Two Towers in Budva: Turkish Investors Trying to Build a Hotel at the Beach

By , 25 Jan 2019, 14:07 PM Business
Two Towers in Budva: Turkish Investors Trying to Build a Hotel at the Beach Copyrights: Way To Monte

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25 January 2019 - The implementation of the largest Turkish investment project in Montenegro, which is the construction of a hotel with two towers with 15 floors, is being prohibited by the Municipality of Budva, yet the Ministry of Sustainable Development and Tourism of Montenegro recently gave its consent to the preliminary design.

However, the question remains whether the investment will succeed, given the numerous problems, including property-legal relations for the land.

The Podgorica-based company "Mia Investments" of the Turkish founders intends to build a five-star hotel at the attractive land complex at the Adriatic Fair, only ten meters from the Slovenska plaža (beach), which would consist of two towers - 15-story solitaire.

Chairman of the board of directors of "Mia Investments" is Sener Ahmet Ozan, while members of the board are Kader Murat, Tito Orfea and Arikan Habip.

The land complex consists of about 8,500 square metres, which is still in the cadastral register registered with the company "Safiro Beach Resort", whose founder is the company "Expom Hotel Partners Limited" based in Cyprus.

The construction of the towers is being prevented by the Municipality of Budva, which opposes building a multi-story building on the coast itself.

In August 2018, the Turkish company submitted a request to the chief architect of the Municipality of Budva to give the consent to the preliminary design, but the procedure was terminated after the Property Protection Secretariat was recognized as a party within the proceedings.

The construction of the two towers in Budva would be the most significant investment of Turkish investors in the Montenegrin hotel business. However, it is known that with the new legal solutions, the builders of 5-star hotels have the opportunity to sell half of the units as apartments for the market. Although a detailed urban plan "Budva Centre" covering this site has been put off for two years, only hotels are allowed to be built within the municipality.

Source: Investitor

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