As Poslovni Dnevnik/Marija Crnjak writes, approximately fifty apartments in the Zelena punta tourist resort in Kukljica on the island of Ugljan will be thoroughly renovated and made ready for the tourist season, which is only a small part of the ambitious investment project of Slovak investor Adriatic Tourist Resorts (ATR) in the total amount of 40 million euros.
Currently, Zelena punta is a busy construction site, and five million euros have been invested into what’s going on there so far. A good part of the project is still awaiting changes to the Urban development plan, according to Dino Manestar, director of Adriatic Tourist Resorts and Premium Star Hotels (PSH), owned by Prime Tourist Resorts from Bratislava.
Slovak-Croatian cooperation
As is already fairly well known, ATR, owned by JS Capital Management from Bratislava, took over Zelena punta, as well as Hotel Trakoscan after Coning’s bankruptcy, for about 26.5 million kuna. Although it was open to guests every season from Coning’s bankruptcy until the takeover, the resort has been neglected, with unused accommodation capacities, neglected sports fields and dilapidated infrastructure, and it extends over an entire peninsula separated from the old core of the resort, into a dense pine forest. The investor’s idea is to preserve the natural heritage as much as possible and to create a four-star mixed-use resort. Namely, all the apartments that are being renovated now will go on the market, but under special conditions characteristic of such projects.
In the investment, Adriatic Tourist Resorts plans to create capacities of a total of 780 beds in different facilities accompanied by complete infrastructure, and the first major works started after the last summer season. The project for the new Zelena punta bears the signature of Slovak architects from the GFI Design House in cooperation with the Croatian I2D office, and the intention is to fit all the units into the natural environment as much as possible, with the use of natural materials in the interior design.
“The first six apartments in one building are finished and ready, and that building was a model for all of the others. An additional 40 apartments are under construction and will be ready by the summer season of 2023. After the season, another 80 apartments will be renovated and the plan is to have them ready by the 2024 summer season,” explained Manestar.
The sale of all of the apartments, which are being offered as a combination of investment and use, has already started. The condition for purchase is that each buyer immediately leases back the apartment, with the resort having the right of first refusal in case it wants to sell it at any time. ATR takes care of everything, from maintenance, sales, cleaning, and rental income is divided according to the contract. On top of that, all operations are managed by Premium Star Hotels.
At the resort itself, in addition to work on the apartments, preparatory work on the construction of the beach club has begun, which will be a further Ugljan tourism boost. The plan at this moment in time is to have it finished by the summer season of 2024. In addition to the apartments and all of their accompanying facilities, the plan is to build luxury villas and a hotel, which will be the last phase of the investment.
All 80 bungalows, which were last used as staff accommodation, will be demolished, as they’re completely dilapidated, and 52 new bungalows, mostly with two accommodation units, will be built in their place. The last accommodation capacity will be a four-star hotel boasting about 60 rooms and 120 beds. The first plan was for everything to be finished by 2025, but the set of circumstances on the market slowed down the process, as it did for many other investors.
“By the end of the year, we expect changes to the UPU by the Municipality of Kukljica, and then we’ll continue with the design of villas and the replacement of old bungalows, as well as the beach club, sports fields and hotels. The old restaurant and reception are also in the design phase,” Dino Manestar concluded.
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