Study

Stara planina Jabucko Ravniste

Study

for the 1 A phase of resort

development at Jabucko Ravniste, in
the region of Stara Planina

April 2010
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Contents

1. IMPORTANT NOTICE..........................................................................................................3
2. GENERAL FRAME..................................................................................................................4
The Republic of Serbia................................................................................................................4
Stara Planina..................................................................................................................................6
Project background......................................................................................................................9
3. OVERVIEW OF THE PROJECT......................................................................................10
Long-term concept.....................................................................................................................10
First phase of tourist offer development on Stara Planina.........................................14
4. MODEL FOR PROJECT IMPLEMENTATION.........................................................17
Model for project implementation........................................................................................17
Investments...................................................................................................................................18
Who is potentially suitable partner for Serbia in this project....................................20

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Stara planina Jabucko Ravniste

IMPORTANT NOTICE

All the communication or questions regarding this document should be addressed

to:

Mirjana Doni-Beaton
Coordinator of Sales &
Cooperation with Co-Investors

Zagrebaka 3, 11000 Beograd

Tel.: +381 11 26-26-596
Fax: +382 11 2181-468
E-mail: mirjana.beaton@jpstaraplanina.rs

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GENERAL FRAME

The Republic of Serbia

General information
THE REPUBLIC OF SERBIA

Official name:

The

South
East Europe
Geographic position
:
Climate:

Continental

Official language:Serbian
Main religion:

Christian Orthodox

Currency:

Dinar (RSD)

Capital:
Space:

2
88.361 km

Population:

7.498.001(census 2002)

Time zone:

Western European (GMT=01.00(

Serbia is situated at central region of Balkan Peninsula in South East Europe,

occupying an area of 88.361 square kilometers. Location of Serbia, at the
intersection of Pan European Corridors 7 (Danube Corridor) and 10 (roadrailroad), is considered as the cross-roads of South East Europe.
Serbia has three navigable rivers: the Danube, Sava and Tisa. Passing through
ten European countries (Germany, Austria, Slovakia, Hungary, Croatia, Serbia,
Bulgaria, Romania, Moldova and Ukraine), the Danube river gives Serbia an
excellent strategic position. With 588 navigable kilometers through Serbia and its
numerous tributaries, the Danube represents the most important river in Serbia.
Serbia borders with Bulgaria to the East, Romania to the North East, Hungary to
the North, Croatia and Bosnia-Herzegovina to the West, Montenegro to the South
West and Albania and Macedonia to the South. The total length of lend
boundaries is 2,397 km.
The region of Vojvodina situated in Northern Serbia, is mainly flat area, while
Central and Southern Serbia are covered with hills and mountains. The highest
mountain peak is Djeravica (2,656 m), in the Prokletije range.
Serbia is linked to the Adriatic Sea and Montenegro via Belgrade-Bar railway.
Serbia is situated in the West European time zone (GMT + 1 hour).

Economic situation
In early 2001. Serbia began wide process of reforms, including also far-reaching
reforms of economic area, with the purpose of achieving of macroeconomic
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stability and creating basis for long term growth. Republic of Serbia realized in
2007. significant positive results in terms of economy growth, export growth,
improving of economic efficiency, growth in financial area, inflow of foreign
direct investments, and growth of foreign exchange reserves, together with high
foreign trade deficit, keeping of unemployment at high level, high appreciation of
Dinar, growth of public spending, and growth of earnings above the productivity
growth.
Basic assumptions of macroeconomic scope for growth and stability of Serbian
economy in the next three years are as follows:
Leading of strict fiscal and monetary policy, that should create basis for
macroeconomic stability;
Acceleration of structural reforms, particularly finishing of privatizatiuon of
remaninig public companies and accelerated restructuring and privatization
of the state companies;
Strengthening of private sector that will create new investments, exports and
new jobs, and in that way employ workers who are losing jobs in the process
of transition, particularly young people who are finishing the education
process;
Improvement of business climate and creating of competitive environment as
preconditions for new invesments and change of production structure.
Realization of planned activities will result in dominant share of private sector in
the economy after the privatization of existing and founding of new companies,
then in establishing of complete legal frame for functioning of market economy
mainly through passing and implementing of system laws harmonized with EU
regulatory rules and WTO principles, and based on all that it will be
demonstrated in active role of the Government in creating the economic policy
and improvement of business environment and countrys credibility.

Advantages of investing in Serbia

European investors ranked Serbia among worlds 25 best investment possibilities
(according to A.T. Kearney, 2003. Global FDI Confidence Index).
The advantages of Serbia are:
Strategic position for markets of Europe, Asia and the Middle East.

Duty-free approach to the free trade zone of South East Europe, which has
around 60 million customers

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The only state out of CIS with a Free Trade Agreement with Russian
Federation
It is still not a member of EU; higher flexibility and advantages for investing
The lowest corporate profit tax in Europe (10%)
Skilled labor force at relatively low costs
Highest percentage of English language speakers in South East and Central
Europe
Equal treatment of foreign and domestic investors

Serbian tourism
Today, main tourist products of the Republic of Serbia are: spa centers and
climate resorts (Vrnjacka Banja, Soko Banja, Banja Koviljaca, and Banja Kanjiza),
mountain destinations (Kopaonik, Zlatibor, Divibare, and Tara), city centers
(Belgrade, Novi Sad and Nis) and events (EXIT, Guca).
Tourist products of Serbia, being spontaneously developed for domestic market
requirements, do not follow tourism trends present on the global tourism market.
However, Serbia is now in situation to take advantage of its starting position, to
shape internationally competitive offer and achieve a significant growth in
tourism sector.

Prospects of tourist development in Serbia

Even though is not positioned on the global tourism market, Serbia has placed
tourism as one of the key directions of general economic and social development.
The most important realized steps are the following:
Tourism development strategy for Serbia from 2005 to 2015 with supporting
documentation was adopted (Competitiveness plan, Marketing plan and
Investment plan) providing strategic and operational framework for tourism
development;
Government of the Republic of Serbia is carrying out reforms in tourism
sector, such as: adoption of Law on Tourism (with Amendments to the Law in
parliamentary procedure), Law on public ski areas, reorganization of
Ministry competent for tourism development, formation of Tourism
Development Agency, institution that should be the main pillar for planning,
management and control of the process of tourism development;

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Government of the Republic of Serbia appropriate 50 million UR within the

National Investment Plan (NIP) for investments in tourist infrastructure,
development of tourist brand Serbia, project of Education of employees in
tourist sector (including around 3.000 employed in tourist sector included);
For the most prospective tourist destinations Government of the Republic of
Serbia financed production of Master plans for tourist development: Palic,
Tara, Stara Planina, Gornje i Donje Podunavlje, Golija, Beljanica, ZlatiborZlatar, Felix Romuliana, and Soko Banja.

Stara Planina

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Stara Planina is located in Eastern Serbia (one third of the mountain is in Serbia,
two thirds are in Bulgaria). Area covered by Stara Planina tourism development
plan is referring to an area of Stara Planina on the territory of Serbia which
belongs to municipalities of Zajear, Knjaevac, Pirot and Dimitrovgrad.

This mountain represents a part of large mountain chain called Carpathian

mountains. Only its smaller western part is in Serbia. As a morphological whole it
is embordered by valleys of Beli and Trgoviski Timok, and Visocica, ant to the
East it is embordered by the state border between Serbia and Bulgaria. In
meridian direction it is stretching around 100 kilometers, while in parallel
direction of stretching maximum length is 30 kilometers (Pirotska kotlinaSrebrna glava).
To the north Stara Planina range begins from the brow-side Vrska cuka (692 m).

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Significant picks of Stara Planina are:

Midzor (2169 m)
Tri cuke (1937 m)
Srebrna glava (1933 m)
Orlov kamen (1737 m)
Tupanar (1727 m)
Sveti Nikola (1380 m)
Vetren (1330 m)
Babin zub (1748 m)
Tresak (1000 m)
Crnoglav (764 m)
Among natural preserved masiffs of high
mountain chains, Stara Planina, besside
mountains of Sara, Tara, Prokletije and
Kopaonik represents one of the most
precious tourist region in Serbia. Stara
Planina spreads over 4 municipalities:
Zajear,
Knjaevac,
Pirot
and
Dimitrovgrad, covering a surface of 3.985 km.
Stara Planina represents natural treasure of extraordinary importance. It is in
the first category of national treasures and it is decreed to be National Park.
Extraordinary natural potential od this region (preserved nature, Zavojsko lake,
diversified flora and fauna) are complemented with historical monuments (ethnovillages, Temska monastery, Gamzigrad and other) as well as spa objects in Niska
Banja, Soko banja, etc.
Stara Planina is covered with snow for almost 5 months per year in the altitudes
between 1.100 m and 1.900 m. That characteristic represents excellent potential
for construction of long ski slopes for Alpine skiing, and there are also suitable
places for construction of accommodation capacities in the bottom. Beside the
great capabilities for Nordic skiing, hunting, fishing, and summer recreation,
additional tourist potential of this mountain are the villages in the bottom of the
mountain, healthy food and ecological energy that allows development of
additional activities such as agriculture, cottage industry and handicrafts, etc.
The nearest airport is situated in Nis, 70 km from Stara Planina. Proximity of Nis
Airport provides easier access to the region by emitive markets.
Railway network consists of Nis Knjazevac - Zajecar line, and the other side line
Nis Pirot - Dimitrovgrad.

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Highway Sid - Belgrade - Nis connects Eastern Serbia with Belgrade. Nis is
linked by motorway (M 25) to Knjazevac and further to the north to Zajecar.
Knjazevac and Pirot are connected by regional road (R 121), which goes through
Kalna and further to Dimitrovrad.
It is planed a construccdtion of motorway which directly conect highway
Beograd-Dimitrovgrad with Jabucko Ravniste in total lenght of 33 km.

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Project background
Goals and objectives of Stara Planina project
According to the Tourism development strategy, Republic of Serbia has a
significant potential for mountain tourism development. Development of summer
and winter mountain resorts, including Kopaonik, Stara Planina, Golija and Besna
Kobila, is planned to provide Serbia competitive position on the global tourism
market.
Stara Planina project represents the first green field project for the development
of summer and winter mountain resorts in the Republic of Serbia in the last
twenty years.
It is the first tourism project in Serbia to be planned and developed according to
international planning and development standards.
The main goals and objectives of Stara Planina Resort area Master plan are listed
below:

Development of year-round resort which includes winter sports an ski facilities

and other year-round recreational activities which will be attractive to a wide
variety of visitors in the region.

The development that will respect the natural, cultural and ecological values of
the site.

Provide a balance in the offer of ski trails for all 7 skier skill levels.

Balance mountain capacity with guest services, capacity of Jabucko ravniste and
parking.

Develop a childrens beginner area with terrain suitable for teaching and snow
play for all family members.

Balance lift and trail capacity to achieve quality skiing/snowboarding conditions

and meet the requirements of the market.

Develop base area facilities and accommodation offer in a Central village

Business and market assumptions of the project
The following facts suggest the need for quick tourism development of Stara
Planina:

close proximity and gravitation to Stara Planina (up to one hour drive) urban
area of around 700 thousand people (Nis, Knjazevac, Zajecar, Pirot, Dimitrovgrad
and other surrounding settlements);

increasing market for ski tourism in Serbia that is estimated to 3 million skierdays in 2015, and primarily expected good connectivity to Belgrade;

proximity to Nis airport through which is possible to organize arrival of

international guests (charter flights);
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suitable geomorphologic and aerial characteristics of the mountain with

established potential for around 25 thousand simultaneous skiers and strong
potential for development of summer activities;

borderline through Stara Planina connecting Serbia with Bulgaria that currently
experiences boom of summer and winter mountain tourism;

general lack of developed tourist resorts in Serbia that satisfy international

standards in Serbia
Independent professional analyses have shown that Stara Planina is a project of a
historical significance to Serbia, which is directed to both domestic and
international tourism markets and which can, if developed professionally, reach
capacities of an internationally relevant ski resort .

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3. OVERVIEW OF THE PROJECT

Long-term concept
Long-term tourism development concept of Stara Planina is planned as follows:

Forming of entry points with necessary information, service and recreational

contents, and with golf as an additional attraction in the bottom of the mountain;

Kalna is, connected by new traffic solutions, available to all urban centers in the
area and Belgrade (Svrljig and Ni to the West, Knjaevac and Zajear to the
North, Pirot to the South, as well as to Jabuko Ravnite, central place of Stara
Planina base area);

Stara Planina mountain resort consists of:

base area where major accommodation and other tourist offer
is situated, and
b. ski center, representing a system of ski lifts and pistes, and other
supporting mountain infrastructure;
a.

Maximum long-term Skiers Carrying Capacity (skiers per day) on Stara Planina
is estimated to be 26.840 skiers per day summing up maximum skiers
Carrying Capacity for each ski slope location;

Ski area will cover approximately 600 hectares, with a total length of ski slopes
of 160 kilometers (including ski slopes and skiing connections). Ski area is
located on terrain that spans all aspect directions, and has elevations ranging
from 865 meters up to the 2,070-meter elevation (and one access lift reaching
down to 695 meters);

Ski center will be contained of ski slopes of different complexity, length and
average slope level, that will be mutually connected with system of around 30
ski lifts of various type/capacity, i.e. capacity: 22 major ski lifts (chairlifts and
gondolas), two transportation platters in base area and 4 learning centers
containing smaller beginner lifts. Furthermore, various F&B objects will be
spread around the ski slopes within the ski center in order to enable
availability for users on skis;

Long-term concept for ski system of Stara Planina is graphically illustrated in

the following maps:

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Jabucko Ravniste will represent a main village, central point of Stara Planina
base area which shall be the location of the main commercial contents, major
part of accommodation offer and other capacities of tourist offer (beginner
skiing zone, aqua park, fitness center and other recreational amenities).
Jabucko Ravniste is located on a mountain plateau with expansive views, close
to the 1,470-meter elevation.

Babin Zub, Leskova Ravan and Golema Reka locations, which are near the
base area Jabucko ravniste as a central point, are planned as apart of base
area. On Leskova Ravan location additional accommodation capacities will be
built in later development phases, while Babin Zub and Golema Reka locations
should be used as parking places (garages);

Base area services offer will be developed using world best practice and
experience from not only developed countries, but from increasing number of
development projects in transition countries as well. This business development
model is known as condominiumization.

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Base area Stara Planina long term development concept (total accommodation
capacity), with the total number of skiers accomodated in the base area is given
in the following table:

Maximum simultaneous number of skiers/boarders who would be

accommodated in all available accommodation facilities in Stara Planina
mountain resort could reach the number of 13,9 thousand. At the same time,
maximum number of one-day skiers/borders could reach 8 thousand. In other
words, total number of simultaneous skiers/borders in the region of Stara
Planina could reach maximum of 21,9 thousand that is around 5 thousand (or
18%) below maximum accommodation potential that installed ski-lifts will
enable. Stated difference to maximum potential of the ski center will be filled
with additional skiers/borders accommodated in Topli Dol area (4940
skiers/borders).

Total accommodation capacity and number of skiers accommodated in the base area
LOCATION

Accommodation

JABUCKO RAVNISTE
1. Destination hotel
2.
Village / condotel
3.
Family mini hotels
4. B&B pensions
5.Houses for several families
6. Single family "Chalets"
7.
Apartment units
SUB TOTAL
LESKOVA
8.Houses for several families
9.
Village/condotel
10. Apartment units
SUB TOTAL
TOTAL
Source (of information) Ecosign, 2007

units

Beds per accommodation

Number of skiers
unit
from accommodation units

Beds

705
1.557
387
215
304
173
1.573
4.914

1.901
6.228
1.161
645
1.520
1.038
6.083
18.576

2,7
4,0
3,0
3,0
5,0
6,0
3,9
3,8

1.231
4.040
752
418
681
250
3.939
11.311

145
840
260
1.245
6.159

725
2.520
1.040
4.285
22.861

5,0
3,0
4,0
3,4
3,7

325
1.633
674
2.632
13.943

Long-term Base area development concept of base area Stara Planina is given
in the following illustration:

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1A phase of tourist offer development on Stara Planina

Taking in consideration:

physical characteristics and commercial potential of the locations identified as

suitable for construction of ski slopes (capacity, snow, average slope, distance
to base area, etc.), and

currently predictable level of demand (i.e. number of potential winter-sport

and summer activities users on Stara Planina),

first phase of the tourist offer development on Stara Planina is based on the
following:

Construction of ski slopes that allow maximum simultaneous reception of 5.230

skiers/borders. Expected investment period for this phase is 3 to 4 years.

The first phase of ski system development will include ski trails of 94.7
hectares with total length of 21.1 km. The skiways and other connection pistes
cover a further 13.1 hectares over 8.8 kilometers for a total length of 29.9
kilometers, covering 107.7 hectares

The first phase of ski center plan for Stara Planina is given in the following
illustrations:

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All other service capacities and elements of the tourist offer are dimensioned in
line with the predicted number of skiers/borders. Defined potential of 5.230
simultaneous skiers/borders dictates the construction of around 6.200 beds in
the Jabuko Ravnite area, distributed according to the following
accommodation structure:

Accommodation capacity and number of skiers in the base area in the first development ph

LOCATION

Accommodation Number

JABUCKO RAVNISTE
1.
Destination hotel*
2. Village accommodation (Condotel)
3.
Family mini hotels
4.
Houses for several families
5.
B&B pensions
6.
Single family "Chalet"
Total
Source: Ecosign, 2007

units

231
721
387
136
60
90
1.625

of beds

578
3.053
1.161
680
180
540
6.192

Number of

skiers

374
1.950
752
305
117
130
3.628

*1 A phase

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Thus, the first phase of Jabucko ravniste base area can generate a total of
3,628 skiers from 6,150 beds of accommodation and an additional 1,602 skiers
from day skiers.

A number of shopping facilities, food and drink objects, recreation and

relaxation facilities and professional parking system will be built and equipped
within the first phase of the Stara Planina tourist capacities development. Most
of the shopping facilities and food and drink objects should be located within
accommodation objects (ground floors in the condotels in the "tourist village")
and four buildings are foreseen exclusively for commercial and service
facilities.

All buildings within the tourist village will be two to three floors high with one
forseen underground level for garage. One parking place per accommodation
unit in condotels is foreseen and 0,7 parking places per accommodation unit in
hotels.

Regarding the planned recreational facilities, "spa & water park", recreational
center, skiing beginners zone and snow games should be pointed out. Big
indoor pool, saunas, steam baths, fitness room and a number of squash courts
will be situated on the ground level within this center. Wellness treatment and
massage facilities will be situated on the first floor. It should be also pointed
out thatb the center will also contain big area for outdoor fun and recreation,
containing outdoor pool, slide system, jacuzzi baths, etc.

Extensive facilities of summer tourism infrastructure are planned as well.

Regarding the size of the tourist village, and in purpose of easier orientation,
first phase will include central reception and information centre that will
enable guests to easier find their accommodation and orientate upon arrival.

Finally, 7.000-7,500 meters of roads should be built in order to ensure

undisturbed traffic in the base area and 150 parking places (around 2 ha) for
the needs of supplying. All the mentioned non accommodation capacities, roads
and communications, with the exception of the above mentioned number of
parking places on Babin Zub and Golema Reka locations, will be located within
the tourist village on Jabuko Ravnite location.

The first phase of the base area, which could be subject to change during
production of the detailed Regulation plan, is is given in the following
illustrations:

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4.
MODEL FOR PROJECT
IMPLEMENTATION
Model for project implementation
Government of the Republic of Serbia decided to realize the development Project
Stara Planina 1A phase, in the part related to the construction and management of
the Resort Jabucko ravniste, through contractual - partnership relation with
strategic partner or co-investor.
This because, above all, it is a project that seeks engagement of a significant
financial assets and because, on the other side, the Republic of Serbia do not have
appropriate experience in this area (construction and management of the resort).
Proposed model is in accordance with valid legal system of the Republic of Serbia
and already existing practice in construction of significant objects.
Contract model represents complex legal work essentially consisting of two
separate possibilities:
-

joint construction of the resort and

contract on integral management of constructed object.

Contract on joint construction of the resort, as a part of the integral contractual

relation, regulate joint construction of the resort or its part. The Contract provides,
essentially, that both sides, the Republic of Serbia via Republic directorate for
property of the Republic of Serbia as one contractual party, and strategic
partner/co-ivestor, as the second contractual party, assume certain obligations and
authorizations in joint business of the resort or its part construction.
Republic of Serbia, as a construction bearer, assumes as its basic obligation to
provide necessary land at which joint object would be constructed according to
valid plan acts, and the obligation to secure in its favor the right to use for the
purpose of construction of the resort on that land.
Strategic partner/co-investor on its side assumes as basic obligation to organize
and finance complete or partial construction and equipping of the resort according
to the valid plan acts and within the contracted terms.
Management of constructed object resort is entrusted to strategic partner that
provides necessary knowledge in that area ( nw hw ).

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For that purpose, immediately after obtaining of use licence, the investor delivers
the whole object to the strategic partner for management, who in return for is
obliged to manage the resort pursuant to necessary standards as a good and
conscious partner, higly specialized for this kind of business and to pay for it an
annual allowance to the debit of total income, i.e. profit.

Investments
An estimate of the necessary amount of the investment for the construction of all
planned facilities for the first phase of Stara Planina project is based on usual
expenses of the similar objects construction in the world, corrected concerning
specific construction market conditions in Serbia. In that sense, global investment
structure for the object is shown in recapitulation.
Investments in ski center Stara Planina
Description
Project preparation
Permanent buildings
Ski lifts
Ski slopes and artificial snow
Roads and parking
Mountain infrastructure
Vehicles and special equipment
Other
Total
Reser.
TOTAL

000 EUR
1.934
12.140
15.750
15.463
775
1.233
1.649
2.602
51.546
5.155
56.701

Based on the predictable size of built areas according to purpose, total necessary
investments in ski center are estimated to 56,7 million euros.
Total necessary investments in the 1 phase of the tourism development of Stara
Planina are estimated as follows:
Total business investment, including Stara Planina ski center

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Central destination hotel*

Family hotels
Condotel
MFU
SFU
B+B accommodation
Non accommodation - commercial facilities
Aqua Park
Ski centre Stara planina
TOTAL

EUR
26.670.400***
25.490.000
66.093.000
10.873.600
10.950.000
2.825.000
3.281.250
7.850.000
56.700.600
210.733.850

*1 A phase
Thus, total business investments for the 1 phase are estimated to 210,7 million
euros, including 154 million euros investment in tourism accommodation and other
infrastructure and 56,7 million euros investment in the system of ski trails, ski lifts
and other elements of ski and recreational offer.
Future ski center and ourist village on Jabucko Ravniste is necessary to be
connected with the existing infrastructure network in the bottom of Stara Planina.
Apart from the modernization of the existing roads, the point is in connection with
the existing electric, sewage and water systems and telephone network. All the
necessary investments connected with infrastructural connection of Jabucko
Ravniste with the existing infrastructural systems in the bottom of the mountain
(out of the boundaries of base resort) will be done by public sector, and the amount
of the investment is as follows:

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INVESTMENTS IN CAPITAL INFRASTRUCTURE

TRANSPORT
Road infrastructure -

Option I

5 to 6 million EUR

Road infrastructure -

Option II

6 to 7 million EUR

WER SUPPLY SYSTEM

Reconstruction of the existing transmission lines
0,5 to 1,0 million EUR
Reconstruction of the existing transmission line Kalna-Knjazevac and building of new transformer posts

2 to 3 million EUR
SEWAGE SYSTEM

4 to 5 million EUR

WATER SUPPLY SYSTEM

Water supply system I

Water supply system II
Telephone network

TOTAL

4 to 5 million EUR
around 2 million EUR
around 0,5 million EUR
24 to 29,5 million EUR

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Who is potentially suitable partner for Serbia in this

project
There is no doubt that the most suitable partner for Serbia in the realization of this
project would be one of the respectable companies with the expertise in the
development and management of the similar projects, hotel and condominium
operators, and also with strength for the extensive marketing promotion of the
project.
These are usually companies with the experience in the development of mountine
and other resorts in different parts of the world.
Investing of those companies in transition economies would be very usefull, since
this project is taking place in an transition country.
Interested companies should be able to take part in further planning and design of
the project as well as taking over financing, project management and organizing
overall operational management of the future resort Stara Planina.

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