Liget museum project to return investment in ten years

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The Liget project planned in Budapest City Park is expected to generate return investment within ten years of its scheduled completion on 2018, Hungarian daily Magyar Hírlap reported on the weekend, citing an impact study by consultancy firm KPMG.

The Liget project initiated by the government plans to have a Museum District built in City Park. It will consist of five museums, including the Museum of Fine Arts which already stands in the area, and some new museums will be built. The park will also be re-developed, a move which has sharply been criticized by the opposition.

The development is scheduled to start in 2016 and museums are expected to open to the public in March 2018, adds KPMG’s report.

The cost of the new museums is estimated at HUF 75 mln, while the park renewal and developent could cost HUF 150 bln.

About 4 million people visit City Park sites every year. This number could rise to 5.9 million in 2019 and to 6.2 million in the fourth year of its opening, KPMG’s study said.

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