29 Apr 2009 07:00
Cubus Lux plc ("Cubus Lux" or the "Company") Tender win - Valdanos, Montenegro
The Board of Cubus Lux is pleased to announce that the Company has won the tender for a new tourism development project in the Adriatic.
The project is to develop the former military recreational resort at Valdanos at the southern end of Montenegro's Adriatic coast. Valdanos is 60 km from the inland capital of Montenegro, Podgorica, which has an international airport, and is 75 km from the airport at Tivat.
The development area comprises some 3.4 million sq m, and includes around 3 km of coastline which is believed to be the last stretch of available coastline in Montenegro. The Company's tender submission proposes a development which would include:
* A golf course, with a 4 star golf hotel (400 beds) and villas (for sale); * A 5-star beach hotel (500 beds) with villas and apartments (for sale); * A 4-star hotel (400 beds) including a Wellness centre and Spa, with villas and apartments (for sale); and * Amenities such as a casino, a night club, a water park, around 15 restaurants, and other communal facilities.
The tender was made in conjunction with an international hotel management company, an Austrian construction company, a Croatian firm of architects and an international golf course design and development company
The next stage is for the Company to enter contract negotiations with the tender commission, and once the concession contract is agreed and signed, the project planning process will commence, which is expected to take around 18 months.
Project finance will be sought when appropriate. The resort is expected to create between 400 and 600 jobs locally once complete.
Gerhard Huber, chairman, commented:
"We are delighted to have won this prestigious tender. We believe that our presence in Croatia, and specifically in the Olive Island Resort project, allowed us to participate credibly in the Valdanos tender, and ultimately to win it."
Progress continues to be made in the Company's Croatian businesses, projects and tenders, and updates will be provided at the appropriate time.
For further information please see www.cubuslux.com or contact:
Steve McCannCubus Lux plc+385 (0)99 214 9636Simon Sacerdoti/Liam Murray, Nominated AdviserDowgate Capital Advisers Limited+44 (0)20 7492 4777Claire Louise Noyce/Stephen Austin, BrokerHybridan LLP+44 (0)20 3159 5085Pam SpoonerCity-Road Communications+44 (0) 20 7248 8010+44 (0)7858 477 747
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