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Tourist Zone Island Of Pag

ID: 21ST-102

PAŠKA REBRA 3 – WEST, Island of Pag

DESCRIPTION OF THE PROJECT

The  project  envisages  the construction of  high category accommodation capacities (a hotel, villas, apartments and a camp) and other supporting sports and recreational facilities on a land lot size of 424,801 m2 .

The geographical and traffic position of the zone indicates the location advantages for the development of tourism (an undeveloped coast, close to intercity roads, south-oriented and protected from strong winds).

The project area is organizationally divided into four parts: three zones which include  the construction of different types of accommodation facilities with a hotel as a central object and an auto-camp as the fourth part. These sections are physically separated with a cross-road.

The project also envisages the construction of a marina with 200-400 berths for which a public tender needs to be conducted.

PRICE: 12.000.000 EUR (not fixed)

LOCATION

The tourist zone “Paška rebra 3 – West” development project is located on the Island of Pag, approx. 6.5 km from the Town of  Pag  and  30  km  from  Zadar,  the  Zadar  County  seat. The Island is easily accessible and can be reached by car, by bus (50 km distance to the A1 Zagreb-Split-Dubrovnik Highway) or by boat. The distance to the international Zadar Airport is only 40 km.

The Island of Pag is one of the sunniest islands in the Adriatic with over 2,500 hours of sunshine per year and has a 270 km long coastline of pebbly beaches with crystal clear sea. The Island is well-known for its  original  Pag  lace, world-renowned  Pag  cheese, best Adriatic beaches  and internationaly famous party zones (Zrće beach).

CURRENT PROJECT STATUS

The Urban Development Plan for the project location is adopted (possibility of construction:  30% for hotels, 70% for  villas on the land plot of 224,801 m2. 200.000  m2  are intended for the construction of a camp.

Amendments to the physical plan of the Zadar County which envisage an additional increase of the construction area within the scope of the project were adopted. Alignment of the physical plan of the Town of Pag with the Zadar County physical plan is required while the Urban Development Plan will be modified in accordance with the amendments of the County and City Spatial plan. The rest of 40,000 m2 is determined as a non-construction area (green areas).

The project owner has submitted a Letter of Interest to the competent authorities for the Concession on maritime domain to construct a marina with 200-400 berths. Competent authority needs to undertake a public tender process for the selection of the best bidder.

TRANSACTION MODEL

Quaestor Pag Ltd. as the project holder is seeking for a strategic partner for the development of high category tourist resort. The sale of the project land is an equally acceptable option.

PROJECT VALUE

The estimated project value is 100 million EUR.

PLANNED FACILITIES AND CONDITIONS OF CONSTRUCTION

According to the Urban Development Plan, the basic construction-technical characteristics of the Project are:

  •  Allowed construction density (KIG) up to 30% of land area
  •  Allowed construction efficiency (KIS) up to 80% of land area
  •  T2 zone covers 224,801 m2 with the gross developed area of 179,840 m2 and is planned for the construction of a hotel, villas and apartments with maximum capacities of 1,500 beds
  •  Maximum capacity within the T3 zone (Camp) is 1,500 beds on the land lot of 200,000 m2
  •  40.000 m2 of the land is envisaged for the construction ofsports and recreational facilities (R7)

ZADAR COUNTY

  • Population (2011): 170,398
  • GDP per capita (2011): 8,302 EUR
  • Unemployment rate (2013): 22.5%
  • Average gross monthly salary: 958 EUR
  • Average gross monthly salary in the sector (tourism): 952 EUR

Zadar County is situated in northern Dalmatia in Croatia. The County’s total area is 7,487 km 2  of both sea and land. It is well connected via road, sea and air, i.e. the Zagreb-Split-Dubrovnik Highway, good ferry connections with Italy and the rest of Croatia and an international airport. The shortest maritime  connections  to  central  Italy  pass  through  the Port of Zadar. Equally important is Zadar Airport which is a popular tourist entry point with 27% growth of the number of passengers in 2013/2012.

The  County’s  most  important  sectors  are trade  (30%); manufacturing industry (19%) – food  industry,  metal production,  production  of  vessels,  textile  industry; transport and storage (13%); fishery and agriculture (8%), construction  (8%)  and  tourism  (7%).  The  main  export markets are Japan (21%), Italy (19%), Slovenia (9.5%) and Germany  (9.4%)  while  the  most  exported  products  are aluminium  products  (43.7%),  fish  –  fresh  and  processed (34.7%) and machinery (7.9%).

With tourism gaining a more prominent role in the County’s economic  structure,  there  is  an  emphasis  on  extending local  accommodation  capacities. They amount  to  36,086 accommodation  units,  with  a  majority  (59%)  in  private accommodation.  Almost  half  of  the  capacities  in  hotels are classified as a 4-star category. There are also 6 marinas with a total of 1,818 berths. As a successful tourist region in Dalmatia, Zadar County recorded 6.7 million overnight stays in 2013 (10.4% of all overnight stays in Croatia). Most of these (89%) were by foreign guests.

The  centrepiece of  the  County´s  rich  tourist  offer  is  its capital  –  the  City  of  Zadar  which  is  a  focal  point  to  the archipelago of more than a hundred islands. Most of these are  uninhabited  and  contain  highly  preserved  sceneries and  attractive  coastal  zones.  These  areas  are  foreseen for further development and enrichment of the Countyś tourist  offer.  The  County  is  conveniently  located  near some  of  the  most  attractive  Dalmatian  sights,  including national parks Kornati and Krka, and the famous extreme sports location Paklenica. The County’s tourism potential has  been  recognized  internationally  with  brands  such as  Falkensteiner  present  in  the  County,  while  serious investments in Zadar County’s marinas have been made by the renowned Dogus Group.

Zadar  is  also  an  ancient  European  university  city  with  a tradition  since  1396.  It  offers  24  academic  departments, such  as:  Agriculture  and  Mediterranean  Aquaculture, Economics, Traffic and Maritime Studies, English, German, Italian  and  French  Studies, Tourism  and  Communication Sciences  Department  and  Humanities  Department. It  has  approximately  5,800  undergraduate,  graduate, postgraduate and doctoral students.

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