Portfolio

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.
Ultimate Montenegro Ltd
Contents
3 The Ultimate Montenegro Portfolio
4 Asset Locations
7 Zoning Status
9 Why Invest in Montenegro?
11 Coastal Portfolio
19 Rural Portfolio
27 Mountain Portfolio
33 Lake Portfolio
38 Yielding Assets
40 About us
Left: Sveti Stefan. 3
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 signicant 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.
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 Total Area
m
2
Large-Scale Coastal Projects 410,062 m
2
15%
Medium-Scale Coastal Projects 125,568 m
2
5%
Restoration Projects 269,980 m
2
10%
Rural Lake Projects 686,207 m
2
25%
Mountain Projects 286,908 m
2
10%
Commercial Projects 9,747 m
2
0%
Land Bank Portfolio 957,351 m
2
35%
Yielding Assets 181 m
2
0%
TOTAL 2,746,004 m
2
100%
MONTENEGRO
%
4
Bay Tree Estate 1 l
Blue Horizon 2 l
Budva Hillside 3 l
Buljarica Bay 4 l
Castle Land 5 l
Kotor Bay Tree 6 l
Kotor Woodland 6 l
Lustica Bay View 7 l
Mirac Village 8 l
Oak Village 9 l
Oceans Edge 10 l
Rezevici Coast 10 l
Villa Adria 10 l
Ponte Village 11 l
The Reef 12 l
Olive Mill Estate 7 n
The Lustica Estate 7 n
Olive Grove Cottage 13 n
Ponte Villa 14 n
The School House 15 n
Villa Petrovac 16 n
Sunset House 17 n
Sunset Cottage 17 n
Fountain Square 18 s
Milk House 18 s
River House 18 s
Stari Grad Apartments 18 s
The Orangery 19 s
Industrial Land 20 s
Commercial Land 20 s
Belvedere Estate 21 l
Vineyard Estate 22 l
Belvedere Cottage 21 n
Orchard House 21 n
Church House 21 n
Hamlet Cottage 22 n
Hilltop 22 n
Meadow Cottage 22 n
White Cottage 22 n
The Lodge 22 n
Church Valley 23 n
Pond House 24 n
The Guard House 24 n
Valley Cottage 25 n
Valley House 25 n
The Retreat 26 n
Vine House 27 n
Vista Lodge 27 n
Belvedere Meadows 21 ;
Church Woods 21 ;
Orchard Meadows 21 ;
Hamlet House 22 ;
Ljuboutin Woods 22 ;
Half Woods 22 ;
Hamlet Meadows 22 ;
Hamlet Brook 22 ;
Lodge Meadows 22 ;
Hunting Land 22 ;
White Woods 22 ;
Pond Meadow 24 ;
Riverside Meadows 25 ;
Fig Tree Farm 28 ;
Coastal Rural Mountains
Koslasin Mountain Village 29 l
Koslasin Peaks 30 l
Koslasin Ski Apartments 30 l
Zablijak Ski Apartments 31 l
Zablijak Mountain Village 31 l
Moraca Valley 33 n
Loven Mountain Retreat 34 n
Koslasin Retreat 30 ;
Koslasin 360 30 ;
Koslasin Hillside 30 ;
The Canyon 32 ;
Lovcen Mountain Meadow 34 ;
Lovcen Mountain Village 35 ;
Lake
Skadar Estate 36 l
Lakeside Cottage 37 n
Lakeside House 37 n
With a Total Land Area of (TLA) of 2.8 million m
2
,
the Ultimate Montenegro Portfolio offers access
to a diversied 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 ve key phases of the Land Value enhancement
process are identied 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.
Asset Locations
Key to Symbols
l Projects
n Restoration Projects
; Land Bank
s Yielding Assets
Airports
Bosnia-Herzegovina
Croatia
Serbia
Albania Adriatic Sea
Montenegro
PLUZINE
SAVNIK
ZABLIAK
BIJELO POLJE
BERANE
PLAV
ANDRIJEVIKA
MOJKOVAC
KOLASIN
NIKSIC
TIVAT
SKADAR
LAKE
KOTOR
RISAN
DUBROVNIK
GRUDA
HERCEG
NOVI
BUDVA
BAR
ULCINJ
PODGORICA
CETINJE
23
9
5
8
20
18
34
35
19
26
6
14
17
10
16
4
27
28
36
37
25
3
22
24
30
29
32
33
31
21
7
15 11 1
2
12
13
Zoned Development Projects
Ultimate Montenegro has a substantial existing
portfolio of greeneld Zoned Development
Opportunities with a total land area in excess of
600,000 m
2
(representing a Gross Development
Area (GDA) of more than 300,000 m
2
of build).

In general, Master Plan Approval for the
majority of these zoned projects is anticipated
within the next 1-12 months.
Pre-Zoned Acquisition Opportunities
Ultimate Montenegro has a substantial
active land pipeline of pre-zoned acquisition
opportunities with a total land area in excess
of 1 million m
2
(representing a potential GDA
of more than 250,000 m
2
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 signicant 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.
Zoning Status
Restoration Projects
The Ultimate Portfolio also contains a
unique valuable assembly of traditional stone
buildings for restoration. Beyond the aesthetic
attributes, the attractiveness of this asset class
also relates to the embedded planning status
and certain tax advantages.
In addition to the planning status provided
by the existing structure, the zoning status of
a number of the projects allows for signicant
additional (complimentary) build density on
the sites.
7
Montenegro is a competitive and dynamic
destination with the clear strategic objective
of developing a sustainable tourism portfolio
whilst protecting its dramatic and beautiful
natural resources.
The Virtuous Circle Sustainable Growth
Since the adoption of the Euro currency in
2002 and the ensuing independence from
Serbia in 2006, Montenegro has aggressively
pursued its twin policy goals of:
1. EU membership projected for 2014
(SAA signed Oct 2007).
2. Tourism growth re-branding as a
luxury leisure destination (by growth,
Montenegro is already ranked in the top
5 tourist destinations globally).
A virtuous circle is now in place, underpinned
by a signicant programme of large scale
infrastructure investment.
The Development Landscape A Summary
Macro
Political and economic focus on the
Tourism & Leisure sector.
Stable macro-economy with strong budget
stance and moderate public debt
(S&P BB positive).
Why Invest In Montenegro?
Economic growth at 7-8% p.a., driven
by Tourism demand (+15-20% p.a.).
EU accession expected by 2014 (EU
Funding & huge infrastructure upgrades).
A massive EU funded infrastructure
programme is already underway roads,
airports, electricity, water.
Foreign Direct Investment (FDI) one of
highest globally (per capita) Middle East
& Russia most active current investors.
A very favourable tax regime (Corp tax at 9%).
Very low local exposure to the global
credit crunch mortgages as % GDP
at 2.2% (SEE av. 9.4%; EU av. 50%).
Micro
Re-branding as a luxury destination
(Porto Montenegro, Four Seasons, Aman).
Creation of development clusters
as the key driver of the luxury growth model.
Conservative zoning & planning framework,
limiting overdevelopment.
Structural advantage of a natural landscape
that physically restricts the supply.
Current market is characterised by strong
demand but low supply of high-end
product, creating potential investment
opportunities with attractive
risk-adjusted returns.
Virtuous Circle
MONTENEGRO
Left: Budva Old Town. 9
EU ACCESSION FUNDS
INFRASTRUCTURE
UPGRADES &
DEVELOPMENT
STABLE DEMOCRACY
SUSTAINABLE ABOVE-
AVERAGE GROWTH
(with Euro currency
and low taxes)
Coastal Portfolio
12
Views of the coastline of Montenegro.
Coastal Portfolio
13
The Coastal Projects Portfolio comprises a
diverse number of prime development zone
locations along the length of the Adriatic
Riviera from Lustica via Kotor Bay to Budva
and beyond.
The Portfolio is well positioned to take
full advantage of the selective Tourism
Development Strategy that Montenegro is
actively pursuing. The most signicant of
the developments is Porto Montenegro
(in association with the Four Seasons Group),
the largest luxury/mega yacht marina on the
eastern Mediterranean with over 700 berths.
As a consequence of the diverse coastal
locations, together with the specic zoning
characteristics of each site, the Coastal
Projects Portfolio provides exposure to the full
spectrum of market segments. The Portfolio
is also positioned to benet from the inevitable
value-migration from the coastal frontline to
the coastal hinterland (as witnessed along the
South of France and Spain for example). The
sites range from 1,000 m
2
to over 200,000 m
2
.
The Zoning and Master Plan Approval timelines
also vary according to location, within a typical
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.
Oak Village
A signicant standalone restaurant will be developed
in the largest of the village ruins. It is envisaged that
the local community will become integrated with
this regeneration process, providing fresh vegetable
produce, traditional home-made cheeses, smoked
hams, wines and the local grappa.
Design & Construction
The nature of the sloping site will result in a
development which sits naturally within the
landscape, giving the overall appearance of
a traditional Mediterranean hillside village.
Together with the use of traditional materials
and characteristic architectural language, the
rural authenticity and heritage of the development
area will be maintained.
Project Description
Oak Village is one of the largest and most dramatic
development projects on the coast of Montenegro.
Set high on the terraced slopes of a mountainous
valley overlooking the Adriatic Coast, the Oak Village
development site is a naturally framed amphitheatre.
The natural topography is such that every part
of the site provides exceptionally beautiful views
towards the open sea, the famous Jaz beach and
surrounding Lovcen mountains.
The design of the site is inspired by the presence
of a unique rural Montenegrin stone village (Zecevo
Selo) perched high on the valley slopes. This
picturesque authentic village will be restored to
create a retail hub for the development, with a
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
14
Site Plan
Bijela
Kotor
Budva
Tivat
Lustica
Rose
Radovii
Lastva
Herceg Novi
BAY OF KOTOR
ADRIATIC SEA
E80
E80
E80
E80
E65
E65
E65
E65
Oak Village
A signicant percentage of the terrain is agricultural
terrace supported with stone dry walls. Much of
the construction will be concentrated in these
areas. The gradient of the slopes is between 16-35
degrees, but mostly below 20 degrees. The slope
of the terrain allows for three storey buildings, with
open views to all. The residential development will
take the form of village clusters around communal
pools and terraces.
Infrastructure & Transport Access
The site is approximately a 10 km drive from the
coast via the existing 3/4 lane Adriatic Highway,
however 2 km as the crow ies. To facilitate the
proper functioning of the new development, new
local access roads will connect all parts of the site
with the existing road and wider area.
Electric and telco cable networks serve the area.
The site is located near to the central electricity
hub which services the entire coastline.
Although the immediate district is not currently
connected to mains water and waste, as part of the
urbanization program of this designated zone, the
local Municipality (Budva) is obliged to provide the
necessary services and infrastructure appropriate
to anticipated future demand.
The development site is supplied by numerous
natural water sources. The regulation of the water
supply will be facilitated by capturing the natural
water at source and storing in strategic reservoirs
above the development.
15
Oceans Edge - Rezevici
Development Concepts
A luxury apartment complex offering 44 apartments
and one villa with a communal gym, three pools
and a pool bar.
Project Location
Oceans Edge, Rezevici is one of the most desirable
locations in Montenegro. Sitting proudly on the
Budva Riviera, 2km from Petrovac, Oceans Edge
has outstanding views out across the Adriatic and
the coast of Montenegro.
Tivat Airport is only 25 km from Rezevici and the
lively town of Budva is 15 mins drive.
This exceptional site, perched on a cliff edge with
dramatic coastal views, sits on gently slopping
open grassland and provides the ideal location
for an exclusive apartment development.
Project Description
The planning concept is to create a luxury
apartment complex and one two storey villa.
The site is situated immediately off the main coastal
highway and is perfectly orientated towards the
South-West, providing sun, spectacular sea views
and dramatic sunsets.
Total Land Area 7,905 m
Gross Development Area 6,829 m
(Including underground parking)
86% density
16
Site Plan
Bijela
Kotor
Budva
Tivat
Lustica
Rose
Radovii
Lastva
Herceg Novi
BAY OF KOTOR
ADRIATIC SEA
E80
E80
E80
E80
E65
E65
E65
E65
Oceans Edge
Rezevici
Above: Computer generated images of proposed development.
Left: Views of and from Oceans Edge.
17
Rural Portfolio
Views of the Montenegrin Countryside.
20
The coastal hinterland region of Montenegro
is one of the countrys best kept secrets.
Lush valleys with beautiful scenery house
olive groves and vineyards, which are a
recurrent theme.

This area of Montenegro, which is only a 20
minute drive from the Adriatic, is equidistant
from the coast, Lake Skadar and Podgorica
the capital; as a result of this, we expect to
see signicant growth in this region in the
coming years.
We have packaged a portfolio of land and
restorable properties in a number of charming
villages that stretch the full length of this valley.
Rural Portfolio
21
Church Valley
Church Valley is a rural location in Glavati although
only a 10 minute drive to the Adriatic coast and its
beaches. It sits in the middle of existing farmland
with old stone houses and indigenous ora. This
property is so called as it is in the unique position
of being surrounded by ve churches.
The ruin site is easily accessible from Budva and
Tivat airport and is a 5 minute drive from Jaz beach
which has played host to international concerts.
The area is a traditional farming community and
the village is designated as a protected zone by
the heritage department of Kotor Municipality.
Site Description
The site is rectangular and gently slopes towards
the North-West. On the upper part of the site there
are three ruins. One is the main building with an
ancillary building adjacent to it. The ground oor,
external stone walls, and staircase of the main
building have been preserved. The ancillary building
is the best preserved with original Mediterranean
roof tiles and the footprint of the third building has
also been preserved; this was previously the farm
building. The original village guvno still remains on
the site. This is a stone built circular structure used
for threshing grains and also was the meeting point
for the village.
The lower part of the site is almost a at meadow
surrounded with trees and shrubs. The intention
is to preserve as much as possible of existing
site layout.
22
Artists impression of the Church Valley development.
Site Plan
Artists Impression
Plot Size 1894 m
Existing Building Footprint 167 m
Proposed Building Footprint 312 m
Proposed Total Build 533 m
Bijela
Kotor
Budva
Tivat
Lustica
Rose
Radovii
Lastva
Herceg Novi
BAY OF KOTOR
ADRIATIC SEA
E80
E80
E80
E80
E65
E65
E65
E65
Church Valley
Project Description
This Project is more of a renovation (reconstruction)
than a new designed development.
It is proposed to build two houses, one larger
luxury villa and one smaller guest house on this
site. The existing circular stone structure guvno
is well preserved and can be renovated as an
arbour or gazebo. On the lower part of the site
(the meadow) a large swimming pool with an
arbour as a landscape feature and shaded area
is proposed. The access to the site is from the
existing road on the South-East side with a new,
stone-built arched gate. There will be four car
parking spaces with direct access to the road.
The two storey villa is constructed on the footprint of
the existing main and ancillary buildings, connected
together to make one house. There will be a newly
designed spacious ground oor, and formal living
room. The main view faces the North-Westerly
direction with views of the meadow and swimming
pool. In front of the villa is a large open terrace and
formal garden. On the South-East side, one could
plant a good sized winter garden.
The two storey guest house is a smaller 3
bedroomed building, adjacent to the house with
a lovely large open terrace and formal garden.
It has been proposed that most of the existing
landscape will be preserved, with added indigenous
trees, shrubs and ower beds. Both buildings will
be built as stone houses with duo pitched roofs
and Mediterranean (Roman) tiles in the traditional,
authentic style of the area.
Infrastructure & Transport Access
A newly built road and pathway connect the site to
the main road. Electrical and phone/internet/cable is
available. There is currently no sewage connection.
There is no mains water. A water supply will have to
be pumped into home from rain water storage tank.
23
First Floor Ground Floor
Vineyard Estate
The Vineyard Estate is situated in the rural valley
between Cetinje town and Skadar Lake. The
proposed development looks to regenerate existing
vineyards of this lush and plentiful area and make
a luxury village with spa, swimming and tennis facilities.
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
inspired by traditional Montenegrin stone village
houses, typical of this region. The Vineyard Estate
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
The site is divided into three areas. A country club
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.
The bulk of the development will be characterised
by luxury villas nestled between the vineyards. This
is part of regeneration project for vineyards which
are disappearing in this valley. As it is an integral
part of this development, the vineyards and winery
will serve the guests of the Vineyard Estate.
24
Total Land Area 265,679 m
Gross Development Area 19,680 m
Section Elevation
Vineyard Estate
Podgorica
Budva
Kotor
Skadar Lake
B
ijela

Lustica
Rose
Radovii
H
erceg

N
ovi
BAY

OF

KOTOR
ADRIATIC

SEA
E80
E80
E80
E65
E65
E65
E65
E80
E65
E765
External treatment of all buildings will include the
use of thick local stone walls to the South and West,
with those to the North and East in contrasting
render. All lower ground walls, balustrading, stairs
and paving will be of local stone, with traditional
roman tile roof coverings.
Environmental and Sustainable Development
The development density of the site has been
set to 20%. This policy reects a strategic aim
to minimize ecological impact and allow for
sustainable development.

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
woodland can be retained as a screen to the North
and East. The existing vineyard will be revitalized
due to its important local signicance.
25
Site Plan
Artists Impression
Mountain Portfolio
28
Left: Tara River.
Above: Mountain Views.
Mountain Portfolio
29
The terrain of Northern Montenegro is
mountainous and the municipalities of Zabljak
and Kolasin are considered to be the centres
for Montenegros winter tourism. Snow fall is
heavy here in the winter months but in summer
the weather is glorious and these regions are
perfect for those who enjoy the outdoors with
challenging hiking and mountain-biking trails.
The North of Montenegro also boasts the
second largest canyon in the world.
Montenegro is in the process of re-developing
and expanding its two principal mountain
resorts, Zabljak and Kolasin, which ank both
sides of the countrys northern region. Ski
facilities are operational in both resorts, in
particular Zabljak (the highest town
in the Balkans).
Access to both destinations will be greatly
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 signicant 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).
Above: Durmator Mountains.
Bijela
Kotor
Budva
Tivat
Lustica
Rose
Radovii
Lastva
Herceg Novi
BAY OF KOTOR
ADRIATIC SEA
E80
E80
E80
E80
E65
E65
E65
E65
Kolasin Mountain Village
Kolasin Mountain Village is situated approximately
2 km from the centre of Kolasin, creating easy
access to this beautiful area. The site is North-
facing with fantastic mountain views as well as
views across the sloping Kolasin meadows
and woodland.
Project Description
Kolasin Mountain Village is divided into three
areas. The upper central part of the development
will be the Village centre with indoor and outdoor
pools, saunas, bowling alley as well as shops and
restaurants. A sports centre with tennis courts in
the summer and ice rinks in the winter will sit on
the second meadow area of the development.
The main development will consist of traditional
style log cabins, stone built ground and lower
ground oors with timber construction on the
rst and second oor and loft.
Luxury as well as mid to low range apartments will
be positioned around the rest of the site.
30
Views across Kolasin.
Total Land Area 92,753 m
New Development Area 36,300 m
New Build density 33%
Kolasin Mountain
Village
Kolasin
Niksic
Podgorica
Skadar Lake
E65
E765
E80
Infrastructure and Transport
There is electricity on this site but a new sub-
station will have to be built in order to service the
area. Proper road access to the site will need to be
built as well as a water supply, however the area is
extremely rich in natural water sources making this
a simple task.
Environmental and Sustainable development
The development density of the site has been
set to 40%. This policy reects a strategic aim to
minimize ecological impact and allow for sustainable
development.
The proposed development is set within well
established woodland and meadows. 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 woodland can be
retained as a screen to the East of the site.
31
Site Plan
Section Elevation Section Elevation
Lake Portfolio
Skadar Lake.
34
Skadar Lake
Skadar Lake is located in Zeta-Skadar valley
divided between the Municipalities of Bar
and Podgorica. Two thirds of the lake is in
Montenegro and a third in Albania. This unique
lake is 391 km
2
and is the largest lake on the
Balkan Peninsular. The Montenegrin part of the
lake (40,000) hectares was declared a National
Park in 1983 and is exceptionally rich in ora
and fauna as well abundant marsh vegetation.
It is one of the largest bird reserves in Europe,
having 270 bird species, amongst which are
some of the last pelicans in Europe, and is
abundant in sh (especially carp).
Lake Portfolio
35
Travelling to the Skadar region one cannot
help but notice the beauty of the area, with its
overgrown banks, bays, capes and islands. It is
the perfect holiday destination with mild winters
and dry, hot summers. The Adriatic Sea is only
20 mins drive from Skadar Lake accessed
through the newly built Sozina tunnel.
Our assets overlook this stunning lake setting
within the Skadar Valley.
36
The Skadar Estate
Nestled in a mountainous valley overlooking the
beautiful Skadar Lake, the development offers a
rich variety of accommodation within exceptionally
beautiful natural surroundings. The development
includes a 5-star luxury Hotel and Spa, terraced
houses under planted roofs and luxury villas that
are arranged organically along the contours of
the landscape.
Project Location
Skadar Lake is the largest lake in the Balkans.
The landscape surrounding the lake is breathtaking,
dotted with small, picturesque villages. The climate
of the Skadar Valley makes it the perfect holiday
destination with mild winters and hot summers.
Tourists come to this region to enjoy shing and
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.
Section Elevation
B
ijela

Lustica
Rose
Radovii
H
erceg

N
ovi
BAY

OF

KOTOR
ADRIATIC

SEA
E80
E80
E80
E65
E65
E65
E65
Skadar Estate
Podgorica
Budva
Kotor
Skadar Lake
E80
E65
E765
37
Development Concept
A mixed use development including a 5-star Luxury
Hotel and Spa, luxury villas and terraced houses.
Infrastructure & Transport Access
Access to the site is gained from an existing road
along the northern edge of the site. New paved
vehicular routes feed off this existing arterial into the
development. The new roads culminate in private
driveways for each residential unit and outdoor
parking courts and basement parking for the
Hotel and Spa.
The development site is supplied by numerous
natural water sources. The regulation of the water
supply will be facilitated by capturing the natural
water at source and storing it in strategic reservoirs
above the development. To maintain the availability
of sufcient potable water, a rainwater harvesting
system will be used for grey water systems,
maintenance of swimming pools and
landscape irrigation.
Environmental & Sustainable Development
The proposed development is set within a well
established wooded valley. It is imperative, within this
setting, to retain as much of the existing landscape,
trees and bio-diversity as possible. Minimal cutting
of trees is foreseen, with the luxury villas positioned
where possible around existing trees.
The development density of the site has been
limited to 19%, which reects the aim to minimise
ecological impact. Furthermore, the introduction
of planted roofs over the terrace houses and
hotel building will substantially reduce the built
impact of the development on the site, with green
roofs covering more than half the development
on the site.
Views of Skadar Valley and The Skadar Estate.
Yielding Assets The Orangery, Perast
38
Ultimate Montenegro Ltd has 5 yielding assets
in The Portfolio, the best example of which is
The Orangery in Perast.

The Orangery, Perast
Perast is well known as being the most desirable
location in the UNESCO protected Bay of Kotor.
This immaculately preserved Venetian town
is steeped in history, boasting 16 Baroque
palaces, 9 defensive towers, 16 Catholic and
2 Orthodox churches.
The Orangery is a charming, waterfront, 4 bedroom
villa in the heart of this chic part of Montenegro.
It has a courtyard in the front of the house that
could be used for parking, or one could erect a
single storey building for which outline planning has
been granted. At the back of the villa is a terraced
garden, complete with barbeque area and sun
deck. The shoreline of the Bay is only 10 m from the
front door, providing immediate access to a wide
range of water sports and activities (swimming/
snorkelling, sailing, water/jet ski, shing).
Artists Impression
39
Second Floor Floor Plans - Ground Floor First Floor
View of Perast.
40
About Us
The team are senior property investment professionals, with a blend of local knowledge and
international experience who have identied 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 CISX-
listed 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 uent 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 signicant 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.
Chris.Kemsley@penham.co.uk
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.
danny@ultimatemontenegro.com
Sandra Tepic, Kotor, Montenegro
Sandra is a graduate of the Faculty
for Maritime Studies, Management
Department, and is uent in English.
She has been with Ultimate since
they opened in 2004, and with her
excellent knowledge of ofce and
human resources management, she
is responsible for all ofce operations
and procedures.
stepic@ultimatemontenegro.com
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.
bpapovic@ultimatemontenegro.com
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.
tperanovic@ultimatemontenegro.com
Ultimate Montenegro
Stari Grad 475
Kotor 85330
Montenegro
T +382 (0)32 304 369
F +382 (0)32 304 370
41
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
Design and produced by SmallBackRoom.com
Corporate Partners
Ivan Usljebrka
Architect RIBA
www.ultimatemontenegro.com