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Saturday, June 15, 2024
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Advancing forward: Latest developments in investment at Bjelasica 1450 hotel complex

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The development of the Bjelasica 1450 hotel complex in Kolašin has seen an investment of approximately €13.1 million, representing 73.84% of the planned investment. This information comes from the seventh report of the independent controller Racio-mont, which monitors the progress of the project and was recently approved by the government. The report covers the period from March 15th to September 15th of the previous year.

The investment is spearheaded by Bjelasica 1450, a company founded by the Podgorica-based Zetagradnja. The hotel, which was listed as a Tourism Development Project in March 2020, is slated to become a four-star condo hotel featuring 168 accommodation units, including 141 studios and 27 one-bedroom apartments. The total investment value is €17.8 million, with plans to employ 96 individuals once the complex is operational.

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According to the audit findings, which scrutinized financial records and obtained documentation, the seventh report of the independent controller confirms investments totaling around €3.98 million for rough construction works and materials. The planned investment in construction objects amounts to approximately €9.88 million, indicating that 46.09% of the total investment in construction objects outlined in the company’s business plan has been realized between March 15th and September 15th, 2023. Most of these investments pertain to invoiced materials and construction services from the parent company.

Moreover, the report provides insight into the planned and achieved investments from the project’s inception until September 15th of the previous year.

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The auditor secured documentation validating the execution of the business plan, encompassing total investments in land, construction objects, and working capital thus far.

It’s noted in the report that goods and services procured by Zetagradnja for Bjelasica 1450 amount to approximately €7.87 million, with 93.29% invoiced and the remainder representing non-invoiced portions. If the remaining 6.71% were invoiced, the realized investment amount would reach around €13.66 million, or 76.78%.

The independent controller’s report concludes that the total value of invested funds by Bjelasica 1450 since project commencement exceeds €13 million, covering land acquisition, construction, and equipping of the Bjelasica 1450 condo hotel, representing 73.84% of the planned investment according to the provided business plan. The total investment contributions, including those from the parent company, amount to €13.69 million, or 76.78%.

Furthermore, the report highlights that a certain portion of land value has been excluded from the overall calculation for business plan execution purposes.

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