BENETTIS, BELLINIS, AND BIKINIS
Touring the playground of the rich and famous – Porto Montenegro
Montenegro, on the eastern shore of the Adriatic Sea is quickly becoming a billionaires’ playground, due in large part to Porto Montenegro, a multimillion marina and real estate development for the world’s wealthiest. Since it gained independence from Serbia in 2006, the young country has been the fast-growing travel and tourism economy in the world, quickly rivaling Monaco as the destination of choice for the wealthy.
The country has a lot going for it, from the thick and dense mountain forests from where it got its name (Montenegro translates to black forests); to the canyon and UNESCO World Heritage Site Kotor Bay that is a natural harbour for berthing
ships; to white-water rafting down the Tara River, considered Europe’s deepest canyon; to glacial landscapes and deep canyons of UNESCO-listed Durmitor National Park; to the vast sandy beaches of the Ulcinjska Riviera and winter skiing at Kolasin. For extreme sports fans, there are also paragliding in Bjelasica mountain and windsurfing in Skadar Lake, the largest freshwater lake in southeastern Europe and home to the biggest bird reserve in the continent. Montenegro is also home to beautiful mediaeval walled towns, the last patches in Southern Europe that can be seen to look as it did when the Venetians left it at the end of the 18th century.
In fact, throughout its history, this tiny area located between Croatia, BosniaHerzegovina and Albania on the eastern shore of the Adriatic has had a succession of conquerors: The Saracens, Venetians, Austrians, Russians and the French have all left their mark on the area.
These days though, the ones who come to this picturesque country are as likely to arrive in their private jets or their superyachts (vessels over 30m) berthed in Porto Montenegro. Indeed, so concentrated are the moneyed flocking to the area that Canadian mogul Peter Munk,
the original developer, was quoted as saying in 2014 that the combined value of the yachts in the marina were bigger than the gross domestic product of the country.
Beginnings
The Porto Montenegro project began in 2007, when Munk purchased a former Yugoslav Army military base in the nearby town of Tivat in 2007 for €23 million. Munk saw the potential of the base to build a superyacht marina that would rival other marinas in Europe.
It’s easy to see why. Porto Montenegro lies within one of the world’s most idyllic nautical playgrounds. Boka Bay is a sunken canyon and is the largest natural harbour in the eastern Mediterranean. With 100km of coastline that twists inland from the Adriatic and rugged mountains in the background, the bay offers easy and direct access to some of the best cruising in the Mediterranean.
For this venture, he was backed by some blue chip names in the business community – LVMH chairman Bernard Arnault, Russian oligarch Oleg Deripaska and Lord Jacob Rothschild – creating the largest private-sector investment in the country.
Munk and investors were not shy about their goal to build a homeport for some of the world’s largest yachts. The swish new marina would provide visiting yachts, their crew and owners with a strong ecosystem of high-end facilities like restaurants, retail shops and hotels. It was also an example of how Montenegro approached its tourism strategy: Not just go for the tourism numbers but attract the ultra-wealthy, the ones who can pay top dollar for a berth. When Munk died last year, Porto Montenegro had far exceeded expectations, so much so that he had sold the corporation to the Investment Corporation of Dubai.
Playground for the rich
Total investment so far in the area is over €500 million. Following expansion in July 2015, the marina now has 450 berths, with a total of 850 planned by project completion. A total of 311 of these berths are reserved for superyachts. More importantly, with Montenegro not a member of the European Union, the marina charges are competitively priced – berths and fuel are cheaper than other countries within the European Union; and yacht sales and charters get tax breaks.
Walking around, Porto Montenegro feels like a very exclusive and expensive city within a city, offering everything that a rich visitor could want. There’s a nautical village with high-end retail brands and boutiques, top restaurants and bars. To see and be seen, the Porto Montenegro Yacht Club is the place to be, with its 200-foot infinity pool, 188 daybeds, a poolside restaurant as well as a 20-seater lounge and outdoor theatre. It’s a place where there’s a high chance of rubbing elbows with the world’s richest people, such as members of Middle Eastern royal families and Russian oligarchs.
Living large
For those who want a permanent base here, Porto Montenegro has a residential village that follows local architectural styles, which is a mix of Venetian and Ottoman structures. The development is mixed, with modern townhouses, apartments, penthouses and duplexes, all of which are less than five stories high and designed to appeal to different clients’ tastes, from boat owners to local and foreign buyers.
As befitting its clientele, each abode is bespoke, with interiors that feature marble and tile flooring, custom-built kitchens, private roof gardens, and plunge pools. Most apartments are west-facing with magnificent sunset views across Kotor Bay and surrounding mountains. At the moment, six residential buildings are sold out. But would-be residents need not wait long as the second phase of the Regent Pool Club Residences, the BAIA is set to open in summer 2019 as is Elena Residences, the latest addition to the waterfront.
Local colour
Those who would like to explore the area, could take a boat to the adjoining towns of Kotor and Perast. Kotor, a little walled city of churches, alleys and squares, is built from the limestone that is mined in the nearby mountains. The picturesque mediaeval town has a charming mix of Venetian, Baroque and Austrian architecture and has a complement of pretty shops and cafes to while the afternoon away.
Neighbouring Perast will surely satiate the appetite for Baroque architecture. The town is famous for its 16 Baroque palaces and 17 Catholic churches, all built sometime between the 17th and 18th centuries, not to mention the many stone buildings that hark back to a bygone era.
But the peace that locals have known for centuries may be forever gone with the arrival of luxury hotels in the area. Aman already has a foothold on the island of Sveti Stefan. There’s also a planned Ritz-Carlton and Four Seasons Hotel, among other big name brands.
A good place to while the time away is at a waterfront table at the Conte Hotel and Restaurant, looking out toward the manmade islet called The Lady of the Rocks. Legend has it that the islet was created rock by rock over the centuries after local fishermen found an icon of the Madonna and Child on a rock by the sea.
For those planning a visit, Tivat Airport is 10 minutes away. Of course, like most visitors, one can always arrive cruising the coastline in your superyacht, as one does in this place.