In late 2025 and early 2026, Čajetina mayor Milan Stamatović gave a series of interviews to Serbian press — eKapija, Infoera, Magazin Biznis, B92 — that materially expanded what we know about the Golden Town / New Zlatibor project. The headline numbers from earlier coverage have changed: the footprint is now 500 hectares (up from the 200 hectares previously reported), construction starts in the second half of 2026 (not "master planning phase"), and a previously undisclosed centrepiece has been confirmed — a 139-metre tower designed as an architectural interpretation of the Zlatibor pine.

This is the updated picture as of May 2026. If you were relying on earlier reporting that described the project as "approximately 200 hectares" and "in the master planning phase," that information is now out of date. The project has scaled up and the timeline has tightened.

The headline updates

1. Footprint: 500 hectares (was: 200)

In a January 2026 interview with eKapija (republished by portal 021), Stamatović stated that "a total area of about 500 hectares has been reserved for Golden Town construction" on the Lake Ribničko corridor. This is more than double the figure cited in earlier reporting. The expanded footprint accommodates not just hotels and sports facilities, but also dedicated infrastructure for solar power generation — the development is being designed to be largely energy-self-sufficient.

2. Timeline: construction starts H2 2026

The same eKapija interview confirmed that construction of both the new Zlatibor airport and Golden Town should begin in the second half of 2026. The municipality is currently completing technical documentation and securing building permits, after which formal investor negotiations begin — with both the Serbian state and confirmed foreign investor interest already on the table.

3. The 139-metre signature tower

The Golden Town master plan, presented in early December 2023 at the Čajetina municipal hall, has as its architectural backbone a 139-metre-tall tower designed as a symbolic interpretation of the Zlatibor pine ("specifični zlatiborski bor" in Serbian). This is the architectural identity of the development — a structure visible across the mountain, designed by an architect "from our region" who "understands the needs of this place," in Stamatović's words.

4. Second gondola: Tornik to Pribojska Banja

According to Bojana Božanić, director of PE Gold Gondola Zlatibor, the second gondola route from Tornik to Pribojska Banja will use innovative technical solutions. If built as currently described, this would be among the longest panoramic gondola corridors in the world — extending the existing 9 km Gold Gondola route across the entire mountain ridge to the spa town on the other side.

5. Water infrastructure: 17 km pipeline first

To pre-empt environmental concerns about commercial use of Lake Ribničko's water, the municipality is building a separate 17 km alternative water supply pipeline for Zlatibor and the wider Čajetina area. Once that pipeline is operational, Lake Ribničko can be commercially developed for swimming, water sports, and resort activities without compromising drinking water supplies. This is being built before commercial development begins.

The 2025 tourism numbers — context for the scale-up

The expansion from 200 to 500 hectares is not arbitrary. Čajetina's 2025 tourism statistics, published by Stamatović in March 2026, justify the bigger commitment:

Stamatović's own framing of this: "We have reached the ceiling of growth achievable only by road transport. Without the airport, Zlatibor remains a regional mountain destination. With it, we become an international centre for tourism, investment, and mobility." The Golden Town scale-up is the supply-side response to the demand-side reality already visible in the numbers.

The economic case the municipality is making

Stamatović has stated publicly that the airport alone is projected to create up to 5,000 new jobs across the region — direct airport employment, supporting hospitality, tourism services, and induced employment from the broader visitor flow. Golden Town adds its own employment layer on top of this number.

For context, the population of Čajetina municipality is roughly 14,000–15,000. A 5,000-job creation target represents structural transformation of the local economy, not just incremental growth. This is the scale that the municipal leadership is signing up for, and it is the framing under which the 500-hectare footprint becomes coherent.

Why the expansion happened

The shift from 200 to 500 hectares appears to be driven by three factors, based on the public statements:

Confirmed foreign investor interest

Stamatović explicitly stated that both the airport and Golden Town already have "confirmed interest from foreign investors." A larger development footprint accommodates more investor anchors — multiple hotel brands, golf operator, sports facility partners — without the parcels feeling cramped. Investor interest, in other words, is dictating scale.

Solar and energy infrastructure

The new larger footprint explicitly includes dedicated solar panel installations as part of the first construction phase. This was not mentioned in earlier reporting. Solar generation requires meaningful surface area, particularly at altitude, where shadow patterns and snow loading reduce effective yield per panel. A 500-hectare project with embedded energy generation is more credible than a 200-hectare project bolted onto external grid supply.

Strategic framing as a "50-year decision"

Stamatović has explicitly framed the airport-plus-Golden-Town package as "a strategic decision for the next 50 years of development, not just of Zlatibor but of all Western Serbia." A 50-year horizon justifies a larger footprint than a 10-year horizon. The municipality has moved from "what can we afford to build now" to "what footprint do we need to lock in before land values rise."

What this means for property values

The implications of a 500-hectare Golden Town are meaningfully different from the 200-hectare version we analysed earlier. Three updated observations:

1. The "corridor effect" extends further

A 500-hectare zone around Lake Ribničko reaches considerably further into the surrounding landscape than a 200-hectare zone. Properties that were previously "perimeter" to the project may now be inside or adjacent to the development boundary. Conversely, the gravitational pull of the development on neighbouring areas — including Kobilja Glava — is correspondingly stronger.

2. Air access opens the comparison set

Once the airport is operational and Golden Town is delivering 4 and 5-star inventory, the realistic comparison set for Zlatibor property shifts. Today, foreign buyers compare Zlatibor to other accessible mountain markets — Bulgarian ski towns, parts of Bosnia, Croatian inland. Within 5–7 years, the comparison shifts to Austrian, Italian, and French Alps secondary resorts. The price gap between Zlatibor and those markets is substantial. Convergence — even partial — is the underlying real estate thesis.

3. The "credibility threshold" has moved forward

In our earlier analysis we wrote that "the credibility threshold has been crossed" at master plan stage. With H2 2026 construction confirmed and 500-hectare scope locked in, that threshold is no longer a forward-looking statement — it is a present-tense reality. The market repricing window is shorter than it was even six months ago.

What changed between our original analysis and this update: the municipality stopped describing Golden Town as a vision and started describing it as a construction project. The financial implications of that shift are material.

Honest uncertainties — updated

Funding mix still undisclosed

Stamatović has confirmed that the municipality is talking to both the Serbian state and private investors (domestic and foreign), but the exact funding mix is not public. A heavily state-funded model is more politically vulnerable than a private-investor-led model.

500-hectare environmental scope

A larger footprint requires more extensive environmental clearance. The water pipeline being built first is a credible signal that the municipality is addressing environmental concerns up front, but the master plan for the full 500 hectares will still face scrutiny.

Construction sequencing

"Construction starts in H2 2026" does not mean all 500 hectares break ground simultaneously. Expect a phased rollout — likely starting with the first hotel anchors and the signature tower, with golf course and second gondola on longer horizons.

A note on Tornik View specifically

Tornik View is built at Kobilja Glava — within Čajetina municipality, with the Crni Rzav river (which flows out of Lake Ribničko) passing the site. With the Golden Town footprint now confirmed at 500 hectares, Kobilja Glava sits firmly inside the development's broader catchment.

The Tornik View site was selected for its mountain setting, river frontage, and view of the Tornik ski slopes — not for its position relative to Golden Town. But the updated 500-hectare scope, the H2 2026 construction timeline, and the confirmed signature architecture make the broader Lake Ribničko – Kobilja Glava – Tornik corridor materially more valuable than it was a year ago.

If you are evaluating Zlatibor with a 5-to-10-year horizon, the updated Golden Town picture should be a meaningful input to the decision. See also our 5-year ROI analysis for the underlying real estate maths.