NewsNova Development Company and Russian investor seek approval for residential complex in...

Nova Development Company and Russian investor seek approval for residential complex in Budva

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The Belgrade-based construction firm Nova Development Company and Russian investor Dmitry Vladimirovich Judin have submitted a request to the acting Chief State Architect for approval of the conceptual design for a forthcoming residential villa complex at the entrance to Budva, situated at the base of Mount Košljun.

The request, disclosed to “Vijesti”, was presented to the new acting Chief State Architect, Siniša Minić, after the former head of the government department, Vladan Stevović, rejected two previous requests from the Russian entrepreneur.

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The Belgrade company, established by Judin, inked a joint construction deal in October 2022 for a 20,000-square-meter plot purchased from Hold Co East. The plot was previously owned by former Montenegrin President Milo Đukanović and his business partner Vuk Rajković but was transferred to Hold Co East due to a substantial debt.

Before the March 2022 sale to the Russian businessman, the Municipality of Budva’s Secretariat for Urbanism and Sustainable Development had issued urban-technical conditions to HoldCo East, allowing for the construction of a residential complex with 41 villas on a two-hectare site.

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According to the existing Detailed Urban Plan for Potkošljun, the land complex can accommodate a total gross building area of ​​29,591 square meters, equivalent to half the size of the Old Town.

The issued conditions permit villas ranging from three to six floors, with a minimum area of ​​80 square meters per building, and phased construction is permitted.

The Russian investor officially registered ownership of the land complex on March 21.

Despite previous setbacks, including a rejected proposal in August 2022, the investor submitted another request last year for approval of an architectural project for multi-family housing with hospitality and tourism facilities. However, no approval has been granted to date.

Concerns raised by the former Chief State Architect include inadequate emergency vehicle access and firefighting vehicle platforms due to tunnel-like traffic access. The investor must also conduct revised geological surveys before proceeding with technical documentation.

Excavations have been ongoing for the past six months, with part of the hillside already excavated. This marks the third submission of the request. While conceptual designs are not published on the ministry’s website, it is anticipated that the villa complex will be significantly smaller than initially planned.

In a separate development, Đukanović’s company, Global Montenegro, lost ownership of a 20,000-square-meter plot at the foot of Mount Košljun due to unpaid loans. HoldCo East assumed all credit obligations, which Đukanović’s company failed to repay, leading to legal proceedings over unpaid property taxes.

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