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Álomsziget plans €1.5 bln property development

Property developer Álomsziget Kft plans to spend €1.5 billion to build hotels, sport facilities and casinos on Budapest's Hajógyári Island on the Danube, Magyar Hírlap reported.

The company, owned by U.K., Dutch and German investors, wants to build as many as 10 hotels, four apartment buildings and a conference center with 3,500 seats on the island, the newspaper said, citing Álomsziget Managing Director Sammy Smucha. The future site will be named "Dream Island," Magyar Hírlap said. Construction may start early next year should the city council approves the plan, the report added.