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Golf resort and master-planned community development and investment opportunities in Croatia Opportunity knocks in Croatia: an overview of existing, new, planned and rumoured golf developments and master-planned communities
Croatian Prime Minister Dr. Ivo Sanader -- pictured here teeing off in Zaprešić, near Zagreb, on October 16, 2004, on the occasion of the pre-opening of the first few holes at Novi Dvori, a new golf course development currently under construction in Zaprešić -- said that Croatia, as a tourism destination wishing to enter the EU, must have golf courses. To date, the country only has two courses to show for (photo courtesy of the "Zaprešić" Web site)
Food for thought "Golf developments, if planned, designed and managed correctly, provide the opportunity for considerable economic, social and environmental enhancement. However, done badly, they can meet with considerable opposition, go through protracted and often fruitless planning processes and harm local environments and communities. With tightening environmental and planning legislation, it has never been so important for golf to demonstrate its commitment to sustainable development. This effort is fundamental to the future growth and success of the golf industry." -- "Golf courses and the environment co-exist in nature. It is our obligation to continue to develop them responsibly and continue to preserve the natural habitat for the beauty of the game."
-- "This is one more country that five years ago we, as a firm, never dreamed we would have the opportunity to be involved in as far as developing
golf." "The challenge for golf is to maintain course quality and playability while respecting and positively contributing to the social and natural environment."
INVgolf Offer of the Month Punta Scala - My World
Croatia's coast is starting to bloom again. With new sustainable laws in place the new touristic developments are all in line with regulations to preserve Europe's most beautiful coastline. Come and see the first example of this and reserve your villa or apartment now!
On a small peninsula north of the Dalmatian historical city of Zadar, FMTG, is constructing the Punta Scala resort, which will offer a wide variety of alternatives to create a second home on the Croatian Adriatic Sea.
The resort will encompass:
The sales have started for the 28 villas and the 187 apartments, ranging from a 40 m2 apartment to a 100 m2 penthouse. A complete rental and maintenance programme as well as a comprehensive range of services are provided for future home owners in the resort. They will create a perfect, ****+ resort life or a secure investment in Croatia's real estate market. Construction work is continuing, with excavation works at present in full swing. For further information, please contact Peter Michel Heilmann on +30 699 272 4102. E-mail: invest@invgr.com.
Investing in Croatia When it comes to golf course, golf resort developments and master-planned communities, for some reason Croatia is one of the few Mediterranean destinations in Europe that has been lagging behind. Only recently there have been some breakthroughs in this particular field. The reason for this situation is mainly because regions did not plan properly, communication to the community was, to say the least, poor and the environmental groups were very much aware of the fact that golf courses need water, which is scarce in some regions. However, the water issue is just one of the reasons. Other reasons are the fact that investors / developers did not come forward with proper waste management planning or solutions related to infrastructure. Furthermore, the fact that in some locations a golf course community would double, or even triple, the number of inhabitants of a nearby village, did scare the population of those villages. Especially in Istria, where most of the more than twenty Istrian courses planned are close to small settlements, people have started a movement against golf, resulting in the rejection of the Motovun plans, for example. Nevertheless, other initiatives have been granted permission, but this number is by far not in relation to what was planned by Istria in the first place. A total of about EUR 2.9 billion is currently being invested in Istria involving 138 major projects and 195 big investments, including the rebuilding of promenades and coastal parks. The problem, of course, is that a golf course in a country with only very few people playing the game can only be profitable if a full tourism resort or master-planned community can be built around the course, including a hotel, a substantial number of villas, townhouses and other amenities. Although recent international studies claim an average construction price per hole in Eastern Europe of EUR 94,000, we believe this is way too low, especially in view of the fact that one has to take other issues into consideration as well, especially in Croatia. As water really is an issue, the developer has to take care of this crucial matter and plan proper water supply before he or she even starts building the course. Additional issues, just to name a few, are waste management, electricity and a working sewage system. We would suggest developers putting themselves together and organise the aforementioned as a group. This will save costs and the media will not have a strong word against golf anymore as the main issues are then being taken care of. However, there are more options to stem the population more positive where it comes to golf courses. On June 26, 2006, there was an article in one of the Croatian papers which announced the Croatian government will have a closer look at the benefits of public-private partnerships (PPPs), mainly for schools, retirement homes and hospitals. This will result in an agency specifically for the purpose of PPPs. Currently guidelines for this agency are being drafted. The structure of a PPP can also benefit the development of golf courses. We could believe in a PPP structure in which a town or county and a developer will take care of the golf course development including a reasonably sized hotel. The developer and other nearby developers of villas or apartments (but not necessarily on the course itself) will have the right offering the course memberships exclusively to their clients. A mutual vehicle (fund or company) will then take care of the (re)construction of the electricity, gas, sewage and waste management system and not to forget tackle the water supply issue. Out of the membership payments and green fees the course can be maintained in a most professional way. Although the above will not be admired by those who wish to invest in huge golf resorts with hundreds of villas and apartments, it will be finding a warm heart with the Croatians. Towns will benefit, and also developers will benefit although it will not be easy to change their perception. It is not said that the above will be easy to implement; neither in the mental system of the Croatians nor in the heads of main stream developers; as they are out there to create massive leisure developments. These massive developments, however, are being blocked as the Croatians have a scary picture in mind; Spain. Although it is not said that every large development will harm its surroundings or nature, we do believe that a country which has many listed sites, parks and islands should be "handled with utter care". The Croatian international slogan still is "the Mediterranean as it once was", but it still is as it is and we should do everything to preserve this. If this means smaller developments, then so be it. It does not imply that golf will not be seen in Croatia. In fact it must be seen in Croatia as tourism plays a big role in the country's gross domestic product (GDP), and tourism will only become more important in the years to come. So in fact a mutual understanding must be established between (international) developers and the environmentalist groups. This is where communication and knowledge of the Croatians and their way of doing business has to come in, but also communication towards international investors. The Croatians must be told that golf is not a bad thing for a country, provided the best experts are undertaking a project. The investors and developers we must tell they must be open to think "out of the box" and be innovative where it comes to stepping away from the standard type of development. Maybe Croatia can be the breakthrough towards a new type of development in which given infrastructures such as existing villages or towns can be implemented in a resort. The above is probably a better way of development for Istria for example than the development of more than twenty large or medium sized resorts, apart from the fact that the battle with the environmentalists will be a huge burden anyway. And in a way we can understand people opposing these large projects, although it must be said that arguments and knowledge are poor. Where should Croatia be heading? Our opinion is that Croatia has an excellent opportunity to become a holiday hotspot even more than it is today. It has everything to develop itself to a place for the well-to-do holiday maker. Seen from the environmentalist point of view it would be wise if they would support several golf courses throughout the country (15 would be a nice number to start with) and to attract the richer traveller and second home owner. It is a fact that those travellers will spend much more in Croatia than the FKK, camping and low budget traveller will ever do. One wealthy traveller will probably spend as much as ten low budget tourists. The large inflow of low budget tourists is probably a heavier load on nature's shoulders and environment than the wealthier traveller and that's why the country should target a different tourist than the common tourist today. Croatia should become a tourism niche market now that it is still possible... Changing investors' perception(s) Often INVgolf receives requests from investors to find opportunities in which to invest at least EUR 50 million to EUR 100 million. In case an investor plans to leverage this amount on an x5 level we speak of EUR 250 million to EUR 500 million projects. These projects are not (yet) available nor supported in Croatia; in fact, a full year of nationwide property investment will show a total number of EUR 500-600 million maximum. Over the last decade total FDI in Croatia has been some EUR 10-12 billion, real estate included, but mainly privatisations of state owned companies and infrastructure. On the other hand the second home property market has been buoyant, in some regions showing annual appreciations of 20% or more. For the investor who is willing to play several cards and focus on the entire Croatian (leisure) property market, and who is willing to step away from the one single project idea, there really is a huge opportunity on the Croatian market. However, to play the Croatian market in a different way one is in need of a professional team, which is, preferably, not entirely Croatian. The need for professional property skills is immense and one must be aware of the fact that many locals still believe that a handshake and an envelope will do the trick although this is not the case anymore; in general, projects without proper permits or (partly) illegally built are rapidly demolished by government these days. In several cases a trend has been set by taking down brand new developments. The above implies that investors need a long breath when entering the Croatian market, but for those with the funds and the patience it will surely pay out. How to operate best Although other parties may believe the opposite, we prefer doing business with Croatians by starting a mutual business either by creating a new entity, or by using an existing entity holding land and/or buildings. What percentage each party will have will be a matter of financial input from either party, but keeping the Croatians involved will keep them sharp and focused on the project. Provided the foreign investor has a track record, it will be best for the Croatian party to accept that the foreign body brings (additional) working capital, a viable business plan and legal support plus the support of internationally skilled contractors (either based in Croatia or abroad) and project management teams. As Croatians tend to overrate their belongings by asking insane prices for building land or projects to develop, a partnership will show quickly enough that for some regions the prices asked will not work for a project. In case they strongly believe in what is to be sold, it should not be a problem to stay within a project for a certain period (until permits are issued) or until the end of the development, resulting in a sale of the project. Project size to focus on As said before, finding locations for large EUR 50 million-plus investments is not easy if one doesn't focus on hotels (to be privatized) and/or marinas. In case the investor wishes to build just vast amounts of apartments and villas at or near the coast it will be highly unlikely to find a location. Instead it would be wise to focus on locations slightly away from the coast, but with sea view where one can built luxury settlements with a maximum of 25-50 units. Such settlements can then be supported by a luxury club, restaurant and (small) hotel on the coast serving as an "exclusive" outlet for the home owners. In some cases one might even be able to acquire abandoned villages; slightly land inwards but still near the coast. In such a particular case it will be possible to create secluded luxury retreats for which tourists are willing to pay upper end rental prices. Given the prices for land and construction, and the time needed to realise such projects, one must count with a project size of EUR 2.5-5 million to start with. As Croatian banks are not willing (or allowed) to finance the entire project the investor must take care of the land acquisition and take care of first initial expenses. Construction however, is financed by the bank provided a viable business plan can be shown. In general this will come down to a project financing of 70%. Please find below a brief overview of projects currently available in Croatia. This brief introduction was compiled in association with STJM Croatia
Jack Nicklaus to design his first course in Croatia Signature golf course to be centerpiece of Port Mariccio, a EUR 200 million luxury resort and residential community in Barbariga on the Western coast of the Istrian Peninsula
May 15, 2006 -- Jack Nicklaus made a visit to Croatia over the weekend that included a meeting Saturday in the capital city of Zagreb with the Prime Minister, Dr. Ivo Sanader, and other government officials to celebrate the official signing and announcement of the first Jack Nicklaus Signature Golf Course in the Republic of Croatia. A contract-signing ceremony Sunday officially launched the relationship between Nicklaus Design and Porto Mariccio Resort, an upscale community on the country's Western coast of the Istrian Peninsula. Jack Nicklaus and the world's leading golf course design firm were chosen to bring to life the first integrated resort in Croatia to consist of a luxury hotel that will include a spa, wellness center and meeting facilities; a variety of residential offerings totaling more than 460 units; a 350-berth marina; and an 18-hole golf course. Porto Mariccio Resort, which is being developed by AB Maris d.o.o., a Poreč-based real estate investment firm, will be situated in Barbariga, which is in the vicinity of Pula and Vodnjan, and near the archipelago of the Brijuni Islands. Jack Nicklaus and Nicklaus Design have courses open for play in 28 different countries, but this is the firm's first in Croatia. Nicklaus Design currently has 80 projects under development outside the United States, including 20 new countries. "This is one more country that five years ago we, as a firm, never dreamed we would have the opportunity to be involved in as far as developing golf," said Tim Kenny, Executive Vice President for Nicklaus Design. "It is exciting for Jack, the family and Nicklaus Design to continue its efforts to introduce and grow the game in new markets throughout the world." There are currently just three golf courses to service the country's population of roughly 4.4 million. Yet since 1993, Croatia has sported one of the highest growth rates of any transitional country of Central and Eastern Europe, and over the last decade, tourism continues to grow annually. In April, more than 413,000 tourists visited the Adriatic coast, which is a 25% increase from the same month a year ago, and room nights are up 35% from a year ago. Industry experts have pointed to Croatia as being one of the most rapidly growing tourist destinations in Europe. National Geographic labeled Croatia as the top destination for the 2006 season, and it is estimated that several billion euros of tourism infrastructure projects are being planned throughout the country over the next three to five years. Golf seems to be a perfect fit with the area's fast-growing tourism industry, especially with more than 3,600 miles of coastline and a prevailing Mediterranean climate on the Adriatic coast that includes dry, sunny summers with temperatures averaging 77 degrees and mild winters with an average temperature of 54 degrees. "This is both exciting and an honour that the developers of Porto Mariccio have chosen our firm," Jack Nicklaus said. "This area is beautiful, and has so much untapped potential. We are honored to be given the opportunity to help unlock that potential and to create a golf destination and something that will further enhance the growing tourism industry of Croatia. The site itself is ideally located on the Adriatic Sea, and with the combination of the shoreline and the gentle contours of the property, we have a chance to create something special." Nicklaus Design has been involved with 298 courses open for play in 28 countries and 37 states. Of those, Jack Nicklaus has designed, co-designed or re-designed 245 courses around the globe, 47 of which have been ranked in various national or international top-100 lists. Sources: Nicklaus Design, INVgolf.
Kempinski Hotel Porto Mariccio, Istria: a EUR 207.6 million investment
Anticipated to open in 2009 DESCRIPTION LOCATION Sources: Kempinski, INVgolf.
Swan designs two new golf resorts in Croatia plus one 54-hole resort in Bosnia May 12, 2006 (GBN) -- It is some eight years since Swan Golf Designs (SGD), international golf course architects based in Essex, England, designed the first, and then the second of Croatia's only two modern golf courses -- an 18-hole golf course (built: 1922; renovated: 2006) remains on the Island of Brijuni, off the country's northern coast. Now, close to the Jewel of the Adriatic -- the beautiful Dubrovnik -- Howard Swan's practice is designing three new resorts, each with golf and real estate in association with Hillhead, Hampshire-based resort master planners and architects, Hedley Greentree Associates. 1) South of the city itself and close to Dubrovnik's airport, sitting on the cliff top edge of the sea, the golf resort at Cilipi -- 18 holes, one hotel, residential villas and apartments -- is being master planned. 2) Further south and inland, the town of Gruda will accommodate 27 holes of resort golf with real estate development, closely linked with the operation of hotels in nearly Cavtat and Dubrovnik itself. Ljubica Jovetic, the Croatian golf course architect in SGD and the only woman in the membership of the European Institute of Golf Course Architects, adds, "Ten years ago I had hoped that my country was going to stamp itself as a golfing destination and it has been frustrating to see it take so long... but finally I think it is happening! With such a wonderful long coastline and with the beautiful city of Dubrovnik, these projects will give a tremendous boost in quality and year round tourism to Dalmatia. I am delighted that we have been chosen to design them for international investors who see a great future in my country." 3) The third project and perhaps the most exciting, and most importantly the closer to and the most accessible from Dubrovnik, is at the Bosnian border at Ivanica. Presently, SGD are making a master plan for an eventual 54-hole resort, the development of which may begin in 2007. It will represent the country's first course and mark a tremendous step forward since the troubled times of the 'nineties'. Source: Golf Business News (GBN).
Proposed sites for golf development in Croatia
According to the most up-to-date and official 2005 European Golf Association (EGA) statistics, the embryonic Croatian "golf destination" has only one 18-hole course with a mere 168 registered players -- 139 male and 29 female. The President of the Zagreb-based Croatian Golf Federation (Hrvatski Golf Savez) is Dr. Bozidar Ivacic. Just over two years ago, INVgolf's Swedish associates received a list of planned or proposed locations for the development of golf courses in Croatia from the Croatian Ministry of Tourism, under the leadership of Pave Zupan Ruskovic, M.Sc., the country's former Minister of Tourism. This list can be found below: 1. ISTARSKA ŽUPANIJA -- COUNTY "Crveni
Vrh" kod Savudrije 2. DUBROVACKO-NERETVANSKA ŽUPANIJA "Srd"
kod Dubrovnika 3. SPLITSKO-DALMATINSKA ŽUPANIJA "Sinj"
u Sinju 4. PRIMOSKO-GORANSKA ŽUPANIJA "Dubina"
kod Jelenja 5. ZAGREBACKA ŽUPANIJA "Blato" u Zagrebu 6. OSTALE ŽUPANIJE "Tustica"
kod Zadra It should be noted that, to date, only a few locations in Croatia have been granted permission to build a golf course. In Istria, for example, there are currently two locations in the process of receiving permissions, "Marlera" kod Liznjana and "Barbariga" kod Peroja. An addition location in Motovun is facing many problems, partly due to the local community's resistance to this project. Furthermore, in the SPLITSKO-DALMATINSKA ZUPANIJA region, in Split, Le Meridien is planning an 18-hole golf course as a second-phase development of their new, to-be-opened hotel and resort facility. In August 2004, Le Meridien Hotels & Resorts, the London-based global hotel group, announced that it has signed a management agreement for a 381-bedroom hotel in Split on the Croatian Adriatic coast. The hotel, formerly one of Croatia's most luxurious resorts, is currently closed for redevelopment and will re-open as a Le Meridien in the third quarter of 2006 (see details below). Rumours of an Arab investment group having acquired a location in the SPLITSKO-DALMATINSKA ZUPANIJA have come up recently. Other rumours have been the Brac golf resort on more than 600 hectares of land, "Brac" na otoku Bracu kod Selca, the Dubrovnik locations "Srd" kod Dubrovnika, "Cilipi" u Konavlima and Gruda. Plans have been made for almost all of these locations, but either local resistance or an unclear land ownership situation has caused tremendous delays or even cancellations. The other locations mentioned in the list above are either not well positioned for golf due to the lack of water, infrastructure or local support or, alternatively, there are too many landowners to involved to successfully secure a partnership or acquisition.
Kardan NV acquires 4 new real estate projects comprising a total of 130,000 m2 of development area June 30, 2006 -- Amsterdam-based Kardan NV (Kardan) announced today that its real estate subsidiary, Globe Trade Centre SA (GTC SA), will enter a ninth country of operations -- Moldova. Furthermore, GTC SA is to develop a luxurious residential project on the Croatian coastline, and has recently signed agreements for the acquisition of additional land plots in Hungary and Bulgaria.
In Croatia, GTC SA agreed to terms entering into a partnership, that will develop a luxurious residential complex, together with a 18-hole golf course and a five-star hotel by the seaside of Croatia. GTC Croatia will hold 75% in the development and existing shareholders will hold the remaining 25%. The 130-hectare site is located in the south of Croatia. The unique waterfront location, next to a professional golf course facility and a luxurious hotel will offer one the most prestigious residential properties in the booming real estate market on the coast of Croatia. The total residential space to be developed amounts to 23,000 m2 to be developed over the next three years. Total development cost of the project is estimated at EUR 80 million. After the recent entrance into Bulgaria, Moldova is the ninth market where GTC SA will start its real estate activities. GTC SA has agreed to terms to purchase an A-class office building, currently under construction, located in the centre of Chisinau, the capital city of Moldova. The building will comprise approximately 11,800 sq.m of office and retail space. Total development costs are estimated to be EUR 12.5 million. GTC SA will hold 51% in the venture developing the building, which is planned to open in the second quarter of 2007. In Hungary, GTC SA is accelerating its activities in the Budapest office sector. GTC SA has signed a Memorandum of Understanding for the purchase of two land plots totalling 22,700 m2. in Budapest, for a total price of approximately EUR 7.3 million. GTC plans to develop the site into an office and retail project of up to 90,000 m2. In Bulgaria, GTC SA is to start its second office project. GTC has agreed to terms for the acquisition of a 4,500 m2 plot of land in Sofia for EUR 1.55 million and intends to develop at least 7,000 m2 of gross office space on the site. The land is located on the highway from the city centre to the international airport, close to Oracle’s head office and the French School. The land is to be purchased jointly with a partner, with GTC Bulgaria holding 51% in the venture. Construction of the building will start in the second quarter of 2007 and completion is expected by mid-2008. GTC SA is a real estate developer in Central and Eastern Europe. It invests in three main sectors of the real estate market: office buildings, retail and entertainment centres and residential property. GTC SA is active in Poland, Hungary, the Czech Republic, Romania, Serbia, Croatia, Slovakia and Bulgaria. GTC SA is constantly seeking further investment opportunities in other countries in the CEE region. With a market capitalisation of approximately USD 1.7 billion, GTC SA is listed on the Warsaw Stock Exchange and is included in the WIG20, MSCI, GPR 250 and CAIB REX indices. GTC Real Estate NV (GTC RE), the real estate division of the Kardan Group, holds a 46.6% stake in GTC SA. GTC RE's shares are listed on the Tel Aviv Stock Exchange and are included in several of its major indices. GTC RE is active in Europe through GTC SA and GTC Investments B.V., and in China through GTC Real Estate China Ltd. Kardan currently holds (directly and indirectly) a 62.6% stake in GTC RE. Source: Kardan Ltd.
Novi Dvori golf course in Zaprešić, near Zagreb, and other golf developments in Croatia Royal Golf & Country Club Josip Jelačić
On October 16, 2004, Croatian Prime Minister Ivo Sanader visited Zaprešić near Zagreb, where he pre-opened the first few holes of Novi Dvori, a new golf course development that is currently being constructed in Zaprešić, saying that Croatia, as a tourism destination wishing to enter the EU, must have golf courses. The preliminary route plan of the 27-hole Novi Dvori golf course has been prepared by Robert Trent Jones II, Inc, based in California. Zaprešić's mayor, Mr. Morovic, has already indicated that he would allow for the development of 27 apartments or 20 villas -- although there is not much space available for residential real estate development around the course, since there are rail tracks running on the right side of the course, while the left side is close to an industrial area. Central and Eastern Europe Despite the high growth in Central and Eastern Europe (CEE), in 2004 there were only 92 golf courses, many of them nine-hole, in the whole CEE region -- defined as the eight countries from Poland to Croatia, plus Bulgaria and Romania. One reason is that carrying a set of irons around Budapest pre-1989, for example, could have got you arrested -- under Communism golf was a banned sport of the "wicked capitalist West". Swan Golf Designs Limited Howard Swan MSc of Swan Golf Designs Ltd. designed the first golf course in Croatia in 1998. Based in the United Kingdom, Swan has a broad world-wide resume and is known for designing courses in countries with little experience in the game, particularly in Europe. Swan designed:
Swan is also involved in a new golf project, the Royal Golf and Yacht Club in Dubrovnik. In 1998, Croatian-born Ljubica Jovetic, BSc (Hons) (Bio-Engineering), Dip. Eng. joined his firm. Since 2003, she is an Associate Member of the European Institute of Golf Course Architects. As the first woman in the membership of EIGCA and Croatia's only professional golf course architect, she brings a unique perspective to her role in the Swan Golf Designs team:
Her talent in restoration projects has seen her work on such golf course as Royal Marianske Lazne, Ashburnham, Hubbelrath, Duisburg and Bled, the premier course in Slovenia, for which she was assigned project architect. Her new projects include Grad Otocec in Slovenia, and two in Russia -- the Sorochany Golf Club (just north of Moscow, which is in construction and due for completion in late 2006) and the Babylon Golf Village (which includes a 5,740-metre, par-72 course together with driving range and comprehensive Golf Academy, is set to commence construction on the summer and will be the first Golf Resort in the Black Sea region of the Russian Federation; the resort feature some 200 country houses and shopping centre as well as other leisure facilities on the 53.5 hectare site which is situated just back from the Black Sea coast close to the holiday town of Gelendjk and towards the regional capital of Krasnodar; it sits high in the uplands amongst the foothills to the Caucasus and will present a spectacular golfing test with views to the distant mountains to the east and south. The Babylon development company, who are directing the project already has substantial residential projects around Moscow but this is their first venture into golf). The golf courses at Bled, set in the most popular of Slovenia's Alpine resorts, are to be renovated and remodelled by Howard Swan and his team. The Kings Course, originally designed by Donald Harradine in 1936, is the first to be updated and refurbished in a phased programme of improvement and extension to create Golf Resort Bled. This will include an 18-hole second course (presently just nine) together with a new nine holes to be open to the public. The British design practice is currently working in 28 countries including Slovakia, Bosnia and Herzegovina and, most recently, Oman. Other golf developments To date, Croatia "boasts" the following golf developments (both current ones and in the pipeline):
Croatian golf developments that are currently on the drawing board but, according to various sources, where either nothing is happening yet or which have not started construction include:
For further information on these and other golf developments by Croatian and foreign landowners, developers and investors, please contact INVgolf. Investment opportunity Please feel free to contact INVgolf if you are interested in the following new development that is currently seeking strategic partners:
In addition, a significant number of feasibility studies have been carried out on behalf of numerous Croatian and international developers, landowners, investors, operators and other interested parties. For example, Cameron Powell Golf Design, a Coventry, England-based golf design practice run by Bob Cameron and Chris Powell, was commissioned to undertake several golf development studies by a Croatian ex-pat client during the period 2002/2003. The evaluation study involved a series of golf resort developments at Lumbarda, Vela Luka (on the beautiful island of Korcula), Orebic, Lovište (Peljesac peninsula) and Baška Voda (along the Adriatic coast), although the developer's plans never materialised due to lack of financial backing.
Olive Island Resort and Marina The Olive Island Resort is being developed into Croatia's first integrated holiday development, on the north-western coast of "The Olive Island", Ugljan (pronounced Oog-Lee-Ann), in Northern Dalmatia. Across the water is the ancient and beautiful city of Zadar. Amenities will include swimming pools, tennis courts, marina, shops, bars, restaurants and a 4-star spa hotel. Golf courses are also planned in the surrounding vicinity. For sale are a stunning range of apartments and villas, built to top European standards, all with sea-views and large terraces/patios or gardens. Price ranges: apartments starting from EUR 130,000 and villas from EUR 330,000. Luxury furnishings: prices include fully-fitted kitchens, air-conditioning, timber-framed windows and floors, tiling in all bathrooms and parking spaces. "Sure let": the developer claims that buyers have a range of purchase options, including owner occupation or usage of the apartments or villas for four weeks of the year while still receiving a guaranteed minimum net rental yield. The 3,000-year-old city of Zadar is the capital of Northern Dalmatia and along with its international airport and seaport it offers numerous restaurants and cafes, cinemas, theatres, galleries, libraries, museums, sports centres. The historical centre of the city consists of narrow, paved lanes, which remain from Roman times and interesting churches, among them the ninth-Century Roman cathedral Sveti Donat. The Ugljan island is the garden of the city of Zadar. The island, covered by pine trees, fig trees, vineyards and olive groves, received its name in connection with the abundance of aromatic oil, which has been extracted for over 2,000 years. Despite its island situation, Ugljan is almost a suburb of Zadar owing to its frequent travel connections. Only 30 minutes of travel with regular ferry lines separate the island from the city. with a total of 2,500 sun hours, Ugljan offers a mild and healthy Mediterranean climate where the stillness of the sea changes with the favourable winds. The average temperature from May to October is 22 degrees Celcius. Restaurants on the island offer local specialties. For further information, please contact INVgolf.
Le Meridien moves into Croatia (opening in Q3 2006 with 381 rooms) Hotel is currently being redeveloped to re-open as a fully-integrated sea front resort destination offering three restaurants, four bars and the largest conference space in Croatia -- 2,000 square metres Le Meridien Lav, Split (Podstrana) to become Croatia's first fully-integrated resort In August 2004, Le Meridien Hotels & Resorts, the London-based global hotel group, announced that it has signed a management agreement for a 381-bedroom hotel in Split on the Croatian Adriatic coast. The hotel, formerly one of Croatia's most luxurious resorts, is currently closed for redevelopment and will re-open as a Le Meridien in the third quarter of 2006. The hotel will be the only internationally affiliated hotel in the Split area, and the plan is to develop a fully integrated sea front resort destination offering three restaurants, four bars and 2,000 square metres of flexible meeting space, the largest conference space in Croatia. There will be health and leisure facilities including indoor and outdoor pools, spa facilities, a private beach with water sports and two tennis courts. Also on site will be a casino, nightclub and medical centre. Robert Riley, Le Meridien's CEO, said: "This hotel project represents a fantastic opportunity for Le Meridien to move into an emerging destination that has recently experienced ongoing stability and substantial growth. Strong inward investment and the anticipated accession to the European Union over the next five years will also contribute to the overall success of the region." Located on the sea front at Podstrana, 6 km. to the south of Split city centre, the hotel is 20 minutes by road or boat from the city centre. It is a 40-minute drive from Split-Kastela International Airport, which is currently being redeveloped. The airport is served by a variety of international scheduled and chartered airlines from key European cities. As well as being an important commercial city, Split is a popular tourist destination offering an attractive coastline with important historical and cultural elements. UNESCO lists much of the centre of the old city as being a world heritage site. It has one of the largest commercial ports on the Mediterranean attracting an increasing number of visitors and cruise-ship passengers. Le Meridien currently operates a portfolio of more than 130 upscale hotels in 56 countries world-wide, including 44 in Europe. As with all Le Meridien hotels, each new acquisition is different in style and ambiance, reflecting fascinating aspects of the local setting and culture. Luxurious, comfortable accommodation and up-to-the-minute facilities are designed to appeal to business and leisure travellers alike. In 2004 new Le Meridien hotels opened in Stuttgart, Germany; the Dead Sea, Israel; Bangkok, Thailand; Hong Kong; Changi, Singapore; Khao Lak, Thailand; Angkor, Cambodia; Kuala Lumpur, Malaysia; Makkah, Saudi Arabia and Kuwait. Source: Le Meridien.
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