Montenegro's Lustica Development invests 4.9 mln euro in resort project in Q3 - media

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Montenegrin-based Lustica Development invested 4.87 million euro ($6.7 million) in the Lustica Bay holiday resort project in the third quarter of 2013, local media said on Tuesday.

To date, Lustica Development, a joint venture of Swiss-based Orascom Development and the Montenegrin government, has invested some 35 million euro in the project on the Lustica peninsula, news portal reported, quoting a company statement.

In October, the developer of the Lustica Bay resort project launched the construction of a marina, the government said earlier this month.

The construction of the marina should be completed within two or three years and will have 120 berths, the portal said.

The designer of the marina project is Egypt’s ECMA.

The value of the Lustica Bay project, which will also include golfing facilities and hotels, is estimated at a total of 1.1 billion euro.

($=0.7258 euro)