Monaco’s Prince Albert II has announced plans to relaunch a scrapped extension of the Principality

At a press conference in Monaco yesterday, Prince Albert II discussed the possibility of restarting the land extension plans he halted in 2008.

With a population nearing 36,000 people, Monaco is eating up land quicker than construction companies can build apartments and Prince Albert II yesterday revealed to reporters that the nation needs an extra “350,000 square metres each decade” in order to fully address growing residents demands.

While no official budget or information has been released, speculation has begun to circulate that the new land extension could add a total of five hectares to the Principality’s size. The project is likely to be costly to both the government’s pockets and the environment, but Prince Albert II has pledged to make a “responsible decision”.

Amid financial fears that the project could fall through – despite interest from a number of high profile architects and designers, including Monaco Yacht Club creator Sir Norman Foster – reigning Prince Albert II stopped all building activity in 2008, blaming a “weak market” and considerable monetary risks for the Principality.

If the four-year-old plans had gone ahead, Monaco would have added a one kilometre long peninsular like area to the Larvotto beach – the area set to be the site of the new development.