Orascom plans for Mamula

The Orascom Company which is developing Lustica Bay Resort is interested in developing the small island of Lastavica and the Mamula fortress situated on it. Orascom participated in the tender held by the government of Montenegro. They offered 1,5 EUR per sq m for the 49 year lease of the island and 0,9 EUR/m2 for the lease of the water front. They plan to invest 15 million eur in developing a high end resort and spa. The project will be sympathetic to the local architecture and will completely preserve the historical value of the Island. The project will also be completely eco friendly by using renewable energy sources, and energy efficient materials.

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