Reževići land in Blizikuce, Budva Municipality
During 2020, the Group set up a wholly owned company in Montenegro (Hotspot Real Estates Limited) and acquired its first property, which comprises of a land of 10,187sqm. Based on the extract from the relevant zoning plan, the land constitutes one urban parcel, and the Group aims to develop a net development area of 9,500sqm serviced apartments. The site is on the coastal slopes of Blizikuce, benefiting from sea views over the famous Sveti Stefan Peninsula and close to the Crvena Glavica beach.
The project is presently at planning stage, with formal submissions being made to the competent authorities with works expected to commence Q1 2022 and completed in 2023.