Does anyone know how much Belgrade Waterfront costs?

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Even though sale of the apartments has been going on for a while, and square metre of residential space at Belgrade Waterfront has reached record-breaking EUR7,111, administration of the City of Belgrade does not know how much money has been set aside from city budget for construction of this gigantic project on the Sava River, the Danas daily reports.

The Secretariat of Finance and office of now already ex-mayor “do not have the information about investments in that project,” the Danas daily has published a reply that it has received from competent authorities today.

Even though joint investment agreement was published after commencement of construction back in 2015, plenty is unclear and vague in it, for example the portion of investments by the Arabian investor and Serbian government and the City of Belgrade, and details are included in the Business Plan in which journalists and public will have no insight, as that is business secret of the enterprise Belgrade Waterfront. According to contract, Serbian side leased 100 hectares of building land to the Eagle Hills company for 99 years, but without compensation, in exchange for 32 percent of ownership stake in a joint company.

Besides Republic of Serbia being listed as guarantor for the loan that it is obliged to take based on unclear conditions, in total amount of at least EUR280 million, our side also has an obligation to clear the entire area of Sava amphitheatre and construct infrastructure all the way to border of the project, including all utility and traffic infrastructure.

It is difficult to calculate how much money was and will be spent, as in order to even commence such grand project one needs major infrastructure work across a wide area, beginning with allocation of cargo and road transportation from Karadjordjeva Street, because of which Zemun-Borca Bridge was constructed back in 2014, construction of Belgrade bypass, allocation of Railway Station and construction of Prokop Station, as well as allocation of bus station to Novi Beograd. Allocation of an Old Sava Bridge, laying down tram lines on the Ada Bridge and construction of a new bridge is also planned for the benefit of Belgrade Waterfront.

Source: Danas

Photo: youtube