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DEI: Principality of Monaco: extending out to sea with a project starting in 2016

The Principality of Monaca is extending out to sea. The Minister of State, Michel Roger, has signed a concession contract with “‘SAM l’Anse du Portier’” for a project to build the extension in the Portier area underneath the casino. The expected start date is late 2016, subject to approval by Monaco’s National Council.

The extension is needed because it has become impossible to meet the growing demand for housing and commercial space resulting from the sharp increase in the Principality’s resident population. The project, in which Italian architect Renzo Piano is taking part, consists of an environmentally sustainable district covering 6 hectares. 60,000 square metres will be dedicated to public buildings and private luxury homes, 3,000 to commercial space, and 3,500 to car parks, public spaces and an extension of the “Grimaldi Forum” conference centre. The extension will also include a marina with berths for 30 boats.

Construction companies involved in the project, worth about 2 billion euro, include Bouygues Travaux Publics, Bouygues Batiments Sud-Est, Engeco (Casiraghi/Pizzarotti Group), J.B. Pastor & Fils, Michel Pastor Group, Smetra and Satri (Marzocco Group). They will obtain the necessary funding by selling real estate, while the principality, which will provide the area in concession, will own the marina, the car parks, and the public areas and infrastructure. It will also benefit from tax revenue generated by VAT