Serbia - the expanding

market for growing profits

Listen Expert's advice
Ready to Invest
Learn about the most attractive projects...
Heartfelt Hospitality
This issue marks the launch of the BelRE Special Magazine,
intended to serve as a valuable guide to the real estate mar-
kets of Serbia and its neighbours. Within its pages:
• We will showcase some of the most intriguing projects
• We will chat with the real estate investment experts
from world’s leading companies with branch offices in
Serbia and other countries in the region
• We will keep you informed of the potentials for growth
and ready-to-invest projects
• We will use our influence to turn “possibilities” into actu-
al projects
• And, finally, we will share our delight when we see our ef-
forts grow to fruition
The current Crisis has caused the developers’ interest in in-
vesting in our region to wane. In the meantime, the prices
settled at a stable level, new options began to appear, and
our legislation was synchronized with the legislations of EU
member countries. The market has matured in both its
openness to foreign investments and in the incentives
offered for those investments.
While working on this issue, I stumbled upon a text on Bel-
grade in a brochure for one of the major projects and felt
the need to quote a fragment of that text here:
Belgrade is located at the crossroads of Eastern and West-
ern Europe. No other place anywhere in the world com-
bines ever so smoothly the temperament and the passion
of the Orient on one side and the elegant charm of Europe
on the other. Always on the route of Eastern armies' forays
into the West or vice-versa, destroyed and rebuilt for so
many times, Belgrade lacks continuity in architectural styles
that other European cities boast of; however, the visitor
looking for heartfelt hospitality, excellent cuisine and enter-
tainment will find all of this and be more than satisfied with
what this city that never sleeps has to offer instead...
I hope you will find ample reasons to keep on reading…
and that I will see you again soon.
Dusica Gakovic
Editor-in-chief
Serbia–the 4
Expanding Market
for Growing Profits
The quality of Serbia’s business climate has
been reflected in €1 4 billion of FDI since 2001 .... *January – September 2009 Source: National Bank of Serbia

CONTENTS
BelRE Magazine Expert's Advice
BelRE Magazine is publication of BelRE Serbia–the Expanding Market for Growing Profits............................... 4
Fair and Dynamic Communications
Group doo, registered in Belgrade, Positive impact............................................................................................................6
Serbia
Focus on the Residential Market......................................................................7
90, Cara Nikolaja II
Belgrade, Serbia Danos in Alliance with BNP Paribas Real Estate,
+381 1 1 344 0247
office@belre.org first year of Serbian operations......................................................................... 8
www.belre.org
Serbian Property Market Leading in the Region................................. 1 1
Editor-in-Chief Dusica Gakovic
The Serbian real estate market is still under supplied..................... 1 2
Editorial Staff and Contributors
Marija Jeremic Mace - the most successful project management
Marko Lazic company in SEE region....................................................................................... 1 4
Jovan Popovic
Quality Award 2009 for Spiegelfeld International.............................. 1 5
Marketing
Violeta Simic
office@dcg.rs
+381 1 1 2434 346 Ready to Invest
Prepress At the corner of two Boulevards, next to Danube............................. 1 6
Dynamic Communications Group
Marina Oasa – new spot on Europe tourist map................................ 22
Translation
Dynamic Communications Group City of Nis..................................................................................................................... 28

Print Grow with us..............................................................................................................30

TIM Agency
Ongoing Projects
Metropolitan Apartments, Wesrt End........................................................ 32

New retail park in Sabac, Factory Outlet.................................................. 33

Mosaic city mall, Visnjicka Plaza.....................................................................34

Vig Plaza, Kragujevac Plaza............................................................................... 35 22

Infinity, Zeland.......................................................................................................... 37

Royal Apartments................................................................................................... 42

International Center Galleria............................................................................44

Blue Center, Home&Office Dorcol................................................................45

South Avenue Apartments, Morinj Springs............................................47

FIDIC - branded Serbian engineers

ready to export globally..................................................................................... 38

BelRE 2009 Review............................................................................................48

32
EXPERT'S ADVICE

Serbia–the Expanding Market for Growing Profits

The quality of Serbia’s business climate has been reflected in €14 billion of FDI since 2001. Key investment benefits include great
market potential, strong economic growth, low operating costs, favorable tax incentives, and skilled labor force

Siepa
Investment and
Promotion
Agency

We are very optimistic about

the business climate in Serbia
and have already experienced
many of the benefits of
investing here.

Mr. Robert Snow, Managing

Director, GTC Serbia
Dragan Pejcic FDI Advisor, Serbia Investment and Export Promotion Agency

Since the onset of economic reforms
in 2001, Serbia has grown into one of
the premier investment locations in
Central and Eastern Europe. Over the
past nine years, inward FDI in the
country totaled €14 billion, while the
Real Estate industry alone attracted
more than €700 million of foreign dir-
ect investment.
International property developers are
led by Israeli investors–Plaza Centers
and Central European Estates are ex-
pected to implement €500 million
and €400 million worth projects, re-
spectively. Additionally, Engel Group is
to start the construction of its €160 mil-
lion residential and business complex,
while Africa-Israel Corporation and Tid-
har Group–with their €200 million first
business park in Serbia–won the
OECD award for the largest Greenfield
investment in South East Europe in
2005. In a ground-breaking project, In-
dian Embassy Group plans to build a
€428 million state-of-the-art IT park in
Northern Serbia. Other key internation-
al players in the local market include Is-
raeli GTC International, Austrian Grawe
and IMMORENT, U.S. Ocean Atlantic,
Dutch Vondel Capital, and other
world-class real estate companies.
Investment Benefits
International developers in Serbia can
largely benefit from the following:
- Booming market potential, featur-
ing e.g. highest office yields in East-
ern Europe of 10%;
- Robust economic growth of more
than 6% between 2004 and 2008;
- Low overhead costs, including
Europe’s second lowest Corporate
Income Tax of 10%;
- Attractive tax incentives such as
the 10-year Corporate Income Tax
holiday for large-scale investment
projects;
- Quality human resources reflected
in 11% annual productivity growth
since 2004.
Booming Market Potential In Ser-
bia, there is strong demand in the real
estate market, particularly in the resid-
ential and retail segment. As a result
of robust economic growth and
strong FDI performance prior to the
economic downturn, demand for
quality office space was on a steady
rise. Likewise, the residential experi-
enced an upward trend due to a
steady increase in household income
and a wide availability of mortgage
loans.

4 | No. 5 March 2010 | BelRE Magazine


Robust Economic Growth For years,
Serbia was among Europe’s fastest
growing economies. Between 2004
and 2008, economic growth averaged
6.3%, while GDP per capita almost
doubled. Strong GDP performance
was largely driven by service sectors
such as telecommunications, retail,
and banking. In addition, local food,
beverage and construction industries
expanded rapidly.
Low Overhead Costs Cost-effective
operating in Serbia is ensured through
competitive tax rates, labor and utility
costs. Corporate tax rates are among
the lowest in Europe–Corporate In-
come Tax rate stands at merely 10%,
while VAT is set at 18/8%. In addition,
total labor expenses average below
50% of the level in EU members from
Eastern Europe.
Attractive Investment Incentives
On top of this, overheads can be fur-
ther cut down by taking advantage of
a variety of tax incentives. Key tax in-
centives include a 10-year Corporate
Income Tax holiday for investment pro-
Source Colliers International Serbia
FDI in the Real Estate Industry in Serbia (EUR in million)
*January – September 2009 Source: National Bank of Serbia
jects of over €7 million, various Corpor-
ate Income Tax credit schemes or
2-3-year Salary Tax and Social Insur-
ance Contributions exemptions.
Quality Human Resources Serbia’s
labor force combines exceptional
working efficiency with sizable labor
supply. With a unique combination of
high-quality and low costs, it is one of
the key factors in reaching a strong
business performance. The quality of
EXPERT'S ADVICE
The number of inward
Greenfield FDI projects in
Serbia went up from 5 in 2003
to 63 in 2007.
Ernst & Young, SEE
Attractiveness Survey, 2008
the local labor force is reflected in ro-
bust industrial productivity, rising at
an 11% annual rate over the past five
years. Technical education is particu-
larly strong–high school students are
among the best performers at world
contests in natural sciences, while Ser-
bian engineers are well-known for
their expertise. In addition, Serbia
boasts the highest English speaking
proficiency in Eastern Europe.
BelRE Magazine | No. 5 March 2010 | 5
EXPERT'S ADVICE
SIEPA Services
To set up or expand your business at a
low cost and in the minimum amount
of time, you can address to the coun-
try’s central investment institution–
Serbia Investment and Export Promo-
tion Agency (SIEPA).
We are proud to offer our reference
list that includes some of the largest
multinational companies, namely Fiat,
Kronospan, Ball Corporation, Grundfos,
Knauf, and many others.
SIEPA puts a special focus on the real
estate industry, reflecting the import-
ance of its development to the Serbi-
an economy by providing the
following:
• Promotion of cities and developers
at renowned international fairs;
• The database of investment loca-
tions in Serbia;
• Regular surveys and detailed ana-
lyses of the sector;
• Working with investors in identify-
ing locations and assisting in the
legal processes;
• Information on business service pro-
viders in the Real Estate industry.
Please visit Serbian national stands at
world’s leading Real Estate fairs, where
selected Serbian cities and developers
are exhibiting and offering their ready-
to-invest locations and projects.
Thus, we would like to invite you to
contact our specialized staff ready to
assist you and your business interests.
Working with us is simple, effective
and free of charge.
6 | No. 5 March 2010 | BelRE Magazine
Serbia Investment and
Export Promotion Agency (SIEPA)
3, Vlajkoviceva St. 5th Floor
11000 Belgrade, Republic of Serbia
Phone: +381 11 33 98 55 0
Fax: +381 11 33 98 81 4
E-mail: office@siepa.gov.rs
www.siepa.gov.rs
Positive impact
For the first time, authorities in Serbia are
wisely used the less active investment
period and brought a series of regula-
tions which will greatly improve the legal
framework, facilitate investment pro-
cesses and as the largest news, guaran-
tee ownership of the land.
Srdjan Vujicic
Director of King Sturge Serbia
The oft-mentioned Crisis, dull and
heavy, did not manage to skip Serbia
and it will apparently last throughout
2010. The real estate market, or –
more specifically – the development
industry, suffered perhaps the
strongest from its impact, but this
industry is all more likely to be the first
to see the light at the end of the
tunnel. For the first time, authorities in
Serbia wisely used the period of
reduced investments to bring a series
of regulations which will greatly
improve the legal framework, facilitate
investment processes, and – as the
biggest news – this framework will
guarantee ownership of the land.
Another positive impact of the Crisis is
certainly the fact that it brought the
square metre prices and the level of
rent back to their real frames. Thus,
foreign investors will no longer face
what used to be a common scenario a
year or two ago, when local partners’
expectations ranged between 40 -
80% higher than what they were
offered. Still, we advise foreign
investors to cooperate with local
partners in order to avoid the period
necessary to adjust to the market and
learn the procedures, and, most
importantly, to save time in finding
prime locations.
The real estate market in Serbia is still
quite underdeveloped in all segments
other than office space where around
100.000m2 remain available for rent.
However, the total amount of office
space is still at least half as large as in
other cities in the region, or,
specifically told, Zagreb (almost 1/3
the population of Belgrade).
Development of the so-called
secondary market – cities such as Novi
Sad, Nis, and Kragujevac – is also
evident.
The prices of residential space and the
amount of rent saw a drop in the
range of 20 – 30% compared to the
previous year, but King Sturge notes
that price will decrease in the future
and the square of newly constructed
buildings for sale will range from 1300
(in suburb) to 3000 (in the elite
quarters). Prices of rent for Class A
office space will be from 13 - 16 EUR
depending on the location, quality
and quantity of the buildings’ area for
lease.

Focus on the Residential Market
In anticipation of the recovery of the Serbian property market, we spoke about the major trends in
certain segments of this market to Dragan Radulovic, Director of CB Richard Ellis for Serbia
Bearing in mind that the year preced-
ing 2009 was quite dynamic and, I
would say, successful for most in-
vestors who were bringing their pro-
jects to a close at that time, we
entered 2009 gliding on the wings of
Aside from residential,
another segment which will
continue to develop will be
that of retail space.
that success. Practically speaking,
when we discuss the activities related
to the commercial real estate market,
this means that we were not yet feel-
ing the dramatic effects of the Crisis at
the beginning of 2009. However, the
remainder of the year certainly saw a
slowdown and, in the majority of
cases, a delay in key investments
which had been planned for 2009,
which resulted in very few transac-
tions closed during the entire last year.
Since the stock of modern office space
was enlarged by approximately 20%
in 2009 with the completion of the
projects that were started before the
Crisis, there was a notable increase in
vacancy rate which grew to more
than 25% at the end of the last year.
This came as a result of the increased
office stock and the reluctance of com-
panies to move their businesses in the
light of global financial crisis. The en-
tire situation thus led to a great pres-
sure on rents, necessitating a price
correction and a greater willingness
on the investors’ part to accommod-
ate the lessees with more competitive
incentive packages.
On the other hand, the residential mar-
ket felt a somewhat more stable situ-
ation in the other half of 2009 and an
increase in demand resulting from the
prior price correction and the re-intro-
duction of subsidised housing loans.
According to our data, at the end of
the last year, citizens’ faith in the stabil-
ity of the market was somewhat re-
newed, as well as the willingness to
opt out for apartment purchase.
We should also remember that the re-
tail space market was also heavily im-
pacted by the economic crisis, both
globally and locally. The impact was
not only in the rental price dynamics,
but also in the ratio of supply and de-
mand. Namely, some retail chains tem-
porarily postponed their international
expansion plans, waiting for the eco-
nomic and financial indicators to be-
come more optimistic.
The real estate market in Serbia should
show signs of recovery as early as in
the first half of 2010, considering the
fact that banks are gradually
reconsidering reintroduction of
mortgage financing, which will entice
new developments in all sectors of
the property market. We expect over
100,000 sq m of new office space to
be completed in 2010. This market
segment is still very underdeveloped
in comparison with the region, with
less than 450,000 sq m being offered,
which is less than a third of the
capacities of Bratislava, or as little as
20% of the offering in Budapest.
As for the retail market, it is still un-
developed and carries a great poten-
tial. The supply grew rapidly in 2009,
EXPERT'S ADVICE
Dragan Radulovic
Director of CBRE Serbia
particularly after the opening of
“Usce” shopping mall, which attracted
new brands which had not been
present on our market previously, but
the global economic crisis generally
caused a mild shift – the focus moved
from the landlords’ market to the ten-
ants’ market. Despite the Crisis, it is ex-
tremely positive that we saw several
new names enter the market, repres-
enting important investments, includ-
ing Mr. Bricolage and Kika; the fact
that Mercur chose Belgrade to build
its largest retail store, and Mercator
continued the expansion of its retail
chain is also very signigicant.
Considering the insufficient develop-
ment of our market compared to the
region – in all its sectors – we can cer-
tainly expect a better use of that po-
tential in the near future. Despite the
current slowdown in activities in the
property market, I believe the seg-
ment which will definitely regain the
focus, once the market recovers, will
be residential market. Another
segment which also bears significant
potential and will certainly continue
to develop will be that of retail space.
BelRE Magazine | No. 5 March 2010 | 7
EXPERT'S ADVICE
Danos in Alliance with BNP Paribas Real Estate, first
year of Serbian operations
Operating for 42 years, Danos Group is an alliance member of BNP Paribas Real Estate, specialized property division, which operates
through 80 offices in Europe, the Middle East and United States, having over 3500 employed professionals.
Jovan Jovanovic
Director of Danos Serbia
I think the entire professional
community understands very
well that the recovery process
for the market will be long
and arduous, and we see
2010 as the period of stabiliz-
ation and synchronization.
During its 42-year work as an interna-
tional eminent property adviser,
Danos Group has developed large
database of the users of services,
which includes public companies, fin-
ancial institutions, market chains, cor-
porate clients, private investors and
other users of services.
Company "Danos & Associates" has
started doing business in Serbia in
alliance with "BNP Paribas" group, be-
8 | No. 5 March 2010 | BelRE Magazine
fore one year ago. The company’s
headquarters are located in Belgrade,
with the local team of experienced
professionals. About the situation at
real estate market in Serbia, we are
speaking with Jovan Jovanovic, Direct-
or of Danos Serbia, and Head of
Valuations and Investment Advisory,
Zana Sipovac.
What is your opinion on the cur-
rent state of the Serbian real es-
tate market and what do you
expect will happen in the follow-
ing period?
I believe that there is not going to be
a significant increase in the volume of
commercial real estate transactions
when compared to 2009. We at the
Danos Company have observed a
slight growth of queries related to the
lease of office and retail space in the
first two months of 2010, primarily
within the territories of Belgrade and
Vojvodina.
Business space tendencies remain fo-
cused on Class A real estate, where
new lessees are quick to recognize the
chances for negotiating additional be-
nefits when agreeing on rent and the
specific obligation aspects of lease
agreements, where we are observing
the biggest growth in demand for
small and mid-sized office space, ran-
ging from 150 to 400 square metres.
As for retail, the market itself finally
reached a new point at the beginning
of this year, where the owners of real
estate came to better understand the
situation and managed to adjust their
profit expectations to match the actu-
al financial moment. It was this view-
point shift that enabled the increase
in the number of successfully closed
transactions for our company, primar-
ily for the main pedestrian zones of
downtown Belgrade, as well as retail
developments across Serbia.
"Danos & Associates" plans to
become the new market
leader for complete region of
the Balkans.
To what extent is Serbia truly
open to foreign investments?
Since the democratic changes, Serbia
has maintained, on paper, that it was
open to foreign investments. Unfortu-
nately, what we, as a country, failed to
accomplish during the ten years of
our transition is to provide a clear,
transparent, and, most important of
all, affirmative legal framework. This
component is critical in the eyes of
foreign investors, and weighs heavily
in the decisions they are making
when they allocate capital in the re-

gion of South-eastern Europe.
Until now, our neighbours have
shown much more sensitivity to con-
structing legal frameworks suited to at-
tracting foreign investments; however,
the announcements issued by the
Government of Serbia over the past
few months, which spoke of the final
simplification and speeding up of own-
ership transfer procedures, are encour-
aging.
What is your advice to potential in-
vestors?
I would advise those investors who
are already present to use this mo-
ment to consolidate their operations
in order to reach conditions where
they can optimize their business oper-
ation expenses in Serbia.
Our advice to new clients on Serbian,
"Danos" plans to refresh
professional standards in the
domain of real estates, to
increase efficiency, as well as to
improve the operations of its
clients with the business plan
orientated towards the whole
palette of services.
market which the Danos Company –
together with our parent network BNP
PARIBAS Real Estate – points towards
the most profitable investments, is to
focus on affordable residential devel-
opment in Serbia; next, we firmly be-
lieve that logistic centres are one of
the most prospective sectors; finally,
investing money in land acquisition is
always good longterm venture. Also,
FDIs are heavily needed for primary in-
frastructure in Serbia, helping the de-
velopment of commercial real estate
and, by inference, our economy in
general.
What are your predictions regard-
ing the prices of real estate in the
next year?
I think the entire professional com-
munity understands very well that the
recovery process for the market will
be long and arduous, and we see
2010 as the period of stabilization and
synchronization.
Realistically speaking, the business
space sector will bear most of the con-
sequences of the World Financial
Crisis, but we also expect the banks to
finally become more sensitive to the
need for financing development pro-
jects, which is crucial in order to make
the first step towards definitive market
recovery.
About valuations services and invest-
ment consalting, we are talking with
Zana Sipovac, Head of Valuations and
Investment department in Danos Bel-
grade Office.
What are advantages and key
qualications of Your department?
The personnel is a key factor of suc-
EXPERT'S ADVICE
cessful consulting company and our
department for valuations and invest-
ment advisory gathers highly qualified
and professional individuals with
Zana Sipovac
Head of Valuations and
Investment Advisory
proven track record on the local mar-
ket and internationally. Our profes-
sionals have knowledge of local
conditions and regulations and wide
experience in real estate sector in-
cluding privatizations, mergers and
acquisitions and corporate advisory.
Offered services are in compliance
with international standards and regu-
lations of the Royal Institution of
Chartered Surveyors (RICS) and are re-
cognized by high level of transpar-
ency which is a key strength
especially in these turbulent times.
Also, each team member is encour-
aged and supported by the Company
in terms of professional certification.
With the Q1 of 2010 almost over,
have you perceived any progress
in the fields of real estate and
banking?
BelRE Magazine | No. 5 March 2010 | 9
EXPERT'S ADVICE

understanding, recognition of specific Cyprus and diverse customer base in-

Offered services are in compli-
ance with international
standards and regulations of
the Royal Institution of
Chartered Surveyors (RICS)
and are recognized by high
level of transparency which is
a key strength especially in
these turbulent times.
I still cannot confirm positive move-
ments on the market despite positive
signals that we hear from officials. Real
estate market is almost frozen and
overall market activity is insignificant.
It is difficult to put responsibility to
one side such as banks and their lack
of interest in financing of real estate
projects. It is closed circle, on the one
side are potential buyers and occupi-
ers that are conservative regarding
buy/lease decisions while on the oth-
er side are banks that are concerned
about reliability of potential investors
and market realization of their pro-
jects.
cases and analytical approach to prob-
lem solving.
The first thing in order to achieve EU
standards is improvement of local reg-
ulation and adoption of the new legal
framework regarding valuation prac-
tices through “Law on conditions for
conducting appraisal expert activities”.
The new Law will bring qualitative reg-
ulation and necessary transparency of
professional practices in Serbian mar-
ket.
The new Law will bring qualit-
ative regulation and neces-
sary transparency of
professional practices in Ser-
bian market.
In addition to the fact that Danos
Company is a member of BNP Pari-
bas Group, which elements would
you single out as the company's
key advantages over the competi-
tion?
cluding public sector, financial institu-
tions, companies and private
individuals.
Our professional and dedicated con-
sultants with different field of expert-
ise are assigned to provide the most
competitive and tailor-made advice to
the each client.
For any further inquries,
please contact:
Danos In Alliace with
BNP Paribas Real Estate
6, Vladimira Popovica St Belgrade
11000 Serbia
T +381 11 2600 603
office@danos.rs
www.danos.rs

Unfortunately, we cannot observe real Proven market experience, reputation

estate market out of the entire eco-
nomy and positive movements in real
sector.
In your opinion, which profession-
al skills are most important for an
investment advisor? Which area re-
quires further work to achieve the
EU standards?
Formal education and professional cre-
dentials together with on field experi-
ence which enables good
on local and international markets and
quality of services is the main compet-
itive advantages of Danos that have
been recognized by BNP Paribas
group as well. Something that differen-
tiates Danos from other companies in
Serbian market is strong formal frame
of our activities since the company is
recognized by RICS (Royal Institution
of Chartered Surveyors) organization
which is visible also in Danos logo.
The company has more than forty
years of experience in Greece and

10 | No. 5 March 2010 | BelRE Magazine


Serbian Real Estate Market
Leading in the Region
We are talking about investment op-
portunities and challenges in Serbia
with Robert Schweizer, the Vice Presid-
ent of Investments for the region of
Central Europe in Merrill Lynch.
'First, I have to say that foreign in-
vestors perceive Serbia as a part of the
region, not as a separate market. Fur-
ther on, they examine Serbia from mul-
tiple perspectives - economic growth
among many attracts the investors,
and calls for the context of invest-
ments, then from the perspective of
the political situation and of course
the banking sector. And these are the
sectors which we choose whether to
invest in or not - said Robert Sch-
weizer. He noted that it is obvious that
the Serbian economy has been de-
pendent on foreign credits in the last
five years, that GDP is negative and
there is no indication that it will get
any better in 2010. All these are indic-
ators that represent a significant risk
for investors. However, the good
Ada Bridge
The construction works have begun in
late October 2008. and the
completion of the bridge is scheduled
for late 2011. Very important
infrastructural project over the Sava
river, Ada Bridge will connect Old with
EXPERT'S ADVICE
news, is that the banking sector is as I have heard
highly ligit, supported by Greek, Italian in the last 6
and Austrian banks'. months. A huge
amount of
'Serbia obviously needs financial re- Greek money
sources, logistics and surprisingly could be inves-
more "A" Class office space. Of course ted in this sec-
it is impossible to do this all at once. tor. For
The rental terms and prices have stabil- example, a pro- Robert Schweizer
ized a bit and hopefully will remain ject of rearran- Vice President
so', mentions Schweizer. ging hotel for Investments
"Yugoslavia", for Central
'I think that Belgrade presently does and Delta's Con- Europe
not need another shopping center. In tinental would Merrill Lynch
the future there will be need for shop- be able to at-
ping malls, however not only in Bel- tract enough capital.'
grade, but Novi Sad and Nis. In terms 'Serbia is probably one of the most in-
of logistics, I think Serbia has the po- teresting markets in Europe. The
tential and a bright future, somewhat money will come from Israel, Greece,
like Romania several years ago', add and perhaps more of Austrian in-
Schweizer. vestors. Large investments from West-
ern European countries may have
Schweizer believes that it is particu- swung Serbia, but a lot of money
larly interesting to invest in the hotel should flow into Serbia from the
business in Serbia. 'I haven’t heard neighboring countries for various his-
about so much interest in the hotels torical reasons', concluded Schweizer.
New Belgrade and significantly reduce total. The bridge's main tower will be
traffic passing through the city centre 200 metre's tall.
and the older Gazela Bridge. This new
bridge will be a part of the internal
magistral ring, it will also carry a third
of Belgrade's metro lines, connecting
the outer parts of New Belgrade with
the central areas. The project is
expected to cost 160 million euros in
BelRE Magazine | No. 5 March 2010 | 11
EXPERT'S ADVICE
The Serbian real estate market is still under supplied
By entering the market transition process relatively late, compared to other countries in the Central and Eastern European region,
Serbia did not advance far enough ahead in economic terms to suffer heavy consequences of the global economic crisis.
Jovica Jakovac,
Director of Colliers International Serbia
Being heavily dependent on foreign in-
vestment however, due to the limited
development of local industry and pro-
duction, Serbia suffered indirect con-
sequences of the crisis. The effect and
consequences of the market turmoil
are the most obvious if we observe
the real estate market- the office mar-
ket being the most directly hit seg-
ment as foreign companies
postponed their decisions to enter the
Serbian market or spread their activit-
The retail sector experienced
new developments and
market entries, and was the
most active segment in 2009.
ies and scope of services. The govern-
ment did support one sector, by
intervening in the residential develop-
ment market, offering subsidized
loans for buyers of new apartments
and trying to stimulate movement on
the market which had ground to a
12 | No. 5 March 2010 | BelRE Magazine
halt by early 2009. Almost every office
market in Europe is hit by effects of
economic crisis in terms of decreased
office rents and increased vacancy
levels. Office rental levels have
reached their bottom levels since the
beginning of the modern office mar-
ket in Belgrade after 2000’s.
The average asking rents for new of-
fice space in Belgrade were at the
The average asking rents for
new office space in Belgrade
were at the levels of EUR 15.5
per m2 per month for Class A
and EUR 12.5 per m2 per
month for Class B office
space.
levels of EUR 15.5 per m2 per month
for Class A and EUR 12.5 per m2 per
month for Class B office space. Cur-
rently, around 178,000 sqm of Class A
and Class B office space is under con-
struction and set for delivery in the Bel-
grade market during 2010. Majority of
these project were started in the peri-
od 2008/1st half 2009 and are
presently in final stages of develop-
ment. Most distinguished projects un-
der construction are Blue Center (Class
A, CBD, GBA 35,000 sqm) and Tri Lista
Duvana (Class A, CBD, GBA 11,700
sqm). In the following six months peri-
od, the supply levels are expected to
exceed demand, creating a moderate
saturation of Belgrade office market.
Further corrections in vacancy rates
are expected, with the overall vacancy
increasing from the present 19.70% to
estimated 23.0% by the end of 2010.
The achieved head rents for Class A
and Class B space in Belgrade have
possibly reached their bottom levels
during the second half of 2009. It is
expected that rents will remain at sim-
ilar levels in 2010.
The retail sector experienced new de-
velopments and market entries, and
was the most active segment in 2009.
It still experienced adjustments
amidst the new economic conditions,
mostly in the form of decreased retail
turnover and rent. Compared to other
countries, Belgrade has higher rental
levels due to a lack of supply on the
market, and the decreased construc-
tion rate of planned modern shop-
It is highly optimistic to say
that 2010 will be a year of
recovery in all segments of
the Serbian economy and real
estate market.
ping centers. The ratio between retail
space and number of people is signi-
ficantly lower in Belgrade than other
cities in the region with only 92m2 of
retail space for every 1000 people.
This ratio is considerably higher in
other cities – Sofia 100 m2/1000

people, Bucharest 150, Zagreb 400,
Budapest 430 etc. Having this in mind,
in the mid- to long- term, Belgrade
has a great potential for development
of retail objects. In Belgrade, a shop-
ping mall in Rajiceva Street (GLA
19,000 sqm) is presently under con-
struction, with the opening date ex-
pected for 2012. TQ City in Indjija is
expected to open in 2010. The com-
pany BlackOak Developments is devel-
oping GLA 30,000 sqm the first serbian
The biggest investor in Serbia is USA, however the most
important investors in real estate segment in Serbia are Israeli,
Greek and Austrian companies due to vicinity of those countries
to Serbia, their knowledge of the Serbian real estate market and
mutual historical connection.
Factory Outlet center in Indjija, which
is set for delivery in December 2010.
This modern outlet center will com-
prise around 125 retail units. In Novi
Sad, pipeline includes Park City and
Big CEE shopping malls, expected for
delivery in 2010/2011 period. In
December 2009, Serbian company
Delta Holding started the construction
of a retail center Delta Park (GLA
23,000 sqm) in Kragujevac. Upon de-
velopment by 2010/2012 period, this
will be the first retail park in Serbia. In
2010, vacancy levels in Belgrade high
streets are expected to increase by
10% on average, while existing shop-
ping malls should keep vacancy at 0%,
but with possible rent reviews.
Bearing in mind that the industrial mar-
ket is closely aligned to the ‘’fate’’ of
the economy, particularly in terms of
production levels, it is not surprising
that 2009 saw several projects being
postponed or cancelled. There are cur-
rently around 35,000sqm of various
projects under construction in Bel-
grade and surrounding industrial
zones in Vojvodina, as well as the addi-
tional 50,000 sqm of projects in differ-
ent phases of preparation. Under
current economic conditions, new sup-
ply is expected to lead to an increase
in the vacancy rate followed by a pos-
sible decrease in current rents by the
end of 2010. Many investors have se-
cured the land lots, and are expected
to start constructions in the following
period of 2010/2011. It is highly optim-
istic to say that 2010 will be a year of
recovery in all segments of the Serbi-
an economy and real estate market.
Gradual market recovery is expected
to begin in the second half of 2010;
however this process will be slow.
The signs of real recovery will be seen
in at least 12-18 months. We don’t ex-
pect a significant increase or decrease
in FDI in 2010. Considering the inter-
national economic crisis, the FDI in-
flow to Serbia was satisfactory in 2009
reaching 1.1 Billion EUR. In 2010, FDI
inflows are expected to remain at ap-
proximately the same levels as 2009.
Most of Serbia’s FDI inflows have been
oriented towards large privatizations
and that trend is likely to continue in
2010, but we also hope to see more
green- and brown-field investors com-
ing into the market. We expect FDI to
have a positive impact on the office
and logistics market to the extent that
new companies are coming into the
country they will need space to ac-
BelRE Magazine | No. 5 March 2010 | 13
EXPERT'S ADVICE
commodate their expansion. The ex-
pectation of international companies
entering the Serbian market is largely
what fuelled the speculative office de-
velopment market, when the crisis hit,
companies pulled back their expan-
sion plans leading to the oversupply
on the Belgrade market. We hope
that new companies will enter in 2010
and beyond to stabilize the supply
and demand curve back to where it
was in 2007. There are a large number
of investors in Serbia.
The biggest investor in Serbia is USA,
however the most important in-
vestors in real estate segment in Ser-
bia are Israeli, Greek and Austrian
companies due to vicinity of those
countries to Serbia, their knowledge
of the Serbian real estate market and
mutual historical connection.
There is potential in both residential
and retail sectors for foreign invest-
ment due to the fact that the Serbian
real estate market is still under sup-
plied. Logistics market, which is at the
beginning of its development path,
presents a great investment oppor-
tunity for foreign companies. The
highest activity in the upcoming peri-
od is expected in the infrastructure
segment with several projects in the
pipeline -bridge over Ada, Corridor X
and Corridor XI highway projects etc.
We always advise all the investors in-
terested in Serbia to consult profes-
sional consultants, and not local
agents who will not provide valid in-
formation which is relevant for their
entry into the market. Transparency is
the most important for successful
business cooperation.
EXPERT'S ADVICE
Mace - the most successful project management
company in SEE region
Mace is one of the world’s most successful companies in the scope of project management construction industry and just recently
Mace was elected as a best Project Management partner / company by worldwide industry practices.
Branislav Simovic
Civil / Structural Engineer, BSc./MSc.
Mace Regional Director
Following that survey, published in
the last World Architecture magazine,
we have invited Branislav Simovic,
Mace Regional Director, to tell us
something about Mace, their business
philosophy and activities.
Since founded in 1989, Mace has
evolved into a multi-disciplinary glob-
al consultancy and project manage-
ment construction company and has
enjoyed significant growth thanks to
the support of Mace clients and em-
ployees.
Currently Mace is operating in 28
countries and continues to achieve sig-
nificant market share in the commer-
cial, aviation, arts, residential,
regeneration, retail, utilities, rail, educa-
tion, healthcare and local authority sec-
tors.
Can you tell us something about
how Mace decided to start busi-
ness activities in South East
Europe and Serbia particulary?
14 | No. 5 March 2010 | BelRE Magazine
'Recognizing Mace as a reliable partner property life cycle and it comprises
and innovator in the practice support- management of design, develop-
ing permanent development in vari- ment, programme, project, cost and
ous fields of construction industry, in facilities management in addition to a
2004 Philip Morris International en- full construction delivery service. It is
gaged us in the project of tobacco through the integration of our ser-
factory complex reconstruction in Nis, vices that Mace adds value for clients,
Serbia. The project was successfully providing clear and transparent sup-
completed in April 2006 and since port and direction throughout the
then, we are successfully working on construction lifecycle', said Simovic.
all major projects across South East
Europe region. With our 103 employ- 'For us, the Client was, still has and will
ees, 23 projects and offices in Serbia always be the centre of the Mace
(head office), Montenegro, Croatia, business globe where facilitating
Macedonia Slovenia, Bosnia and greater economic, environmental and
Herzegovina and high international social benefits from the built projects
standards of services we are providing, on client’s satisfaction is the only
Mace SEE holds the leading position measurement of our success', finished
on the regional market', said Simovic Simovic.
What separates Mace from com-
petitors on the regional market?
'Maybe the best definition was given
by Top 10 Architects recently saying
that Mace’s top-down, dogged de-
termination to deliver ensuring client’s
full satisfaction is what separates us
them from the pack', said Simovic
with a smile.
Continuing, Simovic said: 'Mace busi-
ness approach, services portfolio and
determination to fulfil beyond clients
expectations is what is giving Mace a
leading position on the regional mar-
ket'.
'Our services portfolio span the entire

Quality Award 2009 for Spiegelfeld International
Vision of our company in the future period is to establish long term business activities at the Serbian market, as well as to develop
the complete proposal of services, being successfully provided for decades to the clients from all over Europe.
Radivoje Nijemcevic
Director of Spiegelfeld International
Spiegelfeld International is an interna-
tionally active real estate company
based in Vienna, Austria. With our
branch office in Belgrade, established
in 2005, the company represents a reli-
able partner in brokerage, advice and
Embassy Group is building IT Park in Indjija
Construction of the first phase of the
Information Technology Park in Indjija,
where the job should get about 2500
workers, is to begin this year.
At this time, Embassy Group is
preparing project documentation for
a building permit for the construction
of 25 000 square meters of office
space with all necessary facilities,
services, restaurants, banks and
facilities for rest and recreation. For
the first phase of construction of IT
appraisal of office and retail property,
commercial property, investment, res-
idential real estate, as well as facilities
used commercially for agriculture or
forestry. Due to the strategic orienta-
tion to the international and regional
markets, Spiegelfeld has also been the
first independent Austrian real estate
firm to establish subsidiaries in Croatia,
Romania, Serbia and Ukraine. Also, by
cooperation with local partners
Spiegelfeld became a reliable partner
to many clients in other Central and
Eastern European countries as well.
Vision of our company in the future
period is to establish long term busi-
ness activities at the Serbian market,
Park, Embassy Group has leased 50
hectares of land and settled all
obligations to the municipality.
Embassy Group will invest 30 million
USD in building and 20 million USD in
information-technology equipment.
In the second phase, all construction
work of IT Park at a total of 220
hectares with investment of more
than USD 300 million in facilities and
200 million USD in IT equipment,
should be completed by the end of
BelRE Magazine | No. 5 March 2010 | 15
EXPERT'S ADVICE
as well as to develop the complete
proposal of services, being success-
fully provided for decades to the cli-
ents from all over Europe. Following
the worldwide and European trends,
Spiegelfeld is ready to engage strong
efforts into the assistance during exe-
cution of modern real estate projects,
due to its great reputation, which was
built mostly in Austria, but also in oth-
er European countries. The company
has long-term experience in monitor-
ing market circumstances and provid-
ing real-estate services. This year,
Spiegelfeld International obtained the
Quality Award 2009 from the Austrian
Chamber of Commerce as the best
real estate company in Austria.
the 2014th and be employed a total
of 25 000 workers.
READY TO INVEST
At the corner of two Boulevards,
next to Danube
The most desirable Belgrade mixed-use development
The lot allows for 30 percent of
construction while the rest remains
green with public access. According to
the general plan, the height of the
building and the number of floors is
unlimited. With regard to gross
amount, there is a 130000 m² of a
possible construction development.
16 | No. 5 March 2010 | BelRE Magazine
The Belgrade mixed-use development called Blok
12 is located in Novi Beograd on a 4.0 ha site at the
corner of Bulevar Umetnosti and Bulevar Nikole
Tesle. The footprint allowable is 12,000 m2 and the
buildable area above grade is 130 000 m² GBA.
One side of the lot is facing the Danube River, with a
view of the river and the park along the river. The
other side is facing the House of Government
(former SIV).
Perspective view,
option 1
according to
LaguardaLow
Architects preliminary
design
 READY TO INVEST

Perspective view, option 2, according to LaguardaLow Architects preliminary design

The construction of tall buildings

is permitted including the
construction of hotels, hotel
apartments and business spaces.
The residential space is planned to
take up to 50 percent of the future
building space.

There are several options how the

total amount of space could be
divided.
The possibilities and needs for a
construction of a 10 000 m²
exclusive shopping center is being
estimated and considered as well.

BelRE Magazine | No. 5 March 2010 | 17

READY TO INVEST

Vertical section of Retail, according to the preliminary design of LaguardaLow Architects

Perspective view option 1

The heart of the location is planned for green
and aquatic environment.

In vicinity of Danube walking area and bike

path makes this part of the city one of the
favorite for life.

Also, New Belgrade as the new corporative

center of Belgrade, attracts more business
people for living.

The parking space will be constructed mainly

below ground levels.

18 | No. 5 March 2010 | BelRE Magazine

 READY TO INVEST

The lot of Blok 12 is prime location in Belgrade

Sheme proposed by LaguardaLow Architects

The architectural design will reflect modern
architecture as well as clients and potential
investors needs.

According to preliminary design of

LaguardaLow Architects, the project will consist
of a 5-Level Retail/Entertainment center of
45,000 m2 GBA, Hotel block of 30,000 m2 GBA
in 30 Levels, 2 Residential blocks totaling 70,000
m2 GBA in up to 50 levels, and Parking below
grade for approximately 1,500 cars.

BelRE Magazine | No. 5 March 2010 | 19

READY TO INVEST

Development Blok 12 engages in construction

and sale of commercial and residential buildings.

Only the highest standards are being used in the

creation of both business and living spaces.

Ljubisav Djuricic, attorney and the Member of the

Board, says: 'We want everyone to feel safe and
comfortable in our buildings. We are
accommodating the world trends and modern
style to the needs of our clients and guarantee
that our experience, expertise and professionalism
will fulfill their expectations. We have been
establishing such principles through construction
and development of our colossal and courageous
Site plan, option 1 according to Laguarda Low Architects projects. These standards continue to be
preliminary design supported by our contemporary concepts and
cooperation with the world known companies in
About the company this business'.

The company Development Blok 12 (Razvoj Blok
12) was established in 2006, in Belgrade, from
experienced professionals, with the aim to set up
the highest standards in the apartment
construction business.
Also, he points: 'Blok 12 is a prime location in
Belgrade. Nowadays You can hardly find
something similar in the city. Only 10 minutes
from the downtown, and in the center of New
Belgrade; next to Danube walking area, which is
several kilometres long with numerous caffees

Roof plan, option 1

according to Laguarda
Low Architects
preliminary design

20 | No. 5 March 2010 | BelRE Magazine

 READY TO INVEST

and restaurants.
Also, the site is surrounded by green areas'.

'If You look over the Belgrade, there are no high

class mixed-use development or complex. And
Blok 12 have perfect enviroment for an exclusive
project: surrounded with green area and business
premisses in several office buildings and office
parks, next to old residential complex and
pedestrian by Danube and only couple of
minutes from city center and highway', add
Djuricic.

'Therefore, we have to make something

extraordinary from it - the complex which will be
symbol of New Belgrade, and represent modern Site plan, option 2 according to Laguarda Low Architects
way of living', says Djuricic. preliminary design

'Block 12 is grandiose project, suitable for big

developer. Our idea is to offer partnership in
developing project or to sell one part of the For investment inqueries, please contact:
project, for example, for developing the hotel or
shopping center', concludes Djuricic. Razvoj Blok 12
Brace Baruh 11
11000 Belgrade, Serbia
+ 381 (0) 11 30 30 100
+ 381 (0) 11 21 06 145
office@blok12.rs

Roof plan, option 2

according to Laguarda
Low Architects
preliminary design

BelRE Magazine | No. 5 March 2010 | 21

READY TO INVEST

Marina Oasa – future new spot

on Europe tourist map
Belgrade offers a few dozen hotels that vary in capacity, quality of service and category, with over 6.5 thousand
berths. All of the hotels are almost exclusively dedicated to guests visiting Belgrade. What Belgrade lacks,
however, is a single tourist complex offering a wide range of new-type tourist services.

Marina OASA, a single unique nautical tourism

Carefully planned in details by the
town-planning documents, with built
infrastructure and excellent traffic
connection, Marina OASA the is one of
the most attractive tourist development
destinations for the investors.
centre in the vicinity of a city of two million
inhabitants situated over the two great rivers, will
be open to the maximum satisfaction of
numerous local nautical tourists and other
admirers of the Danube and its natural beauty.
On the hillsides of Brestovik, 3 km away from the
Grocka town center and 30km from downtown
Belgrade, along the Belgrade - Smederevo main
road, on a 2 ha plot situated right on the Danube
river bank, the ex-Investbank's Resort was built
back in the mid-sixties of XX century.

22 | No. 5 March 2010 | BelRE Magazine

 READY TO INVEST

Being the most popular tourist destination on the where, amidst peaceful natural surroundings,
Danube downstream from Belgrade, this beautiful accompanied by high quality food and hotel
tourist complex was well-known at the time as service, one may renew individual levels of energy,
"The Bank's Resort ". The embankment was built constantly depleted by
featuring a well-organized jetty, with berths for stressful activities of
The Danube is a river that
river craft and a ramp for pulling boats out of everyday life.
water. According to the recent connects Serbia with other
development project, ex- European countries, therefore
The entire complex is covered in carefully planted Investbank's Resort it has a major role in the
abundant greenery, horse-chestnut trees, poplars should become a
Serbian Tourist Development
and pine trees. There are walking paths and car modern centre of
tracks, lawns, decorative shrubbery and flowers. nautical tourism called Strategy.
Marina OASA, offering
Modern city life dictates the need to develop and various assorted services such as nautical and
upgrade tourist destinations located in the sports tourism, hotel accommodation, wellness
countryside, away from the city center, with and relaxation, congress tourism, gastronomy,
quality wellness and sports-recreational facilities, hunting & fishing and many others...

BelRE Magazine | No. 5 March 2010 | 23

READY TO INVEST

The General Urban Plan of Belgrade, among top
imperatives of the city's development in the
future, underlines regulation of a growing demand
for well-organized river-bank locations. The
concept popularly known as "the city's descent to
the rivers" represents one of the key trends within
the Belgrade town planning.
consultants specialized in management &
consulting within hotels and tourist industry, the
concept design for ex-Investbank's Resort
development and improvement was prepared, i.e.
the design of the future tourist-nautical centre
Marina OASA on the Danube river bank.

Marina OASA nautical tourism centre is located in

the central part of this exclusive zone. Carefully
planned in details by the town-planning
documents, with built infrastructure and excellent
traffic connection, Marina OASA the is one of the
most attractive tourist development destinations
for the investors.

According to the project by the Architectural

Design Office DOR Studio, led by Dusko Djordjevic,
the Belgrade architect who has, for 25 years, been
involved in design and development of wellness
hotels in Switzerland and in cooperation with the
SAVATH Hospitality Management company

24 | No. 5 March 2010 | BelRE Magazine


Hotel accomodation
For the purpose of hotel accommodation services
within the Marina OASA a modern structure will be
erected with the capacity of 40 double rooms. This
building will be characterized by contemporary
design, fully functional facilities and quality
materials. The ground floor will include a hotel
lobby with reception, restaurant and a spacious
terrace overlooking sports facilities/playgrounds
and the Danube.
READY TO INVEST
Beneath the lobby, at sports grounds level, a
wellness centre will be built with total area of
1,300 m2 including a covered swimming pool and
jacuzzi tubs, fitness room, sauna, tepidarium,
massage rooms and relaxation treatments facilities
as well as a beauty center.
The hotel will have 40 double rooms. Apart from
the main Marina OASA hotel building, the guests
may also be accommodated at an apartment
block consisting of 20 two-bedroom apartments.
Sports tourism
For the purpose of sports tourism visitors may
enjoy a covered sports hall with two playgrounds
for mini sports, two fitness rooms and a children's
playroom; there are also 4 open mini-sports
grounds, athletic track with the highest-quality
tartan surface; an open swimming pool for adults
BelRE Magazine | No. 5 March 2010 | 25
READY TO INVEST
The position by the Danube, just 30 km away from
downtown Belgrade, makes the tourist zone of Grocka
one of the city's most exclusive tourist potential.
European Corridor 7, pronounced one of the top ten
priorities for development in near future, stretches
along the Danube. This potential is enhanced by the
fact that the European transport corridor 10 also runs
through Belgrade.
by the river and children's pool, total area of 250
m2, with accompanying pool facilities and water
slides as well as a covered 180 m2 swimming pool
with fitness room within the hotel building.
Sports tourism services will be provided for
preparations of top local and international athletes
and sports teams as well as for those who practice
sports for recreational purposes, sports schools,
summer camps and sporting day's events
organized by business companies and other
institutions.
26 | No. 5 March 2010 | BelRE Magazine
Nautica
For nautical tourists a contemporary marina will
be built on the Danube bank, with over 50 berths
for river vessels of different sizes, from small
scooters, power boats and yachts to large river
cruisers. Marina OASA will offer concierge and
service/maintenance facilities for river craft,
organized autumn boat conservation, winter
storage and spring preparation. For other guests
there will be a choice of organized tourist
excursions along the Danube to the following
destinations: Belgrade, Vincha, Viminacium,
Golubac and Silver Lake.
Congress tourism
Congress tourism services will be provided to
companies, banks and other commercial
organizations, for meetings and seminars of
professional associations and societies, who will
be able to organize various gatherings and events
for their members.
 READY TO INVEST

For this purpose, a separate congress centre is
provided on the ground floor and first floor, with
total area of 800 m2, fully furnished and equipped
with all necessary technical and other utilities in
order to facilitate conditions for a comfortable
stay, accommodation and work of the participants.
Gastronomy
Excellent cuisine represents the basis of a quality
tourist offer. The gastronomy block of the Marina
OASA nautical-tourism centre consists of two
restaurants: the main hotel restaurant sitting 170
people, located next to the lobby on the ground
floor and the seasonal restaurant on the river bank,
right next to the open swimming pool adjoining
the sports hall.
The restaurants will be well equipped and
furnished in compliance with HACCAP standards.
Apart from nautical, sports, congress and other
tourist purposes, those restaurants will
accommodate guests who wish to organize
business or family dinners, cocktail parties and
other events.

The project is developed by Appraisal Associates (www.asa-appraisalassociates.com) in consultation with

Savath Hospitality Management (www.savath.rs). For investment inqueries, please contact:
office@asa-appraisalassociates.com or visit www.marinaoasa.com

BelRE Magazine | No. 5 March 2010 | 27

READY TO INVEST

CITY OF NIS
With approximately 300.000 citizens, Nis, a city on river Nisava,
third largest city in Serbia, is an important regional, administrat-
ive, economic, cultural and university centre

Due to its specific geographic posi-
tion, Nis has been known through his-
tory as “the gateway between the East
and the West”. The main transport ax-
is, highway and railroad, comes from
the direction of Belgrade to Niš where
it branches towards the south leading
to Thessaloniki and Athens (E 75) and
towards the east to Sofa, Istanbul and
further towards the Middle East (E-80).
Air traffic is carried out through the air-
port Constantine the Great, the
second passenger and cargo airport in
Serbia. Airport Constantine the Great
generates enormous investment po-
tential.
With a unique combination of high-
quality and low-cost skill-set, work-
force in City of Nis is widely regarded
as a strong business performance
driver.
that imply an efficient, available and
accountable local self-government
Main local economic development
projets and activities
• Finalisation of Coridor X (East: Nis –
Bulgaria and West: Nis – Macedo-
nia)
• Gas pipeline South Stream
• International Airport Constantine
the Great
• Cargo center at International Air-
port Constantine the Great
• Solid waste threatment plant
• Waste water collector system
• Waste water threatment plant
• Science Technology Park TEHNIS
(Brownfield revitalisation of Elec-
tronic Industry – 100.000 sqm –
Electronics, ICT, Mechanical En-
gineering)
• Custom free zone Niš
• Business Incubator Center Niš
• Regional development Agency
South
Investment opportunities
• Technology Park and Incubator
TEHNIS Nis
• Industrial zone surface: 57,4 ha
• Area for new Greenfield invest-
ments: 16 ha
• Area for new Brownfield invest-
ments: 101.000 m2
• Industrial zone Donje Međurovo
• Location size is approx. 12ha and it
is divided into smaller lots.
• It is intended for light industry, lo-

The quality of intellectual capital in

City of Niš is based on its educational
system generating well-educated,
fast-learning, multilingual and IT liter-
ate people at 13 faculties of the Uni-
versity of Nis, four higher and 14
secondary schools.

City of Niš has accepted the basic prin-

ciples of modern local administration

28 | No. 5 March 2010 | BelRE Magazine

 gistics and respective services.
• The tenant, in relarion to lease fee is
entitled to the grace period of 2
years
• The location is connected to waste
water network, water supply net-
work, gas with drafted projects of
access and internal roads
• North Niš Industrial Zone
• Covering up to 174ha, out of which
the majority is private property
• access roads, water supply and sew-
erage system, electricity, gas and
telecommunication networks.
• Lozni Kalem Niška Banja (Spa of Niš)
recreative center
• Only 10 km from the City of Niš , Niš
Airport is only 10km away and Cor-
ridor 10 – one of the main
European highways – 5km.
• Detailed Regulation Plan defines
two sections: recreation and sports
in the northern part and touristic-
commercial capacities in the south-
ern part
• The location is equipped with infra-
structure.
• Ada Ženeva – sports and recreation
area
• Total area of the plan: 50,72 ha
• The purpose of the location - sports
and recreation facilities.
• Investment structure - Private Pub-
lic Partnership :
Public private partnership
opportunity
1. Charging services and parking con-
trol on open public city surfaces
2. Services for waste transport, city
waste landfill management, public
sanitation
3. Green market services
4. Intercity bus station
5. Public transport company gsp (bus
and mini bus transport )
6. Company for public roads con-
struction and maintenance
7. Other ppp activities
- Waste water treatment: construc-
tions of collector for waste water
and waste water treatment plants
ESCO company for public lighten-
ing system management: invest-
ment in public lightening
equipment: pillars, lamp posts and
automation for system conducting
- Management with public toilets: re-
paration and building new public
toilets
- Construction and management
with new heating sources ( heating
plants)
BelRE Magazine | No. 5 March 2010 | 29
Touristic potentials
City of Niš, situated on 597 km², has a
great touristic potentials. In Niška
Banja (Spa of Niš) there are many facil-
ities that can be used for the purposes
of recreation or convalescence, as well
as for organizing congresses and con-
ferences, or various sports and cultural
events. Investment touristic potentials
can be found in untouched nature in
Nis vicinity, its mountains suitable for
extreme sports, hunting and fishing
and in rich thermal and mineral wa-
ters, already discovered by domestic
and foreign tourists.
Emperor’s city
With the birth of FLAVIUS VALERIUS
CONSTANTINUS in NIŠ, later city of
Nis got its significant place in the
world history. Constantine the Great
issued Milan Edict, an important doc-
ument in 313 and gave to Christianity
the equal status with the other Ro-
man Empire religions. The intention of
City authorities is to celebrate 1700
years of the proclamation of Christian-
ity as a religion in 2013, together with
City of Milano (ITA), City of Trier (GER)
and City of York (GBR) and revive the
first Christian Emperor, Constantine
the Great.
READY TO INVEST
Grow with us...
Our team of experienced consultants will provide
you with highest level of services at any time, fo-
cused on the desire to meet your interest and
provide complete information on this unique in-
vestment opportunity. In this concept, Stara Plan-
ina Resort is the first innovative year-round
mountain resort in Southeastern Europe.
Master plan of Stara Planina ski resort, drafted by
the world-wide acknowledged Ecosign company,
in compliance with internationally accepted stand-
ards, brings together this breath-taking natural
beauty, modern trends in organizing accomoda-
tion facilities, as well as state-of-the-art installations
for winter and summertime activities.
This combination of Nature in its magnificent
pristine state and local way of living in active
mountain villages represents a model of sustainble
development of tourism that, in addition to being
unique in architecture and landscape terms, offers
maximum comfort to visitors. And only a few steps
away from hotels, apartments or villas will you find
the most modern installations for winter and sum-
mer activities.
30 | No. 5 March 2010 | BelRE Magazine
The network of most up-to-date ski lifts has been
designed in such a manner so as to observe the
natural forms of the mountain and operate along
the most attractive skiing slopes.
All-day activities in both winter and summer, will
be taking place in untouched nature, in the imme-
diate vicinity of the resort. Partners interested in
investing into the development of Stara Planina
Resort may find a wide range of options for a safe
investment.
In addition to this great investment opportunity,
we would like to offer you to grow together. In de-
veloping the master plan for Stara Planina Resort,
we have already built to a large extent the infra-
structure necessary for its functioning.
In line with the development phase of the Stara
Planina Resort master plan, we can offer lots with
already prepared desings for development of ho-
tels, apartments, terraced villas, as well as lots for
development of private houses complex.
This approach offers you a possibility to find a
 READY TO INVEST

business opportunity here as developmental part-

ner, as company specialized in management, or a
lessee for the already development facilities. Its our
wish to have you as a partner and work neck and
neck on the development of Stara Planina Resort,
as a great business opportunity, and grow togheth-
er...

Contacts:
JP „Stara planina“ (PE „Stara planina“)
Milosa Obilica 1, Knjazevac
Telephone/Fax: +381(0)19 731 110
Belgrade Branch, Zagrebačka 3, Belgrade
Telephone: +381 (0)11 26 26 596,
Fax: +381(0)11 218 14 68, www.rpsp.rs

Kanjiza Offer to the Investors the Land in

the Industrial Zone and Industrial Park

The municipality of Kanjiza offered to the investors
two great locations for investment in northern
Serbia.
As one of the best current opportunities for invest-
ment in this municipality, Kanjiza presented an in-
dustrial park not far from the border crossing
Horgos. Park is located in the working zone, near
the railway station, railway Subotica - Szeged and
Corridor 10. Land, which is in complete ownership
of the local governments is 20 hectares and is
equipped with infrastructure.
'The building is designed to accommodate clean in-
dustry and development of services in the border
zone. Whether it will be an industrial park or logist-
ics center is left to the investor to decide', says Ms.
Piroska Vadas Cava, Senior Associate or the eco-
nomy in the Municipality.
She noted that the municipality provides signific-
ant benefits for investors regarding the payment
of rent, fees for land development and other fees
for arranging construction land. Other locations
from which the Municipality of Kanjiza expects sig-
nificant revenue, is Kanjiza Industrial Zone, next to
the regional road R119, near the railway station
and close to Kanjiza company "Potisje Kanjiža" and
"Ceramics". The industrial zone covers 3.75 hec-
tares of land and has the possibility of extension to
7 ha.
'The detailed plan of regulation has been made,
and infrastructure development plans are in pro-
gress. Now we are in the phase of the division of
the area of plots of various sizes from 600 to 2,000
m2. For the infrastructural equipment we're using
the resources of the National Investment Plan
funds and the municipal budget, and expect to at-
tract private capital', said Ms. Piroska Vadas Cava.

BelRE Magazine | No. 5 March 2010 | 31

ONGOING PROJECTS

Metropolitan Apartments
Metropolitan Apartments is a modern areas and surrounding greenery. Apart- The entire complex is covered by sur-
residential-commercial complex in Bel- ments consist of four sections with 80 veillance cameras and will also in-
grade which offers its owners the apartments of various structures, eight- clude on-site security guards.
highest level of residential accommod- een business spaces and an under-
ation. The entire complex is being con- ground car park. The project includes The construction of the complex has
structed according to the highest a children’s playground as well as a fit- been entrusted to the Monterra d.o.o.
standards of quality, technical facilities ness center within the building. Im- company from Belgrade. The finances
and safety. Surrounded by parks, in portant details such as a safety front of the project are entirely managed
the immediate vicinity of Zira shop- entrance, sandwich wall panels, top by Erste Bank a.d. Novi Sad and Hypo-
ping centre, schools, healthcare institu- quality wrought iron fittings, oak hard- Alpe-Adria-Bank a.d. Beograd.
tions and major traffic routes in the wood floors, central heating, air condi-
city, Metropolitan Apartments offer a tioning and state-of-the-art electric Exclusive sales of the complex has
unique concept of living in the capital elevators going from the under- been entrusted to Colliers Internation-
city. ground garages, distinguish this resid- al. The estimated date of completion
ential-commercial complex. for this complex is December 2010.
The facilities of the Metropolitan Apart-
ments will be complemented by well-
known cafeterias, banks, shops and
sports facilities. Life in the Metropolit-
an Apartments will offer its residents
all the benefits of modern city hous-
ing - peace and tranquility, prestige
and an easy access to all the cultural,
educational, sports and social facilities
available in Belgrade.

What makes it special, apart from their

excellent location in the heart of Bel-
grade, is the highest level of quality of
construction, thoroughly planned
functionality, modern technical solu-
tions and maintenance of common

West End Office Building

One more office and retail complex
located in Tosin Bunar as a part of
block 60 in New Belgrade. This project
consists of two independent 5-storey
office buildings with authentic archi-
tectural design, gross area of 12500
sqm, underground garage of 1500
sqm and open space parking with 88
place. The investor is company City In-
vestment.
Construction started July 2009, finish-
ing it is planed for March 2010.

32 | No. 5 March 2010 | BelRE Magazine

 ONGOING PROJECTS

New retail park in Sabac

Sabac has always been a center of eco-
nomy and culture in the area of Podrin-
je and larger region. The municipality
of Sabac covers an area of 795km2.
Sabac as the largest town in the west
Serbia, has approx 123000 inhabitants.
Town has a very good traffic connec-
tion with Belgrade (distance 85 km)
thanks to the Corridor 10 (E 70) that is
just 20 km from town (plans for con-
struction of this 20 km are in the fase
of preparation). From Novi Sad it is
only 73 km, and from Valjevo 68km.
Distance from the border with Bosnia
and Herzegovina is 36 km.
There is a very well developed infra-
structure, as well as possibility of using
all three transport options (river, rail- (enables production and trade of
way and traffic). good that are tax free) that is located
close to Industrial zone.
Retail Park will be located in the Indus-
trial zone at the entrance / exit from
the city, along very frequent main
road, 2 km from the city center. This
location with construction of bridge
and bypass road will become even
more attractive. Land plot is on the
way between town and car show
rooms, near the future Fair, car market,
wholesale market, etc.
Retail Park will be built on the land
plot of 35 000 sqm, next to future
Home center. Very attractive possibilit-
ies of investment offers "Free zone"

The first Factory Outlet development in Serbia

Renowned international brands at af-
fordable prices are finally coming to
Serbia! Blackoak Developments is de-
veloping the first factory outlet center
in Serbia - Belgrade Outlet Shopping
Center.
Belgrade Outlet Shopping Center has
an extraordinary, highly visible and eas-
ily accessible location and lies within
25-minute drive from two major cities
in the country, capital city Belgrade
and provincial capital Novi Sad.
With total area of 30.000m2 this pro-
ject will encompass 125 retail units
with state of art design, featuring a
mix of local, European and Internation-
al designer, high street and sports
brands, a wide range of coffee bars
and restaurants, a children’s play-
ground and over 2000 parking spaces.
This center is being developed within
a far larger mixed use development
that will include a more traditional Re-
tail Park, an Office Campus and a busi-
ness style Hotel.
Belgrade Outlet Shopping Center will
provide a unique and entirely new
shopping experience to visitors for
less than current retail prices. Factory
Outlet introduces a concept where
manufacturers sell their stock directly
to the public through their own
branded stores, offering discounts of
30-70% all year round. Belgrade Outlet
Shopping Center is set to open by the
end of 2010.
The outlet is operated by GVA Outlets,
UK-based company specializing in
outlet leasing and operation manage-
ment and leased by Colliers Interna-
tional, leading real estate company.

BelRE Magazine | No. 5 March 2010 | 33

ONGOING PROJECTS
Mosaic city mall - shopping and entertainment
center in Vojvodina
Vojvodina is the highest purchasing
power region in Serbia with 2,031,992
inhabitants. Mosaic will be situated in
Novi Sad, the second largest city in Ser-
bia with 350,000 inhabitants, and the
biggest trade area of Vojvodina, with
total catchment area of 550,000 inhab-
itants. With 91,000 m2 of gross build-
ing area, 39,000 m2 of gross leasable
area across three levels, and 1,748 park-
Visnjicka Plaza
Visnjica Plaza will be a welcoming ad-
dition to Palilula and its neighboring
municipalities. With a lettable area of
46 500 m2, Visnjicka Plaza will consist
of 1100 parking spaces, 2 levels of re-
tail and 1 level of leisure and entertain-
ment.
Visnjicka Plaza will be the ideal loca-
tion to do and get everything u want
and need. Whether it's your monthly
34 | No. 5 March 2010 | BelRE Magazine
ing spaces in a multilevel garage, Mo-
saic city mall will be the first and
largest international-class family-ori-
ented shopping and entertainment
center in Vojvodina. Mosaic city mall
will have more than 100 shops, and
unique entertainment. Ground floor
will have 18,000 m² of leasable area.
The open layout of the mall provides
shopping in our 4,550 m2 conveni-
ently located Hypermarket, your daily
visit to the gym or your weekly outing
with the family. Visnjicka Plaza will be
the ultimate entertainment spot in the
area; with a 7 hall cinema, Slot ma-
chines, Fantasy Park and Fitness
centre to name just a few.
The restaurant and food court have
been perfectly located on the top
excellent visibility to all shops, while
the well-balanced selection of tenants
provides visitors with the highest level
of shopping comfort.
Several elevators and escalators will
lead to the first floor that will have
15,600 m² of retail area, and a gallery
intersected with many connecting
bridges. The anchor tenants posi-
tioned on both sides ensure high visit-
or frequency. Entertainment area,
located on the second floor will offer
many fun and enjoyable features in-
cluding: Cineplex, bowling, games
area, food court and restaurant. All
levels will have direct access from the
multilevel garage.
The developer is Ocean Atlantic Inter-
national in partnership with Immo
East.
Opening is scheduled for autumn
2012.
level to incorporate the breathtaking
views of the Danube River through
our well design glass façade and ceil-
ings. Visnjicka Plaza is definitely a
place for people with a taste for life.

Vig Plaza – new business class in New Belgrade
This class A office building is situated
in the prime New Belgrade location.
On the crossroad of three major
boulevards, Block 11a is easily access-
ible and ideally positioned on the city
map. Designed as a “clever building”
and totaling 16,000m2 VIG Plaza will
be home to the highest quality office
space available in Belgrade.
VIG Plaza has been designed in compli-
ance with the highest quality stand-
ards as a modern and highly
functional office building. This state-
of-the-art 9-storey building has
double layered glass façade with integ-
rated solar protection pane system,
providing optimal amounts of natural
light and circulation of fresh air. Heat-
ing system that is supported by geo-
thermal heat pump, cooling system
consisting of cooling beams and fan
coils and mechanical ventilation units
responsible for inserting fresh air, will
provide optimal climate conditions
and maximum comfort in the working
Kragujevac Plaza
Kragujevac Plaza is investment of
Plaza Centers Serbia.
The mall will offer 26 500m2 of let-
table area with 120 fashion stores to
cater for each individuals needs and
preferences. Also offering a variety of
services such as banks and phar-
macy's, shopping is now aconvenient
pleasure. Quality family time will have
a new meaning as the mall contains
an entertainment center which con-
ONGOING PROJECTS
environment. Automatic control sys- ards, the building represents New
tems, access control security system, Business Class in New Belgrade. In ad-
round the clock technical support and dition to becoming the new head
facility management services, allows quarter for Vienna Insurance Group,
feeling safe and relaxed in the offices. VIG Plaza will offer 6,200 rentable
square meters of modern office space
The philosophy behind this project is for maximum flexibility.
very simple and in line with the global
trends. Use of renewable geothermal This exclusive office building is sched-
energy, high quality, performance ma- uled to open in second quarter of
terials and smart solutions, optimize 2010.
the long-term run-
ning costs. Saving en-
ergy and reducing
pollution contributes
to the environment
we all live in.
Spiegelfeld Interna-
tional is an exclusive
representative for of-
fice lease in the new
VIG Plaza office build-
ing. With its unique
features, position and
class A office stand-
sist of a Fantasy park with Bowling, bil-
liards and playgrounds and dinner has
never been so easy- just pay a visit to
the 350 seat food court or relax in one
of our aromatic coffee shops.
BelRE Magazine | No. 5 March 2010 | 35
ONGOING PROJECTS

Belgrade Plaza

With an immaculate architectural connects Europe to the Middle East,

design, its due to become the jewel of
Belgrade’s entrance. Belgrade Plaza
will consist of a high end retail
shopping centre housing only the top
brands in fashion and accessories, a 5*
hotel with conference facilities, spa’s,
360 glass view restaurant and an class
a business tower.
Ideally located within a few hundred
meters from the gateway which
Belgrade Plaza is also conveniently
situated within easy access to New
Belgrade, the city centre and the
turnoff to most Belgrade
Municipalities.
With its winning combination of
architectural style, interior class and
ideal location Belgrade Plaza is the
jewel of Belgrade. Belgrade Plaza is
one more investment of Plaza Centers.

Two Kings - Commercial & Residential Complex in

Belgrade center
In downtown Belgrade, at the corner
of two streets that bear the names of
Serbian kings, King Milan and King
Milutin, is building modern business-
residential complex symbolically
named Two Kings. About 30,000
square meters of modern business,
commercial and residential space in
several buildings of different height,
will give a new dimension to this part
of town. Two prominent wings facing
the main streets, are reserved for
shops and office space. First two levels
are planned for retaill (3500 sqm), until
the upper levels are planned for office
space (10000sqm) and businessapart-
mentss (2500 sqm). The project is de-
velopedd in partnership of Rudnap
and Eki Investment and designed to
the highest customer requirements.
The underground garage is spread on
4 floors and has in total of 300 parking
spaces.

36 | No. 5 March 2010 | BelRE Magazine

 ONGOING PROJECTS

"Infinity" building for the future

In every big city in the world there are
buildings whose elements were simul-
taneously the basic elements of cul-
ture, progress and the future.
Buildings, which changed history…
along with perception!
By its amorphous glass surface, Infinity
reflects not only the lights of a metro-
polis, but also the unique culture and
the surroundings of the city centre.
Infinity consists of six residential apart-
ments located between the second
and seventh floor. Each of them cov-
ers one whole floor (≈260m²), except
for the apartment on the seventh
floor, which is a two-level apartment
(≈450m²). Every apartment is
equipped with full home manage-
ment system with touch panel and re-
mote controllers, which regulates
HVAC system, wall and floor heating
and cooling for every room, ambient
lighting, scene selection, audio and
TV/video system, security system...
On each the ground floor, first floor
and basement level, there is commer-
cial space with an entrance and win-
dow facing the street (750 m²).
On the underground level of the build-
ing, which is reachable by the car elev-
ator, there is a garage for passenger
cars.
Prestigious restaurants and old bo-
hemian cafés are located just a few
minutes away from Infinity, as well as
various clubs that make Belgrade the
most exciting city in Europe.
The developer is local company
Srbostampa.

Zeland - a new residential business project

in Belgrade
The most exclusive part of Belgrade,
Dedinje, will see the realisation of an-
other prestigious residential-business
estate 22000 sqm. The residential part
of the complex will consist of 3 villas
where apartments will range from
250sq/m to 500sq/m for exclusive
penthouse units. The business section
will be facing the street and it will in-
clude business apartments, restaur-
ants and multifunctional conference
hall with modern IT technology in-
stalled. The complex will have under-
ground garage with capacity for 80
cars as well.
The construction will be carried out us-
ing the highest standard materials and
installations and basic characteristics
of all facilities are modern and simple
architecture, functional layout and se-
cured entrance. All buildings will have
central air-conditioning system.
The price for the apartments in this
complex is still unknown, but it is ex-
pected to be formed by a future devel-
opment and the state of the market in
this area.
This project is located on a great loca-
tion and it will satisfy all needs of
modern family lifestyle. The project
will carefully preserve existing green-
ery and surrounding ambient of the
neighborhood. Started in August
2008, expected to be completed in
2010.

BelRE Magazine | No. 5 March 2010 | 37

 Association of Consulting Engineers of Serbia - ACES:
Enhancing Exporting Potential of the Serbian Engineering Sector

FIDIC-branded Serbian
engineers ready to export
services globally!
IN BRIEF: Serbian engineering sector has been well-known have committed to
Association of for its experience and quality of service for dec- advancing the en-
Consulting ades, both domestically and internationally. In or- gineering profes-
Engineers of der to build on the existing knowledge, and sion to the benefit
Serbia (ACES) become more competitive in world’s changing of the general pub-
become and more demanding market, eminent Serbian en- lic and clients, and
member of FIDIC gineering companies formed the Association of promoting the in-
in September Consulting Engineers of Serbia (ACES). Further- terests of consult-
2009 more, ACES became a member of the International ing engineers and
Federation of Consulting Engineers (Fédération In- their private prac-
ternational Des Ingénieurs – Conseils) FIDIC, grant- tice, especially by
ing its members credibility to export their services intensifying ex- Andrea Sehic - ACES
abroad. change of profes- Executive Director
sional, business and
Andrea Sehic, ACES Executive Director, explains other experiences, market information and con-
why this is a significant step for the Serbian eco- tacts, among members of the Association and
nomy and construction sector in particular. “Estab- their colleagues abroad. With the growing mem-
lishment of the national association of consulting bership of companies that are recognizing the
engineers is a major success for the sector. We competitive advantages of FIDIC, our goal is to ad-
vocate for higher standards in the engineering
business, and market our knowledge and skills in-
"Our vision is to enable Serbian ternationally, bringing revenue and jobs to the
engineering consulting com- Serbian economy”.
panies to compete with for-
eign companies with the Association of Consulting Engineers of Serbia en-
same quality of service and a compasses leading Serbian consulting engineer-
more competitive price for ing companies, including C&N Consult, CPM, Delta
that...'' Invest, Delta Inzenjering, DOMAA, EC Harris, ENER-
GOPROJEKT, Tahal-FIDECO, IK Consulting, MACE,
Masinoprojekt, Mostprojekt, Siemens, VMS, and YU
Milos Svarc Build. Association was established in April 2009
ACES President with support from the USAID Serbia Competitive-

38 | No. 5 March 2010 | BelRE Magazine

ACES accepted into FIDIC -London Conference
ness Project, and it was endorsed by the Serbian
Ministry of Environment and Urban Planning, Min-
istry of Economy and Regional Development, Min-
istry of Trade and Services, and Ministry of
Infrastructure. Soon after that, in September 2009,
ACES became the official member of FIDIC. ACES
application was approved at the annual FIDIC 2009
Conference “Delivering Sustainable Solutions to
Global Challenges” which was held in London.
FIDIC represents the largest worldwide organiza-
tion for internationally distinguished standards in
managing construction projects. It was founded in
1913 with headquarters in Geneva, Switzerland.
FIDIC embodies business interests of the consult-
ing engineering industry globally, has 83 country
associations as its members, and over 3 million
consulting engineers within its network. The adop-
tion of FIDIC standards will increase the competit-
iveness of Serbian construction companies in the
international market, improve the quality of ser-
vices provided, and will directly reduce opportunit-
ies for corruption in the construction and
engineering services industry. Furthermore, Serbi-
an firms must be in compliance with FIDIC stand-
ards in order to bid on projects funded by the EU,
World Bank and other international organizations,
and ACES can advance introduction of FIDIC stand-
ards among Serbian firms.
“Our vision is to enable Serbian engineering con-
sulting companies to compete with foreign com-
Declaration of ACES Establishment signed at the
Serbian Chamber of Commerce
panies with the same quality of service and a more
competitive price for that, FIDIC compliant service.
We have the resources to adapt to the demanding
needs of international investors, and these assets
should be marketed globally,” states Mr. Milos
Svarc, ACES President.
It is not only the FIDIC logo on project document-
ation that will bring international quality recogni-
tion to ACES members when bidding for large and
complex investment projects abroad. “It is the hol-
istic, trendy and professional solutions which our
engineers can offer to investors; it is the decades
of experience, expertise, and understanding the
needs of different environments, which give con-
fidence to foreign investors to partner with ACES
member-companies, and build for the future – in
Serbia, or anywhere else”, Sehic notes.
Through FIDIC, in Serbia ACES certainly strives to
promote and implement the highest standards in
construction, to professionalize the sector and
curb corruption. “We are working hard to provide
professional development to companies that are
our members, and transfer global knowledge, con-
tacts and experience to Serbia”, says Ms. Sehic. In
addition to offering official FIDIC training courses
and FIDIC publications, ACES positions itself as a
leader in advocating for green building practices.
With tremendous support of USAID Serbia Com-
petitiveness Project, and in cooperation with Colli-
ers International, ACES launched the first LEED ®
BelRE Magazine | No. 5 March 2010 | 39

Round table - Potentials of exporting engineering
services from Serbia
The best
which you can get
Bomex entering the property market of Serbia and
region as an investor of luxury projects and with
full understanding of the needs of end users for
quality and enriched living and working space.
Bomex is international corporation founded in
1992. with headquaters in Belgrade, Serbia. Mainly
deals with production and sales of ferrous metal-
lurgy and refractory materi-
Our customers wish to buy als. It has its shipyard on
European standard of the river Begej, near Zren-
construction in Belgrade and janin, for the production of
river-sea ships. Bomex em-
Serbia, and we are able to ploys over 800 people on
offer them that quality. three continents.
Why they decided to invest
in real estate, and plans for development, we are
talking with Mr. Bjelic, President and Owner of
Bomex:
'All our projects are primarily in excellent locations,
designed in accordance with current world trends
and adaptable to individual needs of each custom-
er.
40 | No. 5 March 2010 | BelRE Magazine
Green Associate course in the Serbian market. In-
troducing these innovative approaches of how
buildings are designed, constructed and operated
to be environmentally friendly and energy efficient
will be just the beginning in ACES’ efforts to be-
come established as a leader in the green building
sector in Serbia and the wider region”, Ms. Sehic
concludes.
For more information, please contact Andrea Se-
hic, ACES Executive Director, at andrea@aces.rs or
visit www.aces.rs.
They are the state of the art buildings, with latest
interior organization of space, selection of top
quality materials and a high level of finishing.
Our project, Royal apartments, are the first con-
dominium in Belgrade and Serbia. Our goal is to
offer to the market a luxury residential and office
space, which will meet the highest expectations of
demanding customers.
Our customers are the ones who are not depend-
ing on subvention loans, they are financialy able
to purchase at any time. They wish to buy
European standard of construction in Belgrade
and Serbia, and we are able to offer them that
quality.
We believe that our place on the market is in the
area of top quality products and services. All our
projects are the best which you can get: from loc-
ation, preliminary design, architecture, materials,
finishing, etc.
And, of course, will continue to develop an invest
in real estate projects in Belgrade, Serbia and re-
gion.'
ARCHITECT BUREAU tel. +381 (0)26 224-218, 612-303
+381 (0)63 83-73-268,
+381 (0)64 12-51-147
web site: www.stil-sd.rs
e-mail: office@stil-sd.rs
e-mail: projektnibirostil@nadlanu.com
ONGOING PROJECTS
Bomex continues to build luxury
apartments in Belgrade and Tivat
"Royal Apartments"
- Luxury, quality and exclusive residential space
Royal Apartments, in which about 15m EUR has
been invested, will get the first tenants at the end
of year 2010.
This luxury building complex will comprise 21
apartments, ranging in size between 130 and 250
square meters, and the largest apartments are in
the attic. Each apartment goes in the package with
2 garages.
The surface of the building is 5500 square meters,
nearly 2000 square meters of which are joint
premises, including welness centre and swimming
pool.
Future tenants will be able to socialize in joint
premises that will offer enough room for both,
42 | No. 5 March 2010 | BelRE Magazine
recreation and relaxation. The central area will be
equipped with a bar, and there will also be a space
for equipment for billiard, table tennis and table
football. That area will also include a gym, sauna
and sanitarian block with showers.
Swimming pool with the space for sunbathing will
be situated in the backyard, on southern side,
where it will be protected from noise. The yard
around the swimming pool will be rich with green
surfaces with high and low vegetation.
Special company will be hired for physical security
and maintenance of the building, wellness center
and swimming pool.
The price of 1 square meter in that building is 3
800 EUR and already 8 apartments are reserved.
 ONGOING PROJECTS

Building Complex next to PortoMontenegro

'Bomex started a constructions of a building
complex in Tivat, which consists of villas and
residential buildings on the coast', said Mr. Bojan
Bjelic, Vice President of Bomex. The construction
site, in which 3 million EUR are invested, is planned
to be completed by the end of 2010.
The construction unit is in the oldest part of Tivat,
in Donja Lastva, and is about 800 meters from
Porto Montenegro marina, and near the airport
and the car ferry.

'Villas, with total area of 500 m2 each, consists of

three residential units and a basement, where gym
and sauna will be located', said Mr. Bjelic.

The villas will be located inland of the total

building area of 1600 m2, which consists of 14
apartments distributed on four floors.
Construction process has already started, given
that the appartment size will range from 50 to 165
m2, and that the attic will possess two apartments
with terraces.

BelRE Magazine | No. 5 March 2010 | 43

ONGOING PROJECTS
International Center "Galleria" in Subotica
International Center "Galleria" with an area of
29000 m2, will consist of a 4 star hotel "Galleria",
"Galleria" Business Center and a shopping mall "Gal-
leria" that connects the covered atrium. The build-
ing will have five floors and two underground
levels with 215 parking spaces. The hotel, which
operates since September of 2007, extends to
7500 m2 and has the capacity of 80 rooms, 10 ap-
partments - 7 traditional and three residential-roy-
al, wedding and presidential. The largest is the
presidential appartment, which is located on the
fourth floor and oc-
cupies 120 m2.
What attracts spe-
cial attention is the
bathroom, with a
starry sky and a jac-
uzzi for two.
Galleria Hotel have
78 double rooms
which can also be
used as single rooms, while two are custom made
for those with special needs. The hotel is a con-
gress hotel, it has 7 conference halls that cover an
area of 60 to 570 m2, with a capacity of 400
people. What is intriguing is the panorama restaur-
ant on the fifth floor, with capacity of 220 seats,
with a ball room of 400 seats. VIP Club on the sixth
floor of the hotel has a night club, and a fitness
center size 400 m2.
The most romantic place in the "gallery" is the Pa-
vilion which is located at the top of the hotel, the
6th floor, where guests can enjoy the panorama
view of Subotica while having breakfast.
44 | No. 5 March 2010 | BelRE Magazine
Business Center "Galleria" - 10000 m2 of
office space ready for rent
Business Center "Galleria" covers most of HKPC
"Galleria" on all five floors, and together with the
"Atrium Shopping Center" covers an area of 11000
m2. Office space is air-conditioned and abundant
in daylight, though it can be customized for com-
mercial renters. What we have on the groundfloor
is a shopping mall, cafes, and "Valdi" supermarket
is coming soon. Only the first floor is already ren-
ted, and the rest of the business space of 10000
m2 is available for rent. Minimum office area is 40
m2, while the largest may be up to 1500 m2. Of-
fices have partition walls, so that future tenant can
choose the surface area and adapt it to his/her
needs. Net cost of renting space up to 65 m2 in
the basement is 14 EUR, on the first floor it is 13
EUR, while the renting space units of offices from
second to the fifth floors are 12 EUR. Rent de-
creases as the area size and floors decrease, so that
the space size 420 m2 on the fifth floor is EUR 9
per square meter.
Phiwa Expands Retail Chain "Valdi" in Voj-
vodina - 23 Markets Will be opened by 2013
'Phiwa Subotica, sister company of the company
"Walther Gruppe", which currently has seven mar-
kets, "Valdi", plans to open 16 more retail objects
in the next four years', announced Miodrag Krstin,
General Director Assistant of "Phiwa". All objects
are standardized and sized about 1500 m2, have
100 parking spaces, and the value of such markets
varies between 500 000 and 600 000 EUR. Planned
dynamic of opening up the new supermarkets is
3-4 each month, said Krstin.

"Phiwa" currently has supermarkets across Vojvod-
ina in Subotica, Kanjiza, Senta, Ada, Kikinda, Zren-
janin, Apatin and Temerin. Chain "Valdi" should be
extended by 2013. to Sombor, Backa Topola,
Odzaci, Kula, Vrbas, Becej, Novi Becej, Backa Pa-
lanka, Indjija, Ruma, Sremska Mitrovica and Novi
Sad.
Previous investments were all greenfield invest-
ment, except for supermarket in Kikinda, Kanjiza
and Senta, which are located in the area of recon-
Blue Center – new
office building by
Bluehouse Capital
Blue Center is positioned in New Belgrade’s Block
26, which is part of the Central Zone extending
from the Palace of Serbia, via Belgrade Arena up to
the New Belgrade’s train station.
As an office building combined with retail and
catering areas on the ground floor, Blue Center is
equivalent to the highest business standards. It
consists of two underground levels, ground floor,
6 floors and an attic floor with roof terraces. The
spacious underground garage provides 470
parking spaces in total. Main entry points to the
building are the 2 lobbies, accessed from the
ONGOING PROJECTS
structed buildings. The first center was opened in
2004.
Company "Phiwa", sister company of the German
"Walther Gruppe", is present in Serbia since 2002.
and has built more than 100,000 sqm in Vojvodina.
In its composition operates hotel-conference and
business center "Galleria" from Subotica, the retail
chain "Valdi" and market "Angrohit" from Kikinda.
diagonal pedestrian pathway, leading to the 4
security controlled office coves. Premises in the
building are designed to be adaptable and
flexible. Areas of the building may be leased
separately, joined or divided, in compliance with
occupiers’ requirements.
All floors, from 1 to 7, are designed as open plan
office space offering 30.000 m2 of quality
premises. Retail area is located on the ground floor
– visible from all angles and easy to approach
from all directions.
BelRE Magazine | No. 5 March 2010 | 45
 ONGOING PROJECTS

Pluto Capital represents two

new projects in Belgrade and
one in Montenegro

Pluto Capital is a privately-owned property Morinj Springs, Montenegro

investment business with operations in the UK, the
Balkans and Germany. Our main activities include
development, distressed loan work-out and asset
management. Pluto’s Balkan Development Fund
has been running since 2005 and runs full cycle
development projects in Serbia, Croatia and
Montenegro across retail, commercial and
residential sectors.
HOD, Belgrade
HOD – Home&Office Dorcol – is a new
development of offices and business apartments
for sale in the heart of old Belgrade. HOD, which
will be completed by the end of 2010, will offer
modern business and living space, with a fully
staffed reception area and on-site fitness centre, in
an unbeatable city centre location – 5 mins walk
from Kalemegdan Park and the main shopping
street.
Morinj Springs is an exclusive, master-planned
community of villas and apartments in the
stunning seaside village of Morinj . Pluto Capital is
selling fully urbanised, ready-to-build plots in this
community, with road and all utilities already
present, 100 – 200m from sea, with stunning views
of the Bay of Kotor and the romantic islands of
Perast. These building plots of ~800m2 are
fully  urbanised to allow construction of a single
building of up to ~720m2, which Pluto can fully
project manage. This will allow buyers to construct
either a single villa, two or three terraced houses,
or a house with 4 – 8 apartments, all with private
pool and garage space. Picturesque Morinj is the
location of one of the best restaurants in
Montenegro, Catovica Mlini, and a short drive to
the historic UNESCO protected towns of on Morinj
of Perast (10mins) and Kotor (25 mins).

South Avenue Apartments, Belgrade

At South Avenue Apartments, in the desirable

Vracar neighbourhood, Pluto Capital is building a
brand new development of modern shopping and
living space. Situated on the corner of Juzni
Bulevar and Maxima Gorcog streets, this landmark
urban development will contain circa 2,000m2 of
retail space over two floors and a further 6 floors of
apartments. The project is due to complete at the
end of 2011.

BelRE Magazine | No. 5 March 2010 | 47

BELRE 2009 REVIEW
Absolutely optimistic
Despite the crisis, the Fourth International Property
and Investment Fair, BelRE, was held from 3rd to
5th of November on Belgrade Fair.
Like the previous years, BelRE Fair, gather investors,
developers, property owners, architects, project
managers, consultants, brokers and end users.
BelRE 2009 had more than 50 exibitors from
Serbia, Montenegro, Slovenia, Bosnia and
Hercegovina, Austria, Italy, Spain, Bulgaria,
Romania and more than 3500 visitors.
The Fair was followed by comprehensive
conference program. Key experts, developers,
representatives of institutions, consultants have
been discussed about the situation in the property
market in Serbia and region, about the crisis and
how to overcome, funding models, urban
planning, urban management, coupled between
the public and private capital, etc.
48 | No. 5 March 2010 | BelRE Magazine
'When we started four years ago BelRE, we aim to
position itself as an indispensable regional event. I
very glad that we have succeeded. Research
shows that BelRE is marked in the calendar of
every professional in the RE sector in Serbia and
beyond', said Milos Rajsic General Manager BelRE
fair and added: 'the presence of BelRE on foreign
real estate fairs brought the expected results. You
can hardly find someone who is interested to
invest in this part of Europe, and has not heard of
BelRE. On the fairs in Cannes, Munich and Vienna,
our company and projects are only a drop in the
sea of desirable and interesting offer for
investment. However, the BelRE provides for these
projects space to express and show, and foreign
investors who come to the fair are the ones who
decided to invest here.'
See You at the next BelRE Fair, 3-4th of
November 2010 in Belgrade!
www.belre.org