New CEO Appointed for the €1.1billion Luštica Bay Development in Montenegro.

Experienced planning and development management chief, Darren Gibson, has taken over as Chief Executive Officer of the luxury Orascom project as Montenegro looks set to attract more property investors. A new CEO has been appointed for the €1.1billion Luštica Bay development in Montenegro.

Experienced planning and development management chief, Darren Gibson is the new Chief Executive Officer of the Orascom Development luxury resort, and says Montenegro offers reliable, long-term options for property investors.

“I am delighted to have the opportunity to lead Luštica Bay’s development at such an exciting phase of its construction, as landmarks in the development of the residences and marina are reached.
“With a series of luxury development projects underway across the country, Montenegro will become a go-to destination for those seeking an attractive lifestyle offering a sound long-term investment.
“Set in a breath-taking landscape, Luštica Bay is planned to become one of Montenegro’s most sustainable and active communities. With the support of Orascom and our client partners, including the government and Tivat Municipality, and I am very much looking forward to driving the project forward.”

Mr Gibson joins with over 25 years of public and private sector experience in the fields of urban planning and development management.

For the past six years he has been Vice President of Planning & Development for Egyptian Resort Company SAE (ERC), responsible for the planning, design and delivery of one of the Egypt’s largest integrated tourism development projects,  the 41million square metre, Sahl Hasheesh International Resort Community.

Australian-born Mr Gibson, previously worked on urban planning and development projects in Northern New South Wales and Southeast Queensland.

He takes over at Luštica Bay from Interim CEO Ihab Kamel, who now returns to the Orascom Development Holding management team.

Following last year’s successful launch, which saw in excess of €12.6million achieved in pre-sales from the UK, Germany, Italy and Montenegro, Luštica Bay has attracted purchasers from countries including Egypt, Switzerland and the USA and in July had sold more than one-third of its first-phase properties.

Situated between Boka Bay and the Budva Riviera, the Luštica Bay site occupies 690 hectares, only 6% of which will be developed.

Encompassing a 300-room marina hotel, boutique hotel, bespoke villas and marina townhomes, an 176-berth marina and Gary Player 18-hole golf course all within Phase One, Luštica Bay is one of the largest integrated destination projects currently under development in the country.

The first-phase 300 apartments range from studios to 190 square meter penthouses and two and three bedroom Marina Townhouses from 120-187 square metres are available from €565,000-€910,000. Exclusive and bespoke Marina Villas from 280-450 square metres feature plots with private pools, private road access and panoramic sea views and start at €1.8million.

Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Its primary focus on is on tourist destinations and budget housing.

By Adrian Bishop, Editor, OPP Connect



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