Public Relations Officer of Northstar Martina Škanata said that the key activity of the company right now is to begin the preparations for the beginning of first phase of the project. The first phase entails building of the hotel and infrastructure, MINA Business learns.
“This is of key significance, not only for Northstar, but for other investors on Luštica as well, because we are talking about a area of land that is isolated in infrastructure“, Škanata said for Radio Jadran.
She reminded that the company Northstar submitted bank guarantee of 1 million EUR last year in December. This guarantee is defined by the contract on long-term lease of the land for construction of tourist complex in Rose. These activities are a part of project Montrose on the peninsula Luštica.
“Possible lack of investment money will not put in question the implementation of the project. Northstar is owned by Kuwait investors and has full financial stability that enables project to be funded without obstacles. According to the contract on long-term lease of the land, 3,9 million EUR has been paid in dues to this date“, Škanata said.
According to her, this amount covers financial obligations until September 11th of 2019, after which the payment of dues will continue on a yearly basis.
The contract on long-term lease of the land bounds the consortia consisting of Northstar and Equest Capital Limited Jersey to fulfil the obligations of minimal investment dues in construction, development and managing of exclusive touristic complex in five years time.
“The period for implementation of the investment has started on November 26th of 2013, 90 days after the contract was signed. According to the contract, the control of the investment will be done after the deadline of five years has expired, and that would be on November 26th of 2018”, it was stated earlier from the Department for Projects in Development.
The contract on long-term lease of Herceg Novi’s part of peninsula Luštica was signed on September 11th of 2009, but it came in force when the protocol on its validity passed on August 26th of 2013. This is also when the amendment to contract on long-term lease was signed. This is the date that sets the beginning of deadlines for fulfilling investment obligations of the leaseholder.
