Project Teaser
BASIC INFORMATION
Project name | Pašman resort |
Estimated value | 500,000,000 EUR |
Project sector | Real Estate / Tourism & Hospitality |
Project Location | European Union, Croatia, Zadar County, Municipality of Pašman – South side of Pašman island – located in the middle of Croatian Adriatic coast |
Traffic connection | Excellent connection of the island of Pašman with the mainland with a modern port and very frequent ferry connections and direct connection with the highway (via Preko or Tkon). Planned bridge mainland – island Pasman. Zadar International Airport (approx. 20 km) |
Project owner | Municipality of Pašman |
Project developer (consultant) | Hosting International LtD |
THE PROJECT
Project IDEA | Pašman Resort will be renowned for its community spirit. The project strongly encourages integration, social interaction and the formation of close ties amongst community members. The local workforce, local residents and holiday makers share the same facilities and environment and develop the same passion for the land, the culture and the people. Pasman Resort is a place where different cultures merge and live the Mediterranean dream. The well-being of the local population has been given special attention. Local people will have the opportunity to open and run businesses within the resort and employment opportunities are varied and range from farming to managerial positions (about 7,5 ha of land within tourist zones is owned by private individuals). |
Project ZONE | Project area is 235 ha with 100 ha of tourist zones (2 zones per 50 ha with a maximum possible accommodation capacity of 2500 beds, a total of 5000 beds), logistic zone 5 ha and 130 ha of agricultural and recreational zones, of which 80 ha are foreseen for the potential golf course. |
Project SCOPE | The purpose of the land for the Project is defined by the Spatial Arrangement Plan of the Pašman Municipality, Amendments and Supplements 2015/2020. (The Hospitality-tourist purposes zones are defined in Articles 115 to 120 and the Business purpose zone/Logistic zone is defined in Articles 109d to 109h)
The Spatial Arrangement Plan defines the general conditions for construction and arrangement for all separate zones of hospitality-tourist purposes outside the settlement. Some of the important determinants of the Spatial plan are presented below:
Special conditions for construction and arrangement of construction areas of hospitality-tourist purposes in the area South Pašman
up to 30% of accommodation units can be planned as hotel accommodation under the following conditions:
The separate logistic zone defined by the Spatial Arrangement Plan outside the settlement building area (K) is a construction area of a business park for the construction and development of service, commercial and utility-service contents in the function of the planned hospitality-tourist purpose – South Pašman (T2). The planned zone covers an area of up to 5,0 hectares. |
Project documentation | Available project documentation includes:
Investors will draft their own Conceptual solution of the Project in alignment with the Spatial plan of the Pašman Municipality. |
CONTRACTUAL PRINCIPLES
Investors will acquire all business shares in the project company Pašman Riviera Ltd. The Project company will have the “building right” within the tourist zones and service-logistic zone for 99 years and contracted land lease of agricultural and horticultural surrounding zones for 99 years. Pašman Riviera Ltd. will, after construction, be the owner of all buildings (hotels, villas, apartments, service facilites, recreational facilities…), while the owner of the land will remain the Municipality in accordance with the Property law.
After expiry of the „Building right“ (99 years), the Municipality is obliged to reimburse the company Pašman Riviera Ltd., owned by investors, for the market value of all built property (Property law, Article 295 / Paragraph 3), or extend the „Building right“ for a sufficient number of years, but this time without paying a fee. Upon final expiry of the period of the „Building right“, Pašman Riviera Ltd. will return the land and the buildings to the Municipality’s possession and ownership (Property law, Article 295 / Paragraph 1). |
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OBLIGATION MATRIX |
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Pašman Municipality obligations |
Investors obligations |
Land is “right to build” ready |
Recapitalization of project company and nominated costs of project development to date (which include transaction/success fee) paid after contract signature. |
Access road and infrastructure corridor ready for construction |
Regular payment of the “right to build” fee and land lease fee |
Functional “Helpdesk” and project incentives implemented |
Upon entering the Project, investors … |