A partnership between Joud Real Estate Funds and Monte-Mena, both units of Egyptian developer Osoul Group, is developing a 66,000 m[sup]2[/sup] luxury resort on the coast of Montenegro known as Royal Montenegro Grand Resort. Details of the project were revealed Thursday by Colliers International Montenegro, which along with the Colliers Greece, is acting as exclusive consultants for the project.
A partnership between Joud Real Estate Funds and Monte-Mena, both units of Egyptian developer Osoul Group, is developing a 66,000 m2 luxury resort on the coast of Montenegro known as Royal Montenegro Grand Resort. Details of the project were revealed Thursday by Colliers International Montenegro, which along with the Colliers Greece, is acting as exclusive consultants for the project.
Colliers said the resort will feature a five-star, 220-room hotel and conference centre, a casino/night-club, a meg-yacht marina club, spa, gym, villas, lodges and condominiums, as well as commercial developments including retail outlets, restaurants and cafes. The resort will be divided into four distinct zones and will be constructed on a site eight kilometres south of Budva and four kilometres north of Petrovac. It is scheduled to open in 2010.
Colliers said it has opened sales of residential units: ‘palatial’ residences from 756-855 m2, villas sized from 305-480 m2 and sea front condos from 150 m2 to 270 m2.
Osoul Fund Management in Egypt manages Joud Funds. Monte-Mena started operations in 2007, also as part of Osoul Group. It focused on high-end tourist residences and residential complexes along Montenegro’s coastal areas.
