains with lakes, canyons with attractive sceneries, rivers, all of which represent untouched nature. Considering its size, all these attractions are compactly located very close to each other. There are five national parks in Montenegro: Biogradska Gora, Durmitor, Lovcen, Prokletije and Skadar Lake, as well as several regional nature parks. National parks occupy 9% of country’s territory which makes Montenegro a world leader.

Montenegro's economy is transitioning to a market system. Since regaining its independence in 2006, Montenegro has adopted a legal framework that encourages privatisation, employment and exports. As of 2015, around 90% of Montenegrin state-owned companies have been privatized, including 100% of banking, telecommunications, and oil distribution.

Montenegro uses Euro (€) as the official currency. All borrowings, trades and payments are executed in Euro. Therefore, there is no currency risk involved.

Montenegro is one of the fastest growing tourist destination in the Mediterranean. Tourism development focuses on the luxury and upmarket holiday segment. The Government is trying to develop Montenegro as an all year-round holiday destination.

It is also low cost, low taxation jurisdiction with liberal travel, visa regime and immigration policy. The corporate tax in Montenegro is 9%, VAT 21%. Foreign companies have the same status as Montenegrin companies. Montenegro offers tax reliefs on foreign source income under an extensive network of double taxation avoidance treaties.

Tourism and investment will receive a special boost after adoption of the Montenegro Citizen by Investment scheme which started on 1st October 2018. Wealthy individuals will be able to acquire economic citizenship upon investment in Montenegro which includes residential property purchase.

More about Montenegro as a tourist destination you may learn if you click on the links below:

Montenegro Wild Beauty Tourism Tourist Presentation

Travel Guide: Montenegro

About Montenegro

Over the last 15 years professional investors have invested hundreds of millions of Euros into the Montenegrin Hotel and Real Estate Sector:

Further info

We are sole advisors to the seller We have prepared an extensive sale prospectus for the Site which include legal, design, financial and other relevant information which will help you fully appreciate and assess this Site.

Please note that due to our internal policy we are not entitled to send any materials to personal email (Yahoo, Yandex, Google, etc.) If you have any questions please contact us