The total value of the investment of the company "PM 1.4" in the construction of the new complex "Boka Place" reached the amount of 31.019,414 euros by the middle of last year. "PM 1.4" is one of the daughter companies of the company "Adriatic Marinas" from Tivat, which is developing the nautical-residential project "Porto Montenegro", the continuation of which is "Boka Place".
This was stated in the "Information on the first, second, third and fourth report of the independent auditors on the findings of the factual situation in connection with the construction project of the hotel "Boka Place", which was prepared by the auditing companies "Deloitte" and "Crowe MNE". The information was considered and accepted by the Government because on June 11, 2020, this project was included in the list of development projects in the field of tourism and the economic citizenship program, which gives real estate buyers the opportunity to apply for a Montenegrin passport.
The planned value of the investment of "Adriatic Marinas", i.e. the company "PM 1.4", in the construction of this five-star condo-hotel with 240 accommodation units, is 43,67 million euros, and the intention of the investor is to enable the employment of 96 people through the implementation of this project.
After the inclusion of the "Boka Place" project on the list of priority projects in the field of tourism, the Ministry of Sustainable Development and Tourism hired an independent controller who, as stated in the documents, will "monitor the implementation of the development project in accordance with the business plan and report to the Ministry on a semi-annual basis, that is, the Government on the status of implementation."
The consent of the then Ministry of Sustainable Development and Tourism for the appointment of the audit company "Deloitte" as an independent controller was delivered to the company "PM 4.1" on February 19, 2021, so "Deloitte" prepared the first report in which it stated that in the implementation of the project "Boka Place ” from June 11, 2020 to December 11, 2020, a total of 1.432.406 euros were invested without VAT. However, the company "PM 4.1" then turned to the then Ministry of Economic Development with a request to change the independent controller, and on March 25, 2022, it received approval to hire the company "Crowe MNE" as a new controller.
"The reports of the independent auditors were prepared in accordance with the business plan submitted by the investor. In this way, the audit of investment investments and the realization of the business plan was carried out", writes the Information, noting that "Crowe MNE" estimated that the investments in the implementation of the "Boka Place" project from December 11, 2020 to June 11, 2021. amounted to EUR 5.724,099 excluding VAT, for the period from June 11 to December 11, 2021, EUR 12.246,521 excluding VAT, and for the last reporting period from December 11, 2021 to June 11 of last year, investments amounted to 6.237.639 euros without VAT.
The largest part of this money went to the construction company "Bemax" from Podgorica, which was the contractor for the first phase - rough construction works, after the completion of which the second phase - craft and finishing works, was taken over by a new contractor from Turkey.
"Boka Place" is a complex with a total usable area of over 25.000 square meters, it has a total of 240 accommodation units and about 40 business premises of various uses, from restaurants, cafes and shops, to a large supermarket and "CineGrand" cinema. As part of the complex, the first hotel in the world of the new brand SIRO, backed by the renowned company "Kerzner International", owner of the famous brand "One&Only", will operate. The plan is for the entire complex to be completed and opened before the summer season of 2024.
During the tour, they noted that the works have been intensified
With the new expanded methodology, which was adopted at the Government session on October 7, 10, in addition to the controller's report, two new procedures were introduced in monitoring the development of projects, namely the expert supervision report on the state of the works and a site visit.
In accordance with the extended methodology, along with the reports of the independent controllers, reports on the state of works on the project were also submitted. Also, on January 19, 2023, representatives of the Ministry of Economic Development and Tourism visited the location where the "Boka Place" hotel is being built. In the government information, it is written that during the tour they noted that works are being carried out on the site, and that the representatives of the investors informed them that a new contractor had been chosen for the final construction and craft works, and that the works continued at an intensive pace.
Bonus video:
