Section 5

Competitive Landscape
International Branded Regional Comparables Country Comparable: Porto Montenegro Development Regent ”branded” residences at Porto Montenegro
International 5-Star Luxury Properties in Montenegro: Existing & Upcoming.

International Branded Regional Comparables – Average price / m2 = 8,000

Given the nascent stage of Montenegro’s international luxury tourism, the Sponsor develop the following methodology to justify pricing assumption of €7,500 per m². Cushman & Wakefield provided sales pricing of ”international branded” luxury resorts in the region, to include: Croatia, Greece, Turkey, etc.

Country Comparable: Porto Montenegro Development (non-branded apartments)

After reviewing the regional comparables, Cushman & Wakefield conducted a deep dive into Porto Montenegro. This has been developed on a former submarine military base. The first phase of Porto Montenegro was developed in 2009 – 2010. The first apartment block (Teuta) that includes 29 units, was sold out within a few months. These apartments were sold on a freehold basis priced at an average price of €4,000 per m². Seven of these 3 and 4-bedroom apartments were sold for more than €1m and the most expensive apartment was sold for €1.7m.
Following this successful sale, Porto Montenegro made available the next two buildings, Zeta and Ozana, that offered a total of 45 studio, 1-bedroom, 2-bedroom and 3-bedroom units, all of which have been sold at an approximate price of €4,700 and €6,000 per m² respectively. The next two buildings, Milena and Tara, were completed and sold in 2012. Milena achieved an average price of €5,400 per m² for and Tara achieved an average of €6,500 per m². Tara achieved the highest price with its 4 bedroom apartment selling for €2.6m.
The most recent addition to Porto Montenegro was the Ksenija building which was completed in June 2015. It was able to offer 48 residential units at average price of €6,700 per m². According to Cushman & Wakefield, all constructed residential units at the Porto Montenegro so far, have been either sold or reserved.

Porto Montenegro – Average Historic Sale Prices

Regent ”branded” residences at Porto Montenegro, a direct comparable
The Regent hotel and branded residences opened in 2014, with the 51 residences sold (at a small premium) for an average price of
€ 7,400 per m². The Developer is now offering branded apartments, The Regent Pool Club Residences, at a premium price of up to
€ 11,000 per m² for the most expensive unit. There are around 60+ units, where about 30 units have been sold/reserved. Average pricing of these branded apartments (but non-yielding) is ~ €6,500 per m² to €8,000 per m²
According to market intelligence, residences in Porto Montenegro command premium average prices per m².
The largest apartments command prices above €10,000 per m², such as a penthouse in the Regent – selling price €7m (total area of 600 m²) or € 11,666 per m².

Porto Montenegro – Development Scheme

International 5-Star Luxury Properties in Montenegro: Existing & Upcoming

Pipeline of international “branded” 5-Star Hotels/Resorts

Existing International 5-Star Hotels in Montenegro

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