18 May 2016
Portonovi enters second phase of construction
By Rory Jackson
Azmont Investments and One&Only Resorts are in the midst of constructing a new resort and marina in Portonovi, Montenegro. The 60-acre One&Only Portnovi development will, alongside a number of luxury apartments and villas, feature a 220 berth superyacht marina and is due to be fully completed in 2018 with some elements opening in 2017.
Like Porto Montenegro before it, One&Only Portonovi is being developed with the full support of the Montenegrin government. At a press briefing in April 2016 Milo Djukanovic, the Montenegrin prime minister, expressed his satisfaction for the investor obligations agreed upon in the projects Lease Agreement.
“Today we proudly begin a new phase for Portonovi,” started Djukanovic. “Through projects like this we ensure that three goals are reached: employment in quality workplaces, additional impetus is put into the dynamic economic growth of Montenegro and as a result Montenegro improves and becomes one of the most prestigious destinations in Europe.”
Ahmet Erentok, chairman of Azmont Investments, hailed the commencement of the resorts construction – work on the marina began in 2015 – as a “significant milestone” and waxed lyrical about the smooth working relationship between the investment vehicle, Portonovi and One&Only Resorts. “Together we are going to set the benchmark not only in this region, but in the world,” he said.
In 2013 Azmont Investments announced that the Portonovi development would cost around €500 million, this was followed Azmont signing a €300 million construction contract with Pizzarotti, an Italian construction giant, in 2015. Pizzarotti will act as the main contractor in the construction of the Portonovi development.
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