Portfolio

Ultimate Montenegro Ltd

Ultimate Montenegro is a Real Estate Investment company

based in Montenegro and London.

Ultimate Montenegro is the property adviser to Montenegro

Investments Ltd, a closed-end investment fund listed on the

Channel Island Stock Exchange (CISX). The fund is
audited by KPMG in Montenegro and in Guernsey.
Ultimate Montenegros primary focus has been to acquire,

consolidate/package and re-zone land assets into scalable

project pipelines for future real estate development.

Contents

The Ultimate Montenegro Portfolio

Asset Locations

Zoning Status

Why Invest in Montenegro?

11 Coastal Portfolio
19 Rural Portfolio
27 Mountain Portfolio
33 Lake Portfolio
38 Yielding Assets
40 About us

Montenegro
With a population of only 650,000, Montenegro is the smallest country
in the Balkan peninsular. This stable, independent and democratic
state on the road to EU membership, is one of the most attractive
development opportunities in Europe. Situated on the southern tip of the
Dalmatian Coast; it is an ideal tourist destination. Although compact, it
has significant ecological, heritage and cultural resources, a beautiful
coastline, charming renaissance towns and some of the most dramatic
UNESCO protected scenery in Europe. With the political and economic
focus on luxury tourism development, Montenegro is set to stand
out from the crowd.
MONTENEGRO

The Ultimate Montenegro Portfolio

The Ultimate Montenegro Portfolio is for sale in its entirety or
on the basis of one or more assets or packages as set out below.

Portfolio Structure

m2
Large-Scale Coastal Projects
Medium-Scale Coastal Projects
Restoration Projects
Rural Lake Projects
Mountain Projects
Commercial Projects
Land Bank Portfolio
Yielding Assets
TOTAL
Left: Sveti Stefan.

Total Area
%

410,062 m2
125,568 m2
269,980 m2
686,207 m2
286,908 m2
9,747 m2
957,351 m2
181 m2

15%
5%
10%
25%
10%
0%
35%
0%

2,746,004 m2

100%
3

Bosnia-Herzegovina

Serbia
PLUZINE

Asset Locations
With a Total Land Area of (TLA) of 2.8 million m2,
the Ultimate Montenegro Portfolio offers access
to a diversified investment pipeline of lifestyle
development opportunities, primarily residential
and/or freehold-tourism property. The assets are
located throughout Montenegro from the prime
Adriatic Coastal areas via the rural Lake Skadar
region to the ski resorts in the northern mountains.
Investment Strategy
Ultimate Montenegros primary focus has been
to acquire, consolidate/package and re-zone land
assets into scalable project pipelines for future
real estate development.
The five key phases of the Land Value enhancement
process are identified as follows:
Acquisition of Raw Land
(legal due diligence and ownership status).
Re-Zone for Development.
Master Plan Approval.
Detailed Building Permit.
Fund Exit.
Different assets are at different stages of the zoning
process, so the growth and development strategy of
the business allows for a variety of acquisition/exit
modes and structures to be considered and valued
accordingly.

ZABLIAK

BIJELO POLJE

31

32

Coastal

Rural

Mountains

Lake
Skadar Estate

36 l

Lakeside Cottage

37 n

Lakeside House

37 n

Bay Tree Estate

1l

Belvedere Estate

21 l

Koslasin Mountain Village 29 l

Blue Horizon

2 l

Vineyard Estate

22 l

Koslasin Peaks

Budva Hillside

3l

Buljarica Bay

4l

Belvedere Cottage

21 n

Zablijak Ski Apartments

Castle Land

5l

Orchard House

21 n

Zablijak Mountain Village 31 l

Kotor Bay Tree

6l

Church House

21 n

Kotor Woodland

6l

Hamlet Cottage

22 n

Moraca Valley

33 n

Lustica Bay View

7l

Hilltop

22 n

Loven Mountain Retreat

34 n

Mirac Village

8l

Meadow Cottage

22 n

Oak Village

9l

White Cottage

22 n

Koslasin Retreat

30 ;

BERANE
29

30 l

Koslasin Ski Apartments 30 l

31 l

Oceans Edge

10 l

The Lodge

22 n

Koslasin 360

30 ;

Rezevici Coast

10 l

Church Valley

23 n

Koslasin Hillside

30 ;
32 ;

Villa Adria

10 l

Pond House

24 n

The Canyon

Ponte Village

11 l

The Guard House

24 n

Lovcen Mountain Meadow 34 ;

The Reef

12 l

Valley Cottage

25 n

Lovcen Mountain Village 35 ;

Valley House

25 n

ANDRIJEVIKA

Montenegro

Croatia
GRUDA

13

7n

Vine House

27 n

15 11

Olive Grove Cottage 13 n

Vista Lodge

27 n

14

Villa Petrovac

16 n

Church Woods

21 ;

Sunset House

17 n

Orchard Meadows

21 ;

Sunset Cottage

17 n

Hamlet House

22 ;

Ljuboutin Woods

22 ;

2 20

PODGORICA
35

CETINJE 27

23

21 24

BUDVA

22

3
17
10

22 ;

Milk House

18 s

Hamlet Meadows

22 ;

River House

18 s

Hamlet Brook

22 ;

Lodge Meadows

22 ;

Key to Symbols

Hunting Land

22 ;

l Projects

The Orangery

19 s

White Woods

22 ;

n Restoration Projects

Industrial Land

20 s

Pond Meadow

24 ;

; Land Bank

Commercial Land

20 s

Riverside Meadows 25 ;

Adriatic Sea

28

36
37

25

SKADAR
LAKE

16
4

Half Woods

28 ;

18 s

Fig Tree Farm

KOTOR

12

Fountain Square

Stari Grad Apartments 18 s

34

18

7 TIVAT

The Lustica Estate

Belvedere Meadows 21 ;

19
6

26 n

15 n

Albania

BAR

s Yielding Assets

Airports

ULCINJ
4

PLAV

RISAN

HERCEG
NOVI

The Retreat

The School House

33

26

DUBROVNIK

7n

14 n

KOLASIN
30

NIKSIC

Olive Mill Estate

Ponte Villa

MOJKOVAC

SAVNIK

Zoning Status
Zoned Development Projects

Restoration Projects

Ultimate Montenegro has a substantial existing

The Ultimate Portfolio also contains a

portfolio of greenfield Zoned Development

unique valuable assembly of traditional stone

Opportunities with a total land area in excess of

buildings for restoration. Beyond the aesthetic

600,000 m2 (representing a Gross Development

attributes, the attractiveness of this asset class

Area (GDA) of more than 300,000 m of build).

also relates to the embedded planning status

and certain tax advantages.

In general, Master Plan Approval for the
majority of these zoned projects is anticipated
within the next 1-12 months.

In addition to the planning status provided

by the existing structure, the zoning status of
a number of the projects allows for significant

Pre-Zoned Acquisition Opportunities

additional (complimentary) build density on

the sites.

Ultimate Montenegro has a substantial

active land pipeline of pre-zoned acquisition
opportunities with a total land area in excess
of 1 million m2 (representing a potential GDA
of more than 250,000 m2 of build).
A number of these assets will be re-zoned
to achieve Development Status within the
next 12 months.
In addition to this active pipeline, the portfolio
has a significant Land Bank. The Land Bank
assets are generally characterised as being at
the very early stages of the zoning process,
within approval cycle of 1-3 years.

Why Invest In Montenegro?

Montenegro is a competitive and dynamic

Economic growth at 7-8% p.a., driven

destination with the clear strategic objective

of developing a sustainable tourism portfolio

EU accession expected by 2014 (EU

whilst protecting its dramatic and beautiful

natural resources.

A massive EU funded infrastructure

The Virtuous Circle Sustainable Growth

Virtuous Circle

by Tourism demand (+15-20% p.a.).

Funding & huge infrastructure upgrades).

programme is already underway roads,

airports, electricity, water.

Foreign Direct Investment (FDI) one of

INFRASTRUCTURE
UPGRADES &
DEVELOPMENT

EU ACCESSION FUNDS

Since the adoption of the Euro currency in

highest globally (per capita) Middle East

2002 and the ensuing independence from

& Russia most active current investors.

Serbia in 2006, Montenegro has aggressively

A very favourable tax regime (Corp tax at 9%).

pursued its twin policy goals of:

Very low local exposure to the global

1. EU membership projected for 2014

MONTENEGRO

STABLE DEMOCRACY

SUSTAINABLE ABOVEAVERAGE GROWTH

(with Euro currency
and low taxes)

credit crunch mortgages as % GDP

at 2.2% (SEE av. 9.4%; EU av. 50%).

(SAA signed Oct 2007).

2. Tourism growth re-branding as a

Micro

luxury leisure destination (by growth,

Re-branding as a luxury destination

Montenegro is already ranked in the top

5 tourist destinations globally).

Creation of development clusters

(Porto Montenegro, Four Seasons, Aman).

as the key driver of the luxury growth model.

A virtuous circle is now in place, underpinned

Conservative zoning & planning framework,

by a significant programme of large scale

infrastructure investment.

Structural advantage of a natural landscape

The Development Landscape A Summary

limiting overdevelopment.
that physically restricts the supply.

Current market is characterised by strong

demand but low supply of high-end

Macro

product, creating potential investment

Political and economic focus on the

opportunities with attractive

risk-adjusted returns.

Tourism & Leisure sector.

Stable macro-economy with strong budget

Left: Budva Old Town.

stance and moderate public debt

(S&P BB positive).
9

Coastal Portfolio

Coastal Portfolio
The Coastal Projects Portfolio comprises a

As a consequence of the diverse coastal

diverse number of prime development zone

locations, together with the specific zoning

locations along the length of the Adriatic

characteristics of each site, the Coastal

Riviera from Lustica via Kotor Bay to Budva

Projects Portfolio provides exposure to the full

and beyond.

spectrum of market segments. The Portfolio

is also positioned to benefit from the inevitable

The Portfolio is well positioned to take

value-migration from the coastal frontline to

full advantage of the selective Tourism

the coastal hinterland (as witnessed along the

Development Strategy that Montenegro is

South of France and Spain for example). The

actively pursuing. The most significant of

sites range from 1,000 m2 to over 200,000 m2.

the developments is Porto Montenegro

(in association with the Four Seasons Group),

The Zoning and Master Plan Approval timelines

the largest luxury/mega yacht marina on the

also vary according to location, within a typical

eastern Mediterranean with over 700 berths.

cycle of 3 months to 2 years. In general, the

majority of the Ultimate Coastal sites are
already zoned for development and are at
an advanced stage of the Master Plan
Approval process.

Views of the coastline of Montenegro.

12

13

Oak Village
E80

Bijela

Herceg Novi
E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

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Oak Village

A significant standalone restaurant will be developed

Oak Village is one of the largest and most dramatic

in the largest of the village ruins. It is envisaged that

development projects on the coast of Montenegro.

the local community will become integrated with

Set high on the terraced slopes of a mountainous

this regeneration process, providing fresh vegetable

valley overlooking the Adriatic Coast, the Oak Village

produce, traditional home-made cheeses, smoked

development site is a naturally framed amphitheatre.

hams, wines and the local grappa.

The natural topography is such that every part

Radovii

ADRIATIC SEA

Project Description

of the site provides exceptionally beautiful views

Design & Construction

towards the open sea, the famous Jaz beach and

The nature of the sloping site will result in a

surrounding Lovcen mountains.

development which sits naturally within the

landscape, giving the overall appearance of

Lastva

Budva

The design of the site is inspired by the presence

a traditional Mediterranean hillside village.

of a unique rural Montenegrin stone village (Zecevo

Together with the use of traditional materials

Selo) perched high on the valley slopes. This

and characteristic architectural language, the

picturesque authentic village will be restored to

rural authenticity and heritage of the development

create a retail hub for the development, with a

area will be maintained.

concentration of cafs, bars and shops.

Total Land Area

213,540 m

Gross Development Area

92,307 m

Urban Status

Development Zone:
Tourism / Residential

Development Concept

Luxury Villa & Apartment

mix with spa/club

Site Plan

A significant percentage of the terrain is agricultural

Infrastructure & Transport Access

Although the immediate district is not currently

terrace supported with stone dry walls. Much of

The site is approximately a 10 km drive from the

connected to mains water and waste, as part of the

the construction will be concentrated in these

coast via the existing 3/4 lane Adriatic Highway,

urbanization program of this designated zone, the

areas. The gradient of the slopes is between 16-35

however 2 km as the crow flies. To facilitate the

local Municipality (Budva) is obliged to provide the

degrees, but mostly below 20 degrees. The slope

proper functioning of the new development, new

necessary services and infrastructure appropriate

of the terrain allows for three storey buildings, with

local access roads will connect all parts of the site

to anticipated future demand.

open views to all. The residential development will

with the existing road and wider area.

take the form of village clusters around communal

pools and terraces.

The development site is supplied by numerous

Electric and telco cable networks serve the area.

natural water sources. The regulation of the water

The site is located near to the central electricity

supply will be facilitated by capturing the natural

hub which services the entire coastline.

water at source and storing in strategic reservoirs

above the development.

14

15

Oceans Edge - Rezevici

E80

Bijela

Herceg Novi
E65 E80

E80

E65
BAY OF KOTOR

Kotor

Tivat
E65

Rose

Lustica

Radovii

E80
E65
ADRIATIC SEA

Lastva

Budva

Rezevici

This exceptional site, perched on a cliff edge with

Development Concepts

dramatic coastal views, sits on gently slopping

A luxury apartment complex offering 44 apartments

open grassland and provides the ideal location

and one villa with a communal gym, three pools

for an exclusive apartment development.

and a pool bar.

Project Description

Project Location

The planning concept is to create a luxury

Oceans Edge, Rezevici is one of the most desirable

apartment complex and one two storey villa.

locations in Montenegro. Sitting proudly on the

The site is situated immediately off the main coastal

Budva Riviera, 2km from Petrovac, Oceans Edge

highway and is perfectly orientated towards the

has outstanding views out across the Adriatic and

South-West, providing sun, spectacular sea views

the coast of Montenegro.

and dramatic sunsets.

Oceans Edge

Tivat Airport is only 25 km from Rezevici and the

lively town of Budva is 15 mins drive.

Total Land Area

7,905 m

Gross Development Area

6,829 m
(Including underground parking)

86% density

Site Plan

Above: Computer generated images of proposed development.

Left: Views of and from Oceans Edge.

16

17

Rural Portfolio

Rural Portfolio
The coastal hinterland region of Montenegro

from the coast, Lake Skadar and Podgorica

is one of the countrys best kept secrets.

the capital; as a result of this, we expect to

Lush valleys with beautiful scenery house

see significant growth in this region in the

olive groves and vineyards, which are a

coming years.

recurrent theme.
We have packaged a portfolio of land and
This area of Montenegro, which is only a 20

restorable properties in a number of charming

minute drive from the Adriatic, is equidistant

villages that stretch the full length of this valley.

Views of the Montenegrin Countryside.

20

21

Church Valley
Project Description

It has been proposed that most of the existing

only a 10 minute drive to the Adriatic coast and its

This Project is more of a renovation (reconstruction)

landscape will be preserved, with added indigenous

beaches. It sits in the middle of existing farmland

than a new designed development.

trees, shrubs and flower beds. Both buildings will

Church Valley is a rural location in Glavati although

E80

Herceg Novi

Site Plan

with old stone houses and indigenous flora. This

Bijela

E65 E80

E80

E65

Kotor

Tivat

BAY OF KOTOR

be built as stone houses with duo pitched roofs

property is so called as it is in the unique position

It is proposed to build two houses, one larger

and Mediterranean (Roman) tiles in the traditional,

of being surrounded by five churches.

luxury villa and one smaller guest house on this

authentic style of the area.

E65

Rose

Lustica

site. The existing circular stone structure guvno

Radovii

Church Valley

E80

The ruin site is easily accessible from Budva and

is well preserved and can be renovated as an

Infrastructure & Transport Access

Tivat airport and is a 5 minute drive from Jaz beach

arbour or gazebo. On the lower part of the site

A newly built road and pathway connect the site to

which has played host to international concerts.

(the meadow) a large swimming pool with an

the main road. Electrical and phone/internet/cable is

arbour as a landscape feature and shaded area

available. There is currently no sewage connection.

The area is a traditional farming community and

is proposed. The access to the site is from the

There is no mains water. A water supply will have to

the village is designated as a protected zone by

existing road on the South-East side with a new,

be pumped into home from rain water storage tank.

the heritage department of Kotor Municipality.

stone-built arched gate. There will be four car

E65
ADRIATIC SEA

Lastva

Budva

parking spaces with direct access to the road.

Site Description
The site is rectangular and gently slopes towards

The two storey villa is constructed on the footprint of

Plot Size

1894 m

the North-West. On the upper part of the site there

the existing main and ancillary buildings, connected

Existing Building Footprint

167 m

are three ruins. One is the main building with an

together to make one house. There will be a newly

Proposed Building Footprint

312 m

ancillary building adjacent to it. The ground floor,

designed spacious ground floor, and formal living

Proposed Total Build

533 m

external stone walls, and staircase of the main

Artists Impression

room. The main view faces the North-Westerly

building have been preserved. The ancillary building

direction with views of the meadow and swimming

is the best preserved with original Mediterranean

pool. In front of the villa is a large open terrace and

roof tiles and the footprint of the third building has

formal garden. On the South-East side, one could

also been preserved; this was previously the farm

plant a good sized winter garden.

building. The original village guvno still remains on

for threshing grains and also was the meeting point

The two storey guest house is a smaller 3

bedroomed building, adjacent to the house with

for the village.

a lovely large open terrace and formal garden.

the site. This is a stone built circular structure used

The lower part of the site is almost a flat meadow

surrounded with trees and shrubs. The intention
Artists impression of the Church Valley development.

is to preserve as much as possible of existing

site layout.

22

Ground Floor

First Floor

23

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Vineyard Estate

B ij

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between Cetinje town and Skadar Lake. The

E65

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Site Plan

The Vineyard Estate is situated in the rural valley

Kotor

proposed development looks to regenerate existing

CS

vineyards of this lush and plentiful area and make

EA

E80
E65

a luxury village with spa, swimming and tennis facilities.

E765

E80

Budva

Podgorica

Project Description
This rural location is surrounded by hills and
orientated longitudinally North-South with open
views to the mountains. The design of the site is

E65

inspired by traditional Montenegrin stone village

Vineyard Estate

houses, typical of this region. The Vineyard Estate

Skadar Lake

concept is based on similar developments in Italy,

France and South Africa, where vineyards are
utilised for the Tourism and Hospitality industry.
Design and Construction

Total Land Area

265,679 m

The site is divided into three areas. A country club

Gross Development Area

19,680 m

hub with Spa and recreation facilities, a boutique

hotel with high-end restaurant and a residential
development. The residential development will
have access to swimming and tennis facilities.

External treatment of all buildings will include the

The bulk of the development will be characterised

Environmental and Sustainable Development

use of thick local stone walls to the South and West,

The development density of the site has been

with those to the North and East in contrasting

set to 20%. This policy reflects a strategic aim

by luxury villas nestled between the vineyards. This

is part of regeneration project for vineyards which

Section Elevation

render. All lower ground walls, balustrading, stairs

to minimize ecological impact and allow for

are disappearing in this valley. As it is an integral

and paving will be of local stone, with traditional

sustainable development.

part of this development, the vineyards and winery

roman tile roof coverings.

will serve the guests of the Vineyard Estate.

The proposed development is set within well

established woodland, orchard and vineyards.
Given this rural setting, it is imperative to retain
as much of the existing landscape, native trees
and bio-diversity as possible. Much of the existing

Artists Impression

woodland can be retained as a screen to the North

and East. The existing vineyard will be revitalized
due to its important local significance.

24

25

Mountain Portfolio

Mountain Portfolio
The terrain of Northern Montenegro is

Montenegro is in the process of re-developing

mountainous and the municipalities of Zabljak

and expanding its two principal mountain

and Kolasin are considered to be the centres

resorts, Zabljak and Kolasin, which flank both

for Montenegros winter tourism. Snow fall is

sides of the countrys northern region. Ski

heavy here in the winter months but in summer

facilities are operational in both resorts, in

the weather is glorious and these regions are

particular Zabljak (the highest town

perfect for those who enjoy the outdoors with

in the Balkans).

challenging hiking and mountain-biking trails.

The North of Montenegro also boasts the

Access to both destinations will be greatly

second largest canyon in the world.

enhanced by new major road networks that

are currently being built, providing direct, high
speed connections with the coast and main
airports. This infrastructure programme is the
catalyst for rapid development and growth of
these mountain regions. Ultimate Montenegro
has significant land holdings in both regions.
The new road network will also open up
other beautiful areas of the Wild Montenegro
interior, such as the Savnik Canyon (an Ultimate
Montenegro asset).

Left: Tara River.

Above: Mountain Views.

28

Above: Durmator Mountains.

29

OR

Kolasin Mountain Village

Kolasin Mountain
Village
Niksic
E80

E765

E80

Tivat

Podgorica

E65

Kotor

ii

Kolasin

E80
E65
Lastva

Budva
E65

Skadar Lake

Kolasin Mountain Village is situated approximately

Infrastructure and Transport

2 km from the centre of Kolasin, creating easy

There is electricity on this site but a new sub-

access to this beautiful area. The site is North-

station will have to be built in order to service the

facing with fantastic mountain views as well as

area. Proper road access to the site will need to be

views across the sloping Kolasin meadows

built as well as a water supply, however the area is

and woodland.

extremely rich in natural water sources making this

Site Plan

a simple task.
Project Description
Kolasin Mountain Village is divided into three

Environmental and Sustainable development

areas. The upper central part of the development

The development density of the site has been

will be the Village centre with indoor and outdoor

set to 40%. This policy reflects a strategic aim to

pools, saunas, bowling alley as well as shops and

minimize ecological impact and allow for sustainable

restaurants. A sports centre with tennis courts in

development.

the summer and ice rinks in the winter will sit on

The proposed development is set within well

the second meadow area of the development.

established woodland and meadows. Given this

The main development will consist of traditional

rural setting, it is imperative to retain as much of the

Total Land Area

92,753 m

style log cabins, stone built ground and lower

existing landscape, native trees and bio-diversity

New Development Area

36,300 m

ground floors with timber construction on the

as possible. Much of the existing woodland can be

New Build density

33%

first and second floor and loft.

retained as a screen to the East of the site.

Luxury as well as mid to low range apartments will

be positioned around the rest of the site.

Section Elevation

Section Elevation

Views across Kolasin.

30

31

Lake Portfolio

Lake Portfolio
Skadar Lake
Skadar Lake is located in Zeta-Skadar valley

Travelling to the Skadar region one cannot

divided between the Municipalities of Bar

help but notice the beauty of the area, with its

and Podgorica. Two thirds of the lake is in

overgrown banks, bays, capes and islands. It is

Montenegro and a third in Albania. This unique

the perfect holiday destination with mild winters

lake is 391 km2 and is the largest lake on the

and dry, hot summers. The Adriatic Sea is only

Balkan Peninsular. The Montenegrin part of the

20 mins drive from Skadar Lake accessed

lake (40,000) hectares was declared a National

through the newly built Sozina tunnel.

Park in 1983 and is exceptionally rich in flora

and fauna as well abundant marsh vegetation.

Our assets overlook this stunning lake setting

It is one of the largest bird reserves in Europe,

within the Skadar Valley.

having 270 bird species, amongst which are

some of the last pelicans in Europe, and is
abundant in fish (especially carp).

Skadar Lake.

34

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The Skadar Estate

B ij

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Kotor

E65

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EA

E80
E65

E765

E80

Budva

Skadar Estate

Podgorica

Nestled in a mountainous valley overlooking the

Project Location

beautiful Skadar Lake, the development offers a

Skadar Lake is the largest lake in the Balkans.

rich variety of accommodation within exceptionally

The landscape surrounding the lake is breathtaking,

beautiful natural surroundings. The development

dotted with small, picturesque villages. The climate

includes a 5-star luxury Hotel and Spa, terraced

of the Skadar Valley makes it the perfect holiday

houses under planted roofs and luxury villas that

destination with mild winters and hot summers.

are arranged organically along the contours of

Tourists come to this region to enjoy fishing and

the landscape.

swimming in the lake. In addition, the Adriatic coast

is a mere 20 minutes drive from Skadar via the
newly built newly built Sozina tunnel.

E65

Views of Skadar Valley and The Skadar Estate.

Section Elevation
Skadar Lake
Development Concept

Environmental & Sustainable Development

A mixed use development including a 5-star Luxury

The proposed development is set within a well

Hotel and Spa, luxury villas and terraced houses.

established wooded valley. It is imperative, within this

setting, to retain as much of the existing landscape,

Infrastructure & Transport Access

trees and bio-diversity as possible. Minimal cutting

Access to the site is gained from an existing road

of trees is foreseen, with the luxury villas positioned

along the northern edge of the site. New paved

where possible around existing trees.

vehicular routes feed off this existing arterial into the

development. The new roads culminate in private

The development density of the site has been

driveways for each residential unit and outdoor

limited to 19%, which reflects the aim to minimise

parking courts and basement parking for the

ecological impact. Furthermore, the introduction

Hotel and Spa.

of planted roofs over the terrace houses and

hotel building will substantially reduce the built

The development site is supplied by numerous

impact of the development on the site, with green

natural water sources. The regulation of the water

roofs covering more than half the development

supply will be facilitated by capturing the natural

on the site.

water at source and storing it in strategic reservoirs

above the development. To maintain the availability
of sufficient potable water, a rainwater harvesting
system will be used for grey water systems,
maintenance of swimming pools and
landscape irrigation.
36

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Yielding Assets The Orangery, Perast

Ultimate Montenegro Ltd has 5 yielding assets

The Orangery is a charming, waterfront, 4 bedroom

in The Portfolio, the best example of which is

villa in the heart of this chic part of Montenegro.

The Orangery in Perast.

It has a courtyard in the front of the house that

could be used for parking, or one could erect a

The Orangery, Perast

single storey building for which outline planning has

Perast is well known as being the most desirable

been granted. At the back of the villa is a terraced

location in the UNESCO protected Bay of Kotor.

garden, complete with barbeque area and sun

This immaculately preserved Venetian town

deck. The shoreline of the Bay is only 10 m from the

is steeped in history, boasting 16 Baroque

front door, providing immediate access to a wide

palaces, 9 defensive towers, 16 Catholic and

range of water sports and activities (swimming/

2 Orthodox churches.

snorkelling, sailing, water/jet ski, fishing).

Artists Impression
View of Perast.

Floor Plans - Ground Floor

38

First Floor

Second Floor

39

About Us
The team are senior property investment professionals, with a blend of local knowledge and
international experience who have identified a unique development opportunity in Montenegro.
Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the
country with diverse development opportunities.
Our specialist local team have carried out the necessary legal and planning due diligence for
each asset. We offer consolidated land packages with zoning and planning consent and an
on going local implementation support.
Michael Ward, Kotor, Montenegro
Michael began working in the
Investment Management industry in
1988, after graduating from Oxford
University. With 22 years of industry
experience of which 8 years in the
Balkans, Michael has managed
investment portfolios specialising
in Eastern Europe faor various
institutions, including Head of EMEA
Equity at HSBC Asset Management,
TCW Asset Management and ABN
Amro. In 2000, he was ranked No.1
Investment Advisor in Turkey and No.2
in both Poland and Hungary (Reuters
GEM survey). In 2005, Michael was
appointed Director of Montenegro
Investments Limited (MIL), a CISXlisted closed-end real estate company
and one of the largest foreign investors
in Montenegro to date. Michael is
responsible for the implementation
of the groups Strategy, Research
and Marketing activities. Michael
has a working knowledge of the
Serbian/Bosnian languages.
mward@ultimatemontenegro.com

Amra Ward, Kotor, Montenegro

Amra began working in the investment
industry in 1996, after obtaining
a Masters Degree in Advanced
Mechanical Engineering from Imperial
College, London. As an Eastern
European investment specialist, Amra
has worked for a number of blue chip
institutions such as Merrill Lynch, TCW
Asset Management and ABN Amro.
In 2002, Amra acted as Advisor to a
UK FTSE-listed real estate company
regarding Western Balkan acquisitions
and privatization activities. In 2005, as
the Director of Ultimate Montenegro
Ltd, Amra was appointed Advisor to
Montenegro Investments Limited (MIL),
a CISX-listed closed-end real estate
company. Amras local knowledge and
extensive network is the principal driver
behind the groups Commercial
& Urban Planning programs. Amra
is fluent in English and her native
Serbian/Bosnian.
award@ultimatemontenegro.com

Chris Kemsley, London

Chris started his own property
consortium in 1994 and is one of the
largest providers of affordable housing
in West London. He has significant real
estate experience in both developed
and emerging markets. Chris advises
on all property fund decisions and is
responsible for Joint Ventures and new
business opportunities.

Sandra Tepic, Kotor, Montenegro

Sandra is a graduate of the Faculty
for Maritime Studies, Management
Department, and is fluent in English.
She has been with Ultimate since
they opened in 2004, and with her
excellent knowledge of office and
human resources management, she
is responsible for all office operations
and procedures.

Tamara Peranovic, Kotor,

Montenegro
Tamara is a graduate of the Faculty
for Tourism and Hotel Management.
She has a good understanding of
English and experience in the Tourism
and Property management sector.
She joined Ultimate in 2006 and is
responsible for all property and
land management.

Chris.Kemsley@penham.co.uk

stepic@ultimatemontenegro.com

tperanovic@ultimatemontenegro.com

Danny Parish, Kotor, Montenegro

Danny has extensive experience
with sales and marketing and has
worked in the commercial and travel
sectors internationally since 1990. At
the beginning of 2007 she moved to
Montenegro to work as a Sales and
Marketing Director for a UK hedge
funds Montenegrin division. After
successfully completing the sales
of their assets in October 2008, she
moved to join Ultimate in November
2008, as their Head of Sales
and Marketing.

Borka Papovic, Kotor, Montenegro

Borka obtained a Masters Degree in
English Language & Literature at the
University of Niksic. She has been
working in the Montenegrin Real
Estate sector since 2005, and joined
Ultimate in 2008. With her extensive
experience of the real estate market,
she is responsible for property
administration and market research.

Ultimate Montenegro
Stari Grad 475
Kotor 85330
Montenegro
T +382 (0)32 304 369
F +382 (0)32 304 370

bpapovic@ultimatemontenegro.com

danny@ultimatemontenegro.com

40

41

www.ultimatemontenegro.com

Corporate Partners
1st Floor, Bree Street Studios
17 New Church Street
Cape Town
P.O.Box 15794 Vlaeberg 8018
T: 021 423 3241
F: 021 423 6633
info@visserthomas.co.za
www.visserthomas.co.za

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