MILESTONES

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milestones

03.2008

Luštica Development Company Established: Luštica Development AD, a subsidiary of Orascom Development, is the national project company responsible for the execution of Luštica Bay.

10.2009

Orascom signs with GoM: A Share Purchase Agreement of Luštica Development AD between Orascom (90% stake of the share capital) and the Government of Montenegro (10%). A strategic alliance delivering government support for the project, while ensuring a social and economic dividend to the citizens of Montenegro through the master planning of the project and future distribution of share earnings.

08.2010

Project Team Established: A team which has spent two years researching and planning to ensure the project expresses the country’s rich architectural and cultural heritage and integrates with surrounding towns and villages.

08.2011

Master Plan Completed and Approved: The Luštica Bay town is planned to offer 1000+ apartments, 500+ villas and townhouses, seven hotels, a town center, two marinas, an 18-hole championship golf course, a Thalasso Spa Centre, commercial and community facilities.

05.2011

Luštica Development Radovići Office Opened: Luštica Development’s main offices open. Located in the resort, in the Upper Town zone, providing quick access to the Marina Town where the first construction phase is located.

06.2013

Ground-Breaking of the First 10 Apartment Buildings: The start of the first phase of the project, designed with sustainability and a sense of community at the core of its value proposition.

10.2013

Ground-Breaking of the Marina: Marina construction commences. Erected without reinforced steel concrete, the construction follows environmentally sound methods and utilises local materials.


09.2014

100 property contract signed: The majority of the property currently offered is off-plan for buyer’s benefit. A scheme that offers discounted pricing, with the expectation of price increases over the construction period, and access to an advantageous payment plan. It allows buyers to monitor the progress of their new home, to hand-pick their own interior finishings and to discuss further improvements with our Project Team.

02.2014

First Ever Building Permit for a Golf Course in Montenegro: The country’s first golf course is planned for the hillside of Luštica Bay. An 18-hole, championship golf course designed by Gary Player.

01.2015

First Real Estate Units Completed: The first units start to emerge at the greenfield site in Luštica Peninsula. A design that combines authentic, traditional architecture and world-class refinement with contemporary finishings.

04.2015

First Unit Handed Over to Client: 2015 sees the first operational season of the town as the first apartments are handed over to new residents. The exciting beginnings of what is to be Luštica Bay’s flourishing, one-of-a-kind community.

08.2015

The ‘Luštica Bay Summer Launch Party’: Celebrates the first operational season as of May 2015. The momentous event gave guests the opportunity to soak up the beach and ocean views from the future Luštica Bay marina.

01.2016

Parliament approves lease on Mamula project: Orascom is given the rights to renovate the Mamula, a stunning 19th century fortress at the entrance to Boka Kotorska Bay. Conserving its historical architecture and cultural heritage, it will become the first and only Hotel and Spa on the island. 

03.2016

First rooftops installed on F buildings: A cluster of eight F buildings began construction in October 2015. Thanks to mild winter weather, work has progressed exceptionally well and it is with pleasure we see the first rooftop being installed in March 2016.

08.2016

Luštica Bay brings The Chedi to Montenegro: Luštica Bay announced the first 5-star hotel partner with world-renowned luxury hotel brand The Chedi. Set to become the second European hotel of The Chedi brand portfolio, the hotel will operate on a spectacular central position within the Luštica Bay main marina promenade, affording stunning views over the marina and the Adriatic Sea.
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