The Prince said that he has asked his government to begin exploring the possibilities in 2010 with a view to having a well-researched plan ready by 2013-2014.

Five hectares would add 300,000 square metres of precious land to the tiny two square kilometre territory, and would in effect be an extension to the 22 hectare district of Fontvieille that was built on the sea by his father Prince Rainier III in the 1970s.

The announcement comes barely a year after the Prince pulled the rug from under an ambitious project to create a 15 hectare peninsular off the coast at Larvotto, on the other side of the Principality. The economic crisis and environmental concerns were cited as reasons for suspending that project.

CL