GTC has agreed the terms of development for a luxurious residential project, together with a golf course and a five-star hotel, on a 130 hectare waterfront site on the coast of Croatia.
Globe Trade Centre S.A. (GTC), through GTC Croatia – its 97% – owned subsidiary – has agreed the terms of entering into a partnership that will develop aluxurious residential complex together with a 18-hole golf course and a five-star hotel on the Croatian coastline.
GTC Croatia will hold 75% in the development, partners that initiated the venture and existing shareholders will hold the remaining 25%.
The 130-hectare site is located in the northern part of Croatia. The unique waterfront location, next to a professional golf course facility and a luxury hotel, will offer one the most prestigious residential properties in the booming real estate market on the coast of Croatia.
The total residential space to be developed will be 23,000 sqm in total, ranging from 100 sqm apartments to 550 sqm villas.
The project is planned to be developed over the next three years. Total development cost of the project is estimated at EUR80m.
In parallel, in Zagreb, GTC Croatia is developing Avenue Mall – a modern shopping centre (26,000sqm NRA) together with an office tower (7,000sqm NRA). Retail space in Avenue Mall, which is scheduled to open for March 2007, is already 70% leased.