The Minister of Ecology, Spatial Planning and Urbanism of Montenegro, Ratko Mitrović, has given his consent for the construction of a luxury tourist resort, Smokva Bay, at the Smokvica site near Režević. The project is worth EUR 260 million.
The conceptual solution for the construction of the hotel was compiled by a consortium of companies V.A.S. Invest, Boticelli Land Development and Ava Development.
Back in 2005, investors bought 13 hectares of land from locals and the Municipality of Budva for EUR 25 million. In the meantime, investors, who have been waiting for years for the planning documents to be adopted, bought another 4 hectares, and two years ago they started earthworks and construction of infrastructure, for which they spent an additional EUR 12 million.
Smokva Bay envisages a complex of two hotels with a residential complex of villas, which will cascade down to the sea, and the construction of a number of accompanying facilities, from recreational to commercial and catering.
