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NewsMontenegro, Liko Soho Group will invest more than EUR 60 million in...

Montenegro, Liko Soho Group will invest more than EUR 60 million in the hotel in Bar

The Ukrainian-Montenegrin company Liko Soho Group announced itself on the occasion of media reports about the realization of the Liko Soho project in Bar, worth more than EUR 60 million in Bar.
As they stated, they announced themselves in order to objectively and truthfully inform the public in Montenegro, and in order to prevent a negative media campaign that is continuously launched when it comes to the construction project of this high-class hotel.
The announcement states that the company plans to build a complex worth EUR 61 million, create more than 300 jobs in Bar, and encourage the development of elite tourism in this city. Speaking about changing the business model, they pointed out that it is the exclusive right of investors, and that changing from a condo to a mixed business model is a more favorable option for the state as well.
– It is planned to engage a significant part of Bar’s economy in the construction of the hotel, and after the hotel’s opening, the standards of the citizens of Bar will be increased through the creation of more than 300 new jobs and a direct impact on the development of households engaged in the production and sale of food and providing other services, and the city The bar will be positioned on the world tourist map in a place that belongs to it with all its contents – the announcement reads.
As they point out, the five-star Liko Soho hotel will be equipped according to all world standards and will operate according to a mixed model. They add that this is the first project in Bar, which represents the most profitable investment for interested investors, because through a mixed business model, customers are offered the opportunity to rent a fully equipped apartment according to all the standards of a world-famous brand. This is a unique opportunity to quickly return the invested funds, and in addition, an opportunity for a peaceful and tranquil stay with all the advantages of life at sea.
– After the process of obtaining the complete documentation necessary for the construction was completed, we started with the preparatory works, and in October of the following year, the completion of the rough works is planned. With this project, we are trying to offer something new to the market for the first time, in such a way that we will enable clients to acquire ownership of a fully equipped property with a luxury design at the level of a five-star hotel, and that immediately after the completion of the works they can enjoy the comfort of their apartment without additional investments for furnishing, and with the possibility of returning the investment through letting in the hotel complex – said the director of Liko Soho Group, Ivan Krstajić.
In the statement, it is stated that during the last days in the majority of Montenegrin media, incorrect claims were made out of context, which resulted in citizens being presented with a distorted picture of the project, “with the sole aim of causing damage to this business company and to infringe on its founders business reputation”.
In this regard, they want to point out certain facts to the public.
– First of all, in the part of the comments that refer to the recommendation of the plan developer, that considering the attractiveness of the land, a public tender for the conceptual solution should be announced, and if a public tender were to be held, 12 above-ground floors are allowed, and if not, 10 above-ground floors. The clarification of this fact lies in point 7.1 of the UTU, which clearly states that the need for a public tender is decided by the professional service of the Municipality. The expert service of the municipality did not make a decision on announcing a public competition, from which we conclude that it did not assess that there is a need, and to which it has the right. The confirmation of the above is that the chief city architect has given his consent to the submitted conceptual solution, and in accordance with the above, we do not see any obligation in this part of either the investor, auditor or designer – according to the company.
Furthermore, they add, by changing the business model from a condo to a mixed one, which is certainly more favorable for the state from several aspects, the Liko Soho Group company will reduce the number of apartments for sale from 322 to 244 and will thus offer the market a 5* hotel category, with 168 hotel rooms. which by law cannot be the subject of sale, and which will operate throughout the year as a single unit owned by the company Liko Soho Group.
– It is important to point out that we specified the condo business model in the business plan, which is part of the documentation for applying to the Economic Citizenship Program, while the model registration procedure in accordance with the Law on Tourism and Hospitality has yet to take place in the coming period. The choice of business model is the only and exclusive right of the investor, which is clearly defined by the law, and which is the exclusive requirement of the brand – said Krstajić.
Referring to the comments related to the disorderly relationship with the Municipality of Bar regarding utilities and the Reginal water supply system, they state that they can “understand them only as ignorance or bad faith”, since in the matter of utilities, there is a clear legal provision that determines the fee for the development of construction land the competent authority of the local administration by decision, which precedes the possible contract, “and that we also received consent from the Regional Waterworks, according to which we are exempted from the obligation to pay compensation in accordance with the law”.
– Through a clear strategy for the development of the city of Bar and our vision, in addition to investing in tourism capacities, we started activities related to the preparation of the necessary documentation and held several meetings with representatives of the state and the municipality of Bar for projects, which are essential for the largest coastal municipality and the city with the most potential in the Adriatic. In addition to a 5* category hotel, our city will in the coming period create an opportunity for the construction of an Olympic swimming pool, an aqua park, a shopping center of over 20,000 m 2 with all facilities (cinema, food core, restaurants, boutiques, hypermarkets), walking areas and beaches such as the city of Bar deserves and orientation towards elite tourism, with accompanying sports facilities, which are the heart of this city and for which our city is recognizable – the company emphasizes.
By signing the contract with the state of Montenegro and the purchase of land in the value of 3.8 million EUR, through the delivery of an unconditional and irrevocable bank guarantee in the amount of 300,000 EUR for the fulfillment of the investment for the first investment year, the obligation was taken to realize the investment in the next 5 years the total amount of EUR 61 million, through clearly defined control and supervision by the Government of Montenegro at the level of each investment year.
– By the Government of Montenegro, our project was included in the list of development projects in the field of tourism in October 2021, where investors are offered the possibility of obtaining Montenegrin economic citizenship by investing in the project and paying a sum of EUR 200,000 to the state account, which at the same time, it contributes to the additional development of Montenegro – they add.
Through this program, as they state, they also provided a bank guarantee in the original amount of EUR 7.5 million, which this year was reduced by the Government to EUR 1 million. In this project, the investor fulfilled the obligations defined by the contract and made all the necessary payments within the agreed period.
– In front of foreign investment companies, I want to emphasize that we provide full support to the Economic Citizenship Program and that through the contribution the program has to public finances and economic development of Montenegro, we support the proposal to extend it. To date, the program has generated approximately EUR 350 million, and by extending it, we will continue to attract foreign investments, which will successfully continue the development path of Montenegro as one of the most attractive tourist destinations, which certainly represents additional value for Montenegro – said company director Igor Krstajić.
The announcement also states that, as a company that has been operating in Bar for a long period of time, they are fully aware of all the possibilities and opportunities for the development of the city, as well as the needs of the local population.
– By implementing this project, we are trying to improve the tourist offer in Bar and to attract tourists with higher paying power to our city, which will reflect on the development of smaller companies and businessmen, the operation of catering establishments, as well as on the promotion of historical monuments and cultural events – add in.
One of the biggest impacts on the community, which the company singles out, is the reduction of the percentage of unemployed, in a way that will offer the Montenegrin labor market over 300 new jobs, with the fact that during the seasonal months the required number of employees will be significantly higher.
– Finally, we leave the possibility open to everyone (journalists, political representatives, citizens…) who are well-intentioned and interested in finding out and conveying accurate information about our project, to come to our premises (Soho City – Bar building) and get all the necessary documentation for topics that are the subject of their interest, from our professional team, because as we have done all our work in a transparent and public way, we will continue to do so in the future – concluded Krstajić, local media reports.
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