Baku – APA-Economics. Azmont Investments, a subsidiary of Azerbaijan Global Investments (AGI), said on Thursday it has officially launched the sale of 113 properties within its Montenegro-based 650 million euro ($725.1 million) luxury Portonovi tourist resort, SeeNews reported.
The first phase of the resort is due to open in the second half of 2017, when the properties released for sale will be completed and ready for occupation by residents, Azmont said in a statement.
"From the high level of pre-registrations we have already received, we have every reason to expect sales from the outset," Ahmet Erentok, chairman of Azmont Investments, said in the release.
The entire Portonovi resort will cover an area of 26 ha, featuring a luxury One&Only hotel, 290 town houses, apartments and villas, a marina with 220 berths for super yachts, yacht and beach clubs, spas and restaurants.
SOCAR won the tender to rent the area of the former military facility for the period of 90 years, which was invited in Montenegro in 2012 and was submitted by Triangle Investments and Development Limited Company. Azmont Investments LLC Company was established by Azerbaijan to implement the project in Montenegro. The resort is located on the site of the barracks on the shore of the Boko-Kotor gulf in Kumbor town. The new complex will include a network of resorts One& Only for VIP clientele. This will be the first hotel in this network in Europe.
The complex is expected to be opened by the end of 2017 or beginning of 2018.
Azmont Investment officially launched operations of its bank in Montenegro's capital Podgorica to implement the project.
Azmont Investments opened a representative office in Azerbaijan on December 15, 2015. The official representative of the company is Qorkhmaz Aghayev.
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