Porto Investment, the developer of CET claims that the building is almost 100% complete, but the owner of the facility, the Budapest municipality has to date refused to issue the permits allowing the installation of public utilities. This issue, along with other circumstances have put the investment more than a year behind schedule.
Recently, Budapest was planning to introduce new terms, requiring three months advance payments from tangents. The move was sharply criticized by Porto, claiming it will further reduce the possibility of boosting occupancy figures, not to mention the fact that since Budapest is the owner of CET, it is actually acting against its own interests.
But, as the company reported, following constructive talks with city officials, this provision has been scrapped. “We are glad that the Budapest municipality sat down with us, listened to our professional recommendations and reconsidered the proposal it submitted to the town assembly,” head of Porto Imre Márton said. “This proves to us that Budapest, as the owner of the facility, is looking at its best interests and is taking action so that CET could be open to the public as soon as possible,” he added.
Following the delays, the HUF 8 billion project was set to be inaugurated in the late spring. But given the problems, it is more likely that Porto will wait for autumn, since there is little business sense to opening a new retail venture in the commercial lull of the summer months.
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