Portfolio

Ultimate Montenegro Ltd

• Ultimate Montenegro is a Real Estate Investment company
based in Montenegro and London.

• Ultimate Montenegro is the property adviser to Montenegro

Investments Ltd, a closed-end investment fund listed on the
Channel Island Stock Exchange (CISX). The fund is
audited by KPMG in Montenegro and in Guernsey.

• Ultimate Montenegro’s primary focus has been to acquire,

consolidate/package and re-zone land assets into scalable
project pipelines for future real estate development.
 Contents
3 The Ultimate Montenegro Portfolio
4 Asset Locations
7 Zoning Status
9 Why Invest in Montenegro?
11 Coastal Portfolio
19 Rural Portfolio
27 Mountain Portfolio
33 Lake Portfolio
38 Yielding Assets
40 About us
 Montenegro
With a population of only 650,000, Montenegro is the smallest country
in the Balkan peninsular. This stable, independent and democratic
state on the road to EU membership, is one of the most attractive
development opportunities in Europe. Situated on the southern tip of the
Dalmatian Coast; it is an ideal tourist destination. Although compact, it
has significant ecological, heritage and cultural resources, a beautiful
coastline, charming renaissance towns and some of the most dramatic
UNESCO protected scenery in Europe. With the political and economic
focus on luxury tourism development, Montenegro is set to stand
out from the crowd.

MONTENEGRO
The Ultimate Montenegro Portfolio
The Ultimate Montenegro Portfolio is for sale in its entirety or
on the basis of one or more assets or packages as set out below.

Portfolio Structure Total Area

m2 %

Large-Scale Coastal Projects 410,062 m2 15%

Medium-Scale Coastal Projects 125,568 m2 5%
Restoration Projects 269,980 m2 10%
Rural – Lake Projects 686,207 m2 25%
Mountain Projects 286,908 m2 10%
Commercial Projects 9,747 m2 0%
Land Bank Portfolio 957,351 m2 35%
Yielding Assets 181 m2 0%

TOTAL 2,746,004 m2 100%

Left: Sveti Stefan. 3

 Bosnia-Herzegovina Serbia

PLUZINE

Asset Locations ZABLIAK

31
BIJELO POLJE

With a Total Land Area of (TLA) of 2.8 million m2,

32 SAVNIK MOJKOVAC
the Ultimate Montenegro Portfolio offers access
to a diversified investment pipeline of “lifestyle”
development opportunities, primarily residential Coastal Rural Mountains Lake
and/or freehold-tourism property. The assets are BERANE
Bay Tree Estate 1l Belvedere Estate 21 l Koslasin Mountain Village 29 l Skadar Estate 36 l
located throughout Montenegro from the prime 29
KOLASIN
Blue Horizon 2 l Vineyard Estate 22 l Koslasin Peaks 30 l
Adriatic Coastal areas via the rural Lake Skadar 30
Budva Hillside 3l Koslasin Ski Apartments 30 l Lakeside Cottage 37 n
region to the ski resorts in the northern mountains. Buljarica Bay 4l Belvedere Cottage 21 n Zablijak Ski Apartments 31 l Lakeside House 37 n
NIKSIC
Castle Land 5l Orchard House 21 n Zablijak Mountain Village 31 l ANDRIJEVIKA
Investment Strategy Kotor Bay Tree 6l Church House 21 n

Montenegro
Ultimate Montenegro’s primary focus has been Kotor Woodland 6l Hamlet Cottage 22 n Moraca Valley 33 n
Lustica Bay View 7l Hilltop 22 n Loven Mountain Retreat 34 n 33
to acquire, consolidate/package and re-zone land
Mirac Village 8l Meadow Cottage 22 n
assets into scalable project pipelines for future
real estate development.
Oak Village
Ocean’s Edge
9l
10 l
White Cottage
The Lodge
22 n
22 n
Koslasin Retreat
Koslasin 360
30 ;
30 ;
Croatia PLAV

Rezevici Coast 10 l Church Valley 23 n Koslasin Hillside 30 ; 26

DUBROVNIK
The five key phases of the Land Value enhancement Villa Adria 10 l Pond House 24 n The Canyon 32 ;
HERCEG RISAN
process are identified as follows: Ponte Village 11 l The Guard House 24 n Lovcen Mountain Meadow 34 ;
GRUDA NOVI 19
The Reef 12 l Valley Cottage 25 n Lovcen Mountain Village 35 ;
6 34
Valley House 25 n 18 PODGORICA
• Acquisition of Raw Land
7 TIVAT KOTOR
Olive Mill Estate 7n The Retreat 26 n 13
(legal due diligence and ownership status). 1
35
The Lustica Estate 7n Vine House 27 n 15 11
• Re-Zone for Development. 8
Olive Grove Cottage 13 n Vista Lodge 27 n 14 2 20 CETINJE 27 28
23
• Master Plan Approval. Ponte Villa 14 n 21 24
12 36
• Detailed Building Permit. The School House 15 n Belvedere Meadows 21 ;
5
22
9 37
• Fund Exit. Villa Petrovac 16 n Church Woods 21 ; 3
Sunset House 17 n Orchard Meadows 21 ; 17 25
BUDVA
Sunset Cottage 17 n Hamlet House 22 ; 10
Different assets are at different stages of the zoning SKADAR
Ljuboutin Woods 22 ; 16
process, so the growth and development strategy of LAKE
Fountain Square 18 s Half Woods 22 ; 4
the business allows for a variety of acquisition/exit
Milk House 18 s Hamlet Meadows 22 ;
modes and structures to be considered and valued River House 18 s Hamlet Brook 22 ;
accordingly.
Adriatic Sea
Stari Grad Apartments 18 s Lodge Meadows 22 ; Key to Symbols
The Orangery 19 s Hunting Land 22 ; l Projects BAR Albania
White Woods 22 ; n Restoration Projects
Industrial Land 20 s Pond Meadow 24 ; ; Land Bank
Commercial Land 20 s Riverside Meadows 25 ; s Yielding Assets
Fig Tree Farm 28 ; Airports

ULCINJ
4
 Zoning Status
Zoned Development Projects Restoration Projects

Ultimate Montenegro has a substantial existing The Ultimate Portfolio also contains a
portfolio of “greenfield” Zoned Development unique valuable assembly of traditional stone
Opportunities with a total land area in excess of buildings for restoration. Beyond the aesthetic
600,000 m2 (representing a Gross Development attributes, the attractiveness of this asset class
Area (GDA) of more than 300,000 m of build).
2
also relates to the embedded planning status
and certain tax advantages.
In general, Master Plan Approval for the
majority of these zoned projects is anticipated
In addition to the planning status provided
within the next 1-12 months.
by the existing structure, the zoning status of
a number of the projects allows for significant
Pre-Zoned Acquisition Opportunities additional (complimentary) build density on
the sites.
Ultimate Montenegro has a substantial
“active” land pipeline of pre-zoned acquisition
opportunities with a total land area in excess
of 1 million m2 (representing a potential GDA
of more than 250,000 m2 of build).

A number of these assets will be re-zoned

to achieve “Development Status” within the
next 12 months.

In addition to this “active” pipeline, the portfolio

has a significant Land Bank. The Land Bank
assets are generally characterised as being at
the very early stages of the zoning process,
within approval cycle of 1-3 years.

7

Virtuous Circle
EU ACCESSION FUNDS
MONTENEGRO
SUSTAINABLE “ABOVE-
STABLE DEMOCRACY
Left: Budva Old Town. 9
Why Invest In Montenegro?
Montenegro is a competitive and dynamic
destination with the clear strategic objective
of developing a sustainable tourism portfolio
whilst protecting its dramatic and beautiful
natural resources.
The Virtuous Circle – Sustainable Growth
Since the adoption of the Euro currency in
2002 and the ensuing independence from
Serbia in 2006, Montenegro has aggressively
INFRASTRUCTURE
UPGRADES & pursued its twin policy goals of:
DEVELOPMENT
1. EU membership – projected for 2014 at 2.2% (SEE av. 9.4%; EU av. 50%).
(SAA signed Oct 2007).
2. Tourism growth – re-branding as a
luxury leisure destination (by growth, • Re-branding as a luxury destination
AVERAGE” GROWTH
(with Euro currency Montenegro is already ranked in the top
and low taxes)
5 tourist destinations globally).
A virtuous circle is now in place, underpinned
by a significant programme of large scale
infrastructure investment.
The Development Landscape – A Summary
Macro
• Political and economic focus on the opportunities with attractive
Tourism & Leisure sector.
• Stable macro-economy with strong budget
stance and moderate public debt
(S&P – BB positive).
• Economic growth at 7-8% p.a., driven
by Tourism demand (+15-20% p.a.).
• EU accession expected by 2014 (EU
Funding & huge infrastructure upgrades).
• A massive EU funded infrastructure
programme is already underway – roads,
airports, electricity, water.
• Foreign Direct Investment (FDI) one of
highest globally (per capita) – Middle East
& Russia most active current investors.
• A very favourable tax regime (Corp tax at 9%).
• Very low local exposure to the global
credit crunch – mortgages as % GDP
Micro
(Porto Montenegro, Four Seasons, Aman).
• Creation of “development clusters”
as the key driver of the luxury growth model.
• Conservative zoning & planning framework,
limiting overdevelopment.
• Structural advantage of a natural landscape
that physically restricts the supply.
• Current market is characterised by strong
demand but low supply of high-end
product, creating potential investment
risk-adjusted returns.
Coastal Portfolio
 Coastal Portfolio
The Coastal Projects Portfolio comprises a
diverse number of prime development zone
locations along the length of the Adriatic
Riviera from Lustica via Kotor Bay to Budva
and beyond.
The Portfolio is well positioned to take
full advantage of the selective Tourism
Development Strategy that Montenegro is
actively pursuing. The most significant of
the developments is Porto Montenegro
(in association with the Four Seasons Group),
the largest luxury/mega yacht marina on the
eastern Mediterranean with over 700 berths.
Views of the coastline of Montenegro.
12
As a consequence of the diverse coastal
locations, together with the specific zoning
characteristics of each site, the Coastal
Projects Portfolio provides exposure to the full
spectrum of market segments. The Portfolio
is also positioned to benefit from the inevitable
value-migration from the coastal frontline to
the coastal hinterland (as witnessed along the
South of France and Spain for example). The
sites range from 1,000 m2 to over 200,000 m2.
The Zoning and Master Plan Approval timelines
also vary according to location, within a typical
cycle of 3 months to 2 years. In general, the
majority of the Ultimate Coastal sites are
already zoned for development and are at
an advanced stage of the Master Plan
Approval process.
13
Oak Village
Project Description A significant standalone restaurant will be developed
E80
Oak Village is one of the largest and most dramatic in the largest of the village ruins. It is envisaged that
Bijela development projects on the coast of Montenegro. the local community will become integrated with
Herceg Novi
E65 E80 E80 Set high on the terraced slopes of a mountainous this regeneration process, providing fresh vegetable
E65
BAY OF KOTOR Tivat Kotor valley overlooking the Adriatic Coast, the Oak Village produce, traditional home-made cheeses, smoked
E65
Rose
development site is a naturally framed amphitheatre. hams, wines and the local grappa.
Lustica
Radovići
The natural topography is such that every part
of the site provides exceptionally beautiful views Design & Construction
E80
towards the open sea, the famous Jaz beach and The nature of the sloping site will result in a
E65
surrounding Lovcen mountains. development which sits naturally within the
ADRIATIC SEA
Lastva
landscape, giving the overall appearance of
The design of the site is inspired by the presence a traditional Mediterranean hillside village.
Oak Village Budva
of a unique rural Montenegrin stone village (Zecevo Together with the use of traditional materials
Selo) perched high on the valley slopes. This and characteristic architectural language, the
picturesque authentic village will be restored to rural authenticity and heritage of the development
create a retail hub for the development, with a area will be maintained.
concentration of cafés, bars and shops.
Total Land Area 213,540 m²

Gross Development Area 92,307 m² Site Plan

Urban Status Development Zone:

Tourism / Residential
A significant percentage of the terrain is agricultural
Development Concept Luxury Villa & Apartment
mix with spa/club terrace supported with stone dry walls. Much of
the construction will be concentrated in these
areas. The gradient of the slopes is between 16-35
degrees, but mostly below 20 degrees. The slope
of the terrain allows for three storey buildings, with
open views to all. The residential development will
take the form of village clusters around communal
pools and terraces.
Infrastructure & Transport Access
The site is approximately a 10 km drive from the
coast via the existing 3/4 lane Adriatic Highway,
however 2 km as the crow flies. To facilitate the
proper functioning of the new development, new
local access roads will connect all parts of the site
with the existing road and wider area.
Electric and telco cable networks serve the area.
The site is located near to the central electricity
hub which services the entire coastline.
Although the immediate district is not currently
connected to mains water and waste, as part of the
urbanization program of this designated zone, the
local Municipality (Budva) is obliged to provide the
necessary services and infrastructure appropriate
to anticipated future demand.
The development site is supplied by numerous
natural water sources. The regulation of the water
supply will be facilitated by capturing the natural
water at source and storing in strategic reservoirs
above the development.

14 15
 Ocean’s Edge - Rezevici
E80

Herceg Novi Bijela

E65 E80 E80
This exceptional site, perched on a cliff edge with Development Concepts
E65
BAY OF KOTOR Tivat Kotor dramatic coastal views, sits on gently slopping A luxury apartment complex offering 44 apartments
E65
Rose open grassland and provides the ideal location and one villa with a communal gym, three pools
Lustica
Radovići for an exclusive apartment development. and a pool bar.

Project Description Project Location

E80
E65 The planning concept is to create a luxury Ocean’s Edge, Rezevici is one of the most desirable
ADRIATIC SEA
Lastva
Budva apartment complex and one two storey villa. locations in Montenegro. Sitting proudly on the
The site is situated immediately off the main coastal Budva Riviera, 2km from Petrovac, Ocean’s Edge
highway and is perfectly orientated towards the has outstanding views out across the Adriatic and
South-West, providing sun, spectacular sea views the coast of Montenegro.
Rezevici
and dramatic sunsets.
Ocean’s Edge Tivat Airport is only 25 km from Rezevici and the
lively town of Budva is 15 mins drive.

Total Land Area 7,905 m²

Gross Development Area 6,829 m²

(Including underground parking)
Site Plan
86% density

Above: Computer generated images of proposed development.

Left: Views of and from Ocean’s Edge.

16 17
Rural Portfolio
 Rural Portfolio
The coastal hinterland region of Montenegro
is one of the country’s best kept secrets.
Lush valleys with beautiful scenery house
olive groves and vineyards, which are a
recurrent theme.
This area of Montenegro, which is only a 20
minute drive from the Adriatic, is equidistant
Views of the Montenegrin Countryside.
20
from the coast, Lake Skadar and Podgorica
the capital; as a result of this, we expect to
see significant growth in this region in the
coming years.
We have packaged a portfolio of land and
restorable properties in a number of charming
villages that stretch the full length of this valley.
21
Church Valley
Church Valley is a rural location in Glavati although
only a 10 minute drive to the Adriatic coast and its
E80
beaches. It sits in the middle of existing farmland
Herceg Novi Bijela with old stone houses and indigenous flora. This
E65 E80
E65
E80 property is so called as it is in the unique position
Tivat Kotor
BAY OF KOTOR of being surrounded by five churches.
Rose E65
Radovići
Lustica The ruin site is easily accessible from Budva and
Tivat airport and is a 5 minute drive from Jaz beach
Church Valley E80 which has played host to international concerts.
E65
ADRIATIC SEA
Lastva
Budva The area is a traditional farming community and
the village is designated as a protected zone by
the heritage department of Kotor Municipality.
Site Description
The site is rectangular and gently slopes towards
Plot Size 1894 m² the North-West. On the upper part of the site there
Existing Building Footprint 167 m² are three ruins. One is the main building with an
Proposed Building Footprint 312 m² ancillary building adjacent to it. The ground floor,
external stone walls, and staircase of the main
Proposed Total Build 533 m²
building have been preserved. The ancillary building
is the best preserved with original Mediterranean
roof tiles and the footprint of the third building has
also been preserved; this was previously the farm
building. The original village ‘guvno’ still remains on
the site. This is a stone built circular structure used
for threshing grains and also was the meeting point
for the village.
The lower part of the site is almost a flat meadow
surrounded with trees and shrubs. The intention
Artist’s impression of the Church Valley development. is to preserve as much as possible of existing
site layout.
22
Site Plan Project Description It has been proposed that most of the existing
This Project is more of a renovation (reconstruction) landscape will be preserved, with added indigenous
than a new designed development. trees, shrubs and flower beds. Both buildings will
be built as stone houses with duo pitched roofs
It is proposed to build two houses, one larger and Mediterranean (Roman) tiles in the traditional,
luxury villa and one smaller guest house on this authentic style of the area.
site. The existing circular stone structure ‘guvno’
is well preserved and can be renovated as an Infrastructure & Transport Access
arbour or gazebo. On the lower part of the site A newly built road and pathway connect the site to
(the meadow) a large swimming pool with an the main road. Electrical and phone/internet/cable is
arbour as a landscape feature and shaded area available. There is currently no sewage connection.
is proposed. The access to the site is from the There is no mains water. A water supply will have to
existing road on the South-East side with a new, be pumped into home from rain water storage tank.
stone-built arched gate. There will be four car
parking spaces with direct access to the road.
The two storey villa is constructed on the footprint of
the existing main and ancillary buildings, connected
together to make one house. There will be a newly
designed spacious ground floor, and formal living
Artist’s Impression room. The main view faces the North-Westerly
direction with views of the meadow and swimming
pool. In front of the villa is a large open terrace and
formal garden. On the South-East side, one could
plant a good sized winter garden.
The two storey guest house is a smaller 3
bedroomed building, adjacent to the house with
a lovely large open terrace and formal garden.
Ground Floor First Floor
23
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Vineyard Estate
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B ij
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Ro E6
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BA
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FK
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Ra
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v ić The Vineyard Estate is situated in the rural valley Site Plan
Lu i Kotor
sti E65 between Cetinje town and Skadar Lake. The
ca

AD
proposed development looks to regenerate existing
RI
AT
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EA vineyards of this lush and plentiful area and make
E80
E65
E765 a luxury village with spa, swimming and tennis facilities.

E80
Budva Project Description
Podgorica This rural location is surrounded by hills and
orientated longitudinally North-South with open
E65 views to the mountains. The design of the site is
inspired by traditional Montenegrin stone village
Vineyard Estate
houses, typical of this region. The Vineyard Estate
Skadar Lake concept is based on similar developments in Italy,
France and South Africa, where vineyards are
utilised for the Tourism and Hospitality industry.

Design and Construction

Total Land Area 265,679 m²
Gross Development Area 19,680 m²
The site is divided into three areas. A country club
hub with Spa and recreation facilities, a boutique
hotel with high-end restaurant and a residential
development. The residential development will
have access to swimming and tennis facilities.
The bulk of the development will be characterised
by luxury villas nestled between the vineyards. This
is part of regeneration project for vineyards which
are disappearing in this valley. As it is an integral
part of this development, the vineyards and winery
will serve the guests of the Vineyard Estate.
External treatment of all buildings will include the
use of thick local stone walls to the South and West,
with those to the North and East in contrasting
Section Elevation
render. All lower ground walls, balustrading, stairs
and paving will be of local stone, with traditional
roman tile roof coverings.
Environmental and Sustainable Development
The development density of the site has been
set to 20%. This policy reflects a strategic aim
to minimize ecological impact and allow for
sustainable development.
The proposed development is set within well
established woodland, orchard and vineyards.
Given this rural setting, it is imperative to retain
as much of the existing landscape, native trees
Artist’s Impression
and bio-diversity as possible. Much of the existing
woodland can be retained as a screen to the North
and East. The existing vineyard will be revitalized
due to its important local significance.

24 25
Mountain Portfolio
 Mountain Portfolio
The terrain of Northern Montenegro is
mountainous and the municipalities of Zabljak
and Kolasin are considered to be the centres
for Montenegro’s winter tourism. Snow fall is
heavy here in the winter months but in summer
the weather is glorious and these regions are
perfect for those who enjoy the outdoors with
challenging hiking and mountain-biking trails.
The North of Montenegro also boasts the
second largest canyon in the world.
Above: Durmator Mountains.
Left: Tara River.
Above: Mountain Views.
28
Montenegro is in the process of re-developing
and expanding its two principal mountain
resorts, Zabljak and Kolasin, which flank both
sides of the country’s northern region. Ski
facilities are operational in both resorts, in
particular Zabljak (the highest town
in the Balkans).
Access to both destinations will be greatly
enhanced by new major road networks that
are currently being built, providing direct, high
speed connections with the coast and main
airports. This infrastructure programme is the
catalyst for rapid development and growth of
these mountain regions. Ultimate Montenegro
has significant land holdings in both regions.
The new road network will also open up
other beautiful areas of the “Wild Montenegro”
interior, such as the Savnik Canyon (an Ultimate
Montenegro asset).
29
 Kolasin Mountain Village
Kolasin Mountain Kolasin
Kolasin Mountain Village is situated approximately Infrastructure and Transport Site Plan
Village
2 km from the centre of Kolasin, creating easy There is electricity on this site but a new sub-
Niksic
access to this beautiful area. The site is North- station will have to be built in order to service the
E80
facing with fantastic mountain views as well as area. Proper road access to the site will need to be
views across the sloping Kolasin meadows built as well as a water supply, however the area is
E765
E80 and woodland. extremely rich in natural water sources making this
OR Tivat a simple task.
E65 Podgorica
Project Description
Kotor
ići
Kolasin Mountain Village is divided into three Environmental and Sustainable development
areas. The upper central part of the development The development density of the site has been

E80
will be the Village centre with indoor and outdoor set to 40%. This policy reflects a strategic aim to
E65
pools, saunas, bowling alley as well as shops and minimize ecological impact and allow for sustainable
A
Lastva
Budva restaurants. A sports centre with tennis courts in development.
E65
the summer and ice rinks in the winter will sit on
Skadar Lake
the second meadow area of the development. The proposed development is set within well
established woodland and meadows. Given this
The main development will consist of traditional rural setting, it is imperative to retain as much of the
Total Land Area 92,753 m² style log cabins, stone built ground and lower existing landscape, native trees and bio-diversity
New Development Area 36,300 m² ground floors with timber construction on the as possible. Much of the existing woodland can be

New Build density 33% first and second floor and loft. retained as a screen to the East of the site.

Luxury as well as mid to low range apartments will

be positioned around the rest of the site.

Section Elevation Section Elevation

Views across Kolasin.

30 31
Lake Portfolio
 Lake Portfolio
Skadar Lake

Skadar Lake is located in Zeta-Skadar valley
divided between the Municipalities of Bar
and Podgorica. Two thirds of the lake is in
Montenegro and a third in Albania. This unique
lake is 391 km2 and is the largest lake on the
Balkan Peninsular. The Montenegrin part of the
lake (40,000) hectares was declared a National
Park in 1983 and is exceptionally rich in flora
and fauna as well abundant marsh vegetation.
It is one of the largest bird reserves in Europe,
having 270 bird species, amongst which are
some of the last pelicans in Europe, and is
abundant in fish (especially carp).
Travelling to the Skadar region one cannot
help but notice the beauty of the area, with its
overgrown banks, bays, capes and islands. It is
the perfect holiday destination with mild winters
and dry, hot summers. The Adriatic Sea is only
20 mins drive from Skadar Lake accessed
through the newly built Sozina tunnel.
Our assets overlook this stunning lake setting
within the Skadar Valley.

Skadar Lake.

34 35
 He
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The Skadar Estate

i 0
B ij
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Ro E6
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BA
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FK
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Ra
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v ić Nestled in a mountainous valley overlooking the Project Location
Lu i Kotor
sti E65 beautiful Skadar Lake, the development offers a Skadar Lake is the largest lake in the Balkans.
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rich variety of accommodation within exceptionally The landscape surrounding the lake is breathtaking,
RI
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EA beautiful natural surroundings. The development dotted with small, picturesque villages. The climate
E80
E65
E765 includes a 5-star luxury Hotel and Spa, terraced of the Skadar Valley makes it the perfect holiday
houses under planted roofs and luxury villas that destination with mild winters and hot summers.
E80
Budva are arranged organically along the contours of Tourists come to this region to enjoy fishing and
Podgorica the landscape. swimming in the lake. In addition, the Adriatic coast
Skadar Estate is a mere 20 minutes drive from Skadar via the
E65 newly built newly built Sozina tunnel.

Views of Skadar Valley and The Skadar Estate.

Section Elevation
Skadar Lake

Development Concept Environmental & Sustainable Development

A mixed use development including a 5-star Luxury
Hotel and Spa, luxury villas and terraced houses.
Infrastructure & Transport Access
Access to the site is gained from an existing road
along the northern edge of the site. New paved
vehicular routes feed off this existing arterial into the
development. The new roads culminate in private
driveways for each residential unit and outdoor
parking courts and basement parking for the
Hotel and Spa.
The development site is supplied by numerous
natural water sources. The regulation of the water
supply will be facilitated by capturing the natural
water at source and storing it in strategic reservoirs
above the development. To maintain the availability
of sufficient potable water, a rainwater harvesting
system will be used for grey water systems,
maintenance of swimming pools and
landscape irrigation.
The proposed development is set within a well
established wooded valley. It is imperative, within this
setting, to retain as much of the existing landscape,
trees and bio-diversity as possible. Minimal cutting
of trees is foreseen, with the luxury villas positioned
where possible around existing trees.
The development density of the site has been
limited to 19%, which reflects the aim to minimise
ecological impact. Furthermore, the introduction
of planted roofs over the terrace houses and
hotel building will substantially reduce the built
impact of the development on the site, with green
roofs covering more than half the development
on the site.

36 37
Yielding Assets – The Orangery, Perast
Ultimate Montenegro Ltd has 5 yielding assets
in The Portfolio, the best example of which is
The Orangery in Perast.
The Orangery, Perast
Perast is well known as being the most desirable
location in the UNESCO protected Bay of Kotor.
This immaculately preserved Venetian town
is steeped in history, boasting 16 Baroque
palaces, 9 defensive towers, 16 Catholic and
2 Orthodox churches.
Artist’s Impression
38
The Orangery is a charming, waterfront, 4 bedroom
villa in the heart of this chic part of Montenegro.
It has a courtyard in the front of the house that
could be used for parking, or one could erect a
single storey building for which outline planning has
been granted. At the back of the villa is a terraced
garden, complete with barbeque area and sun
deck. The shoreline of the Bay is only 10 m from the
front door, providing immediate access to a wide
range of water sports and activities (swimming/
snorkelling, sailing, water/jet ski, fishing).
View of Perast.
Floor Plans - Ground Floor First Floor Second Floor
39
About Us
The team are senior property investment professionals, with a blend of local knowledge and
international experience who have identified a unique development opportunity in Montenegro.
Ultimate Montenegro entered the market in 2004 and acquired prime plots of land across the
country with diverse development opportunities.

Our specialist local team have carried out the necessary legal and planning due diligence for
each asset. We offer consolidated land packages with zoning and planning consent and an
on going local implementation support.

Michael Ward, Kotor, Montenegro
Michael began working in the
Investment Management industry in
1988, after graduating from Oxford
University. With 22 years of industry
experience of which 8 years in the
Balkans, Michael has managed
investment portfolios specialising
in Eastern Europe faor various
institutions, including Head of EMEA
Equity at HSBC Asset Management,
TCW Asset Management and ABN
Amro. In 2000, he was ranked No.1
Investment Advisor in Turkey and No.2
in both Poland and Hungary (Reuters
GEM survey). In 2005, Michael was
appointed Director of Montenegro
Investments Limited (MIL), a CISX-
listed closed-end real estate company
and one of the largest foreign investors
in Montenegro to date. Michael is
responsible for the implementation
of the group’s Strategy, Research
and Marketing activities. Michael
has a working knowledge of the
Serbian/Bosnian languages.
mward@ultimatemontenegro.com
Amra Ward, Kotor, Montenegro
Amra began working in the investment
industry in 1996, after obtaining
a Masters Degree in Advanced
Mechanical Engineering from Imperial
College, London. As an Eastern
European investment specialist, Amra
has worked for a number of blue chip
institutions such as Merrill Lynch, TCW
Asset Management and ABN Amro.
In 2002, Amra acted as Advisor to a
UK FTSE-listed real estate company
regarding Western Balkan acquisitions
and privatization activities. In 2005, as
the Director of Ultimate Montenegro
Ltd, Amra was appointed Advisor to
Montenegro Investments Limited (MIL),
a CISX-listed closed-end real estate
company. Amra‘s local knowledge and
extensive network is the principal driver
behind the group’s Commercial
& Urban Planning programs. Amra
is fluent in English and her native
Serbian/Bosnian.
award@ultimatemontenegro.com
Chris Kemsley, London
Chris started his own property
consortium in 1994 and is one of the
largest providers of affordable housing
in West London. He has significant real
estate experience in both developed
and emerging markets. Chris advises
on all property fund decisions and is
responsible for Joint Ventures and new
business opportunities.
Chris.Kemsley@penham.co.uk
Danny Parish, Kotor, Montenegro
Danny has extensive experience
with sales and marketing and has
worked in the commercial and travel
sectors internationally since 1990. At
the beginning of 2007 she moved to
Montenegro to work as a Sales and
Marketing Director for a UK hedge
fund’s Montenegrin division. After
successfully completing the sales
of their assets in October 2008, she
moved to join Ultimate in November
2008, as their Head of Sales
and Marketing.
Sandra Tepic, Kotor, Montenegro
Sandra is a graduate of the Faculty
for Maritime Studies, Management
Department, and is fluent in English.
She has been with Ultimate since
they opened in 2004, and with her
excellent knowledge of office and
human resources management, she
is responsible for all office operations
and procedures.
stepic@ultimatemontenegro.com
Borka Papovic, Kotor, Montenegro
Borka obtained a Masters Degree in
English Language & Literature at the
University of Niksic. She has been
working in the Montenegrin Real
Estate sector since 2005, and joined
Ultimate in 2008. With her extensive
experience of the real estate market,
she is responsible for property
administration and market research.
bpapovic@ultimatemontenegro.com
Tamara Peranovic, Kotor,
Montenegro
Tamara is a graduate of the Faculty
for Tourism and Hotel Management.
She has a good understanding of
English and experience in the Tourism
and Property management sector.
She joined Ultimate in 2006 and is
responsible for all property and
land management.
tperanovic@ultimatemontenegro.com
Ultimate Montenegro
Stari Grad 475
Kotor 85330
Montenegro
T +382 (0)32 304 369
F +382 (0)32 304 370

danny@ultimatemontenegro.com

40 41
www.ultimatemontenegro.com

Corporate Partners

1st Floor, Bree Street Studios Ivan Usljebrka

17 New Church Street Architect RIBA
Cape Town
P.O.Box 15794 Vlaeberg 8018
T: 021 423 3241
F: 021 423 6633
info@visserthomas.co.za
www.visserthomas.co.za

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