Location: Village of Krtole, Municipality of Tivat, Montenegro on the Adriatic Coast
Name: Island View Resort
No. of Keys:
The Property: The Island View Resort project is located on a 37,206 sqm plot on the Adriatic coast line. Krtole is a small colourful village located in the middle of Boka Kotorska bay. With its tremendous natural beauties, it represents a serene shelter where a precious harmony between man and nature can be achieved.
It’s fabulous landscapes sprinkled with evergreen vegetation, small concealed beaches and an extraordinarily clear, transparent blue sea is just a few of the various treasures which nature endowed this beautiful scenery with.
Typical architecture with traditional Mediterranean narrow streets spreads the spirit of small, tranquil Mediterranean community, where one can reach out the absolute purification of all senses and unique pleasure…
The project involves the construction of two apartment complexes with a total area of 12,506 sqm, which will be built to generate income from the sale of apartments, as well as from providing management services to the owners of built apartments.
The first complex consists of apartments, the owners of which can live in them
permanently, if they wish, or the owners can rent out their apartments, occasionally or
permanently, they can do so without issue and with the help of the resort’s Management Company. The total building area of the first complex according to the plan is 1,912 sqm.
The second complex consists of apartments located in the Condo hotel. According to the
Montenegrin Tourism Law, the owners of these apartments can live in them for no more than 60 days a year, and the rest of the time the apartments must be rented out with the help of the Management Company. The total building area of the Condo hotel according to the plan is 10,594 sqm.
If desired, each apartment owner will have a parking place for his car, as well as an outdoor
terrace overlooking the sea. Both complexes will have a private beach, outdoor swimming pool, and will be surrounded by a beautiful park with a total area of 15,000 sqm.
In addition to finding and attracting guests to ensure year-round occupancy of the apartments, the Management Company will also provide the following premium living services to owners and guests:
Apartment cleaning, laundry service, bedding and towel changes, minor repairs and
Personal concierge, 24-hour reception service, key service; organisation of
table reservations, a range of sport activities and courses, excursions and transfers.
Childcare and a special children’s entertainment programs, babysitting.
Spa treatments, massage, sauna, steam bath, wellness, gym.
Main Photo: The Island View Resort
Brand/Management: Open to purchaser
Current Owner: Navit Management
Financials: For the implementation of this project, an investment of €9.636.000 is
required. Project total payback period: 5 years. Profit for investor after 5 years: €7.195.000 euros. Return on investment: 75%. In addition, it is important to note that after the completion of construction and sale of apartments, the investor for many years will receive regular income from the activities of Management Company by providing management services to the owners of the apartments. Full business plan available.
Agent: Navit Management in partnership with THPT
Date Posted: November 2019
THPT Comment: A fab opportunity to acquire the development project in Montenegro, a spectacular, increasing in demand resort in The Balkans.
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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.