Does anyone really know how much does Belgrade Waterfront cost?

Regardless of the fact that the sale of the apartments in the Belgrade Waterfront residential block is in full swing and that the price of a square metre has reached 7,111 euros, the city administration still does not know how much money from the city budget has been allocated for the construction of this gigantic project on the Sava River, writes the Danas daily.

The Finance Ministry and the mayor’s cabinet still don’t have that kind of information. When contacted by the Danas reporters, the former mayor’s cabinet has said that they “have no information as to the amount of investments in this project”.

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Although a joint venture agreement has been publicly released since the beginning of the construction in 2015, many issues still remain unclear, including how much the developer is actually investing and how much the Government of Serbia and the City of Belgrade are. These details are contained in the Business Plan to which journalists and the public have no access to because it is deemed confidential information.  According to the contract, the Serbian side gave Eagle Hills 100 hectares of city land for the period of 99 years, but without any compensation, in return for 32% of ownership in the joint venture.

In addition to the fact that, in the contract the Republic of Serbia is listed as a guarantor of loans that it was obliged to take under vague conditions, in the total amount of at least 280 million euros, the Serbian party also has the obligation to clear the whole area of ​​the Sava Amphitheater and to build infrastructure that will stretch to the border of the project area, which includes all communal and traffic infrastructure.

It is difficult to calculate how much money is and how much it will be spent, because in order for such a grandiose project to be launched at all, large infrastructural works had to be carried out in a wide area, starting from the relocation of freight and road traffic from Karadjordjeva Street, which is one of the reasons why the bridge Zemun-Borca bridge was built in 2014, the construction of the bypass around Belgrade, the relocation of the Railway Station and the construction of the Prokop station, as well as the relocation of the bus station to Novi Beograd. There are also plans relocate the Old Sava Bridge, build tram tracks on the Ada Bridge, and build another bridge.

(BizLife, 11.06.2018)


This post is also available in: Italiano

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