Porto Montenegro - Turning a dream into reality
Posted March 22, 2012, 11:29 a.m.
Porto Montenegro - Turning a dream into reality
Located in the heart of Europe’s “southernmost fjord” is Porto Montenegro, a development spearheaded by Canadian gold-mining entrepreneur Peter Munk in partnership with a consortium of international entrepreneurs (and yacht owners) that includes Lord Jacob Rothschild, Nathaniel Rothschild, Bernard Arnault, Oleg Deripaska and Sandor Demjan. Now entering its second year of operation, the project is transforming a defunct naval dockyard in Tivat into a state-of-the-art marina and residential community.
The vision for the development is grand indeed: to rival Antibes, Monaco and Porto Cervo as a premier port for luxury yachts. “This marina will transform Tivat into an international centre of nautical tourism and put Montenegro on the map for all aspiring travellers,” suggests the project’s managing director Oliver Corlette.
To date, the refurbishment of two massive jetties has been completed with three more underway. And while the entire project will take years to complete, the development’s infrastructure investment (more than €100 million to date) sends a clear signal of the confidence that foreign financiers have in Montenegro’s promise and potential.
In an April 2009 Business Week article, Adam Challis, associate director at CB Richard Ellis in London, noted that Montenegro has already enjoyed a 20% annual growth in real estate prices since 2005 and as such, “is fast establishing itself as a high-end tourist destination.”
The marina opened in June 2009 with 86 berths. At the same time, ground broke on the first residential building. “The entire project is equity financed,” says Corlette, “which gives purchasers tremendous confidence. No money from sales is needed to complete construction and buyers receive the added security of an escrow for their payments until possession of their finished residence, a unique proposition in the current market and climate.”
Designed in a style that is sympathetic to the architecture of the historic villages that line the Bay of Kotor, Porto Montenegro promises to maintain a distinctly local aesthetic, reflecting the charm of the neighbouring historic towns of Perast and Kotor, with their Venetian architecture, small piazzas, enchanting alleys and winding cobblestone streets. Porto Montenegro will also feature a contemporary promenade of seaside restaurants, cafes, bars and boutiques.
Perhaps the most significant of Porto Montenegro’s offerings are its berths: the marina will boast more than 600 on 20 metre-wide jetties. Over 130 of these will be home to yachts greater than 30-metres in length.
Residential buyers at Porto Montenegro will have first choice of long-term berth leases and be able to secure a spot for their boat before any are made available to the public; these are expected to sell out quickly. Part of the reason is the investment potential: marina-side residences are among the best performing real estate assets in terms of capital appreciation, and Porto Montenegro’s introductory pricing is well below that of equivalent developments in other parts of the Mediterranean.
A second reason is Porto Montenegro’s unique residential offering: each home comes with the opportunity to license a berth at a 75% discount for the first three years while the project is constructed.
After this, owners have a guaranteed right to a berth license renewable annually, or a long-term lease – whichever suits the owner’s need.
Teuta, the first residential building, sold out in a matter of weeks and is scheduled for completion in June. Two new buildings, Ozana and Zeta are also under construction and on sale now. A further two buildings are expected to follow shortly.
All of these exclusive waterfront residences are designed for indoor-outdoor living, taking advantage of the temperate Mediterranean weather, ample sunlight and the site’s south-western exposure. Many residences have generous outdoor terraces, some with private pools.
Residents will have access to a private yacht club, tennis courts and planned championship golf course nearby. The village’s master plan also includes fresh food markets, a nautical museum and an international school. “We are creating a nautical community complete with every imaginable necessity and desire for yacht owners,” says Corlette.
Adding weight to the Porto Montenegro offering are two planned boutique hotels on Porto Montenegro’s waterfront, sure to bring an additional level of sophistication to the development.
Located between Venice and Corfu, in the heart of the Mediterranean and in the centre of one of the most compelling cruising destinations in the world, Porto Montenegro is expected to be a must visit destination and home to some of the most magnificent yachts afloat.
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