Monaco to push back sea for luxury development, 09 May 2013 10:25

Tiny, densely populated Monaco plans to push back the sea to make way for luxury apartment blocks and businesses. The wealthy principality in the south of France has invited bids for the six-hectare (14-acre) development project. The competing bids will have to be submitted by 23 July, and the plan is to complete the new district by 2024.  Reclaiming the area from the sea is expected to cost 1bn euros (£842m). The rocky tax haven has hardly any space onshore for new construction.

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