Maljevik Project to Improve Quality of City of Bar

By , 26 Apr 2019, 17:39 PM Travel
Maljevik Project to Improve Quality of City of Bar Copyrights: Maljevik Project Bar Draft

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25 April 2019 - Councilors in Bar have adopted the agreement on mutual rights and obligations of the municipality and Sonuba Montenegro company regarding the Maljevik project.

Using this agreement, Sonuba Montenegro is obliged to invest from 30 million to 60 million EUR since the commencement of works. Dušan Railević, president of the municipality, has reminded of the tumultuous history of this project.

“Unfortunately, in the last eight months, the local administration has been dealing with the issue older than ten years. Maljevik has had a tumultuous history and changed the owner three times. In each case, planning documentation has envisaged the construction of hotel structures with an area of 249.000 square meters. We missed a very good opportunity in 2011 and 2012. The degree of construction could have been reduced following the principle of exclusivity. I have said this was the project of the century. And it really is,” said Raičević.

The project itself is proof of the investors’ huge interest.

“To pay 11,5 million EUR for a project that is about to start – it is a big deal,” said the head of the municipality of Bar.

According to him, Maljevik was the best project that the municipality has concluded in the last 50-60 years.

“If we managed to sell the land for 32 million EUR, it is because we were not aware of the problem that it might arise. Investors even less so,” said Raičević.

How did residents of Sutomore benefit from the sale of Maljevik? Raičević said that 24 residents had a profit of 6,4 million EUR based on restitution.

Asked if there are any guarantees for the work, Raičević said that the enforceable and final judgment was the best guarantee.

“Was it necessary to request a bank guarantee on the occasion of the conclusion of the agreement? Probably. But if you had an investor that paid 32 million EUR immediately, what guarantee did we need? What other guarantee? The investor has been settling liabilities on a regular basis, and between 2010 and 2018, the investor paid 550.000 EUR based on the real estate tax,” concluded Raičević.

Source: Cafe del Montenegro

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