Orascom invests another EUR 2.9 million in Lustica Bay complex

Lustica Development from Tivat has invested EUR 2.9 million in the Lustica Bay project in Q2 2013, its PR agency Magna said in a release.

The company in which the Egyptian and Swiss consortium Orascom holds a 90 percent stake has so far invested over EUR 30 million in the construction of luxury tourist resort on Lustica Peninsula.

- The second quarter of 2013 represents an important basis for Lustica Bay. A foundation stone for first residential buildings within this complex was laid May 18th. Belgium's Besix was appointed as the main contractor for these first buildings. After that, Besix chose Podgorica-based Bemax to be its local subcontractor - the release reads.

First suites, which are all sold in advance, will be ready to use in 2015.