The total investment cost of the project is approx. 100 mil EUR (including land). 

Total development costs excluding land: approx. 70 to 75 mil EUR. 

Residential component: 

• Total Gross Floor Area − 23,300 m2 

• Total estimated sales proceeds − approx. 90 to 100 mil EUR 

Hotel component: 

• Total Gross Floor Area − 29,200 m2 

• Estimated stabilised EBITDA − approx. 3.7 to 4 mil EUR 

Golf course component: 

• 27-hole golf course − 113 hectares 

• Clubhouse – Total Gross Floor Area − 1,800 m2 

• Estimated stabilised EBITDA − approx. 1 to 1.25 mil EUR

Tourism is one of the most important drivers of GDP growth in Croatia: the sector generated EUR 10.5 billion in revenues in 2019 (4% y-o-y growth). So far 2019 was the best year of tourist activity in Croatia ever. Tourist spending normally accounted for more than 20% of GDP. As one of the most important tourist destinations in the Mediterranean, Croatia boasts a long-standing tradition in tourism and shows great potential for development.

— The most important advantages of Croatia are its preserved nature and environment, the naturally heterogeneous Croatian coast, its cultural and historical heritage, mild Mediterranean climate and proximity to all European markets.

— Travel demand has been constantly growing over the past decade. The number of tourist arrivals reached 19.6 million in 2019, a 4.8% increase compared to the previous year. Meanwhile, guest nights spent in commercial accommodations reached 91.2 million in 2019.

— Nearly half of all visitors to Croatia chose to stay at private accommodation during their visit, with more than 20.7 million guest nights registered in 2019. Hotels were

selected as the accommodation option by approximately a third of the country’s visitors.

— The country’s tourism industry is historically highly dependent on international demand. In 2019, 88.7% of all tourist arrivals and 92.2% of all guest nights derived from foreign countries. The key source markets were Germany, neighboring Slovenia, Italy, Austria, followed by Poland and the UK.

— Tourists vacationing in Croatia in 2019 spent a daily average of €98 per person and per overnight stay, with the amount being slightly higher in the continental part

of the country (€115), and a little lower on the coast (€97). Hotel guests spend the most on average (€142).

— The highest spending tourists arrived in 2019 from the United States (€174), the Republic of Korea (€157), China and other Asian countries (€150), and Great Britain (€143),

followed by tourists from Switzerland (€118), Scandinavian countries (€115), Spain and France (€107), Austria and Belgium (€102) and Serbia (€100).

Istria has been the best performing region in terms of tourism over the past decades. In 2019, nearly 4.5 million tourist arrivals and over 26 million guest nights (29% of all guest nights) were registered in the county of Istria, followed by the county of Split-Dalmatia region with 3.6 million tourist arrivals and 18 million guest nights.