Vos Investment Group and Orascom Development Holding file bids for long term lease of Montenegro's island Lastvica

Podgorica, Montenegro (31 January 2014) -- Vos Investment Group from the Netherlands and Swiss-based Orascom Development Holding AG filed bids for long term lease of the island “Lastvica” with “Mamula” fortress in the Boka Kotorska Bay, Montenegro, the Tender Commission's s press release stated earlier today.

Vos Investment Group has offered a 60-year lease period, an investment amounting to EUR 25 to 30 million, an annual rent worth EUR 32.500.00 and 10,000 for lease of the coastline. In its letter, the company informed the Tender Commission that it was not able to submit the completed offer.

Orascom Development Holding AG has offered a lease period of 49 years, a lease rate of EUR 1.5 per square metre of land, and EUR 0.9 for the lease of the aquatorium, which is 50 % more than the minimum required amount. The investment project is worth EUR15 million, which creates up to 200 new jobs. The bid also contains a projection for achieving the total direct revenue for the first 10 years in the amount of EUR 7.5 million.

The tender for the development of a resort was called on 6 December 2013. The goal is to turn the location into a four-star and five-star exclusive resort, with facilities for recreational activities and relaxation well integrated in the environment, which do not compromise the cultural and historical character, and natural environment of the location.