Negotiations representatives of the Government of Montenegro and the Swiss Orascom long-term lease for the Mamula Island coming to an end and it is almost certain that the investor, which will build on the peninsula Lustica exclusive RESORT, this project adds an island at the entrance to the Bay of Kotor.
The company Lustica Developmnet, which is in charge of Orascom investments and project of Luštica Bay on the nearby peninsula of billion euros, has offered the Government that Mamula on the island of Swallow leases to 49 years at a cost of 1.5 euros per square meter and the sea surface of the island at a cost of 90 cents per square meter. It is, as stated, 50 percent more than what the government has ordered a minimum in the tender for the lease of the island. Government tender anticipated lease period from 30 to 90 years.
Orascom’s plan is that the remains of the old fortress Mamula built the hotel while maintaining the basic appearance recognizable buildings, and that once prison cells to convert into apartments, with the spa offers. Orascom is also planning to build the harbor to make guests safely boarded and left the island. The total investment is estimated at 15 million, but there are estimates that this sum will exceed, given that the island currently has no water and power supply infrastructure.
From Orascom promise to keep the basic shape of the existing fort that the island will be available to all guests who will want to visit and that the construction will be in compliance with the existing environment, as well as modern trends of construction.
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