Hungarian construction company TriGranit will not launch new developments in Hungary nex year while it will start new projects in Poland, Slovenia and Slovakia as well as will continue ongoing programmes, the economic daily Napi Gazdasag reported on Tuesday, citing Trigranit CEO Arpad Torok.
The group has 400-500,000sqm area suitable for retail or office development in Hungary, including 147,000sqm on Budapest’s Vaci street.
They are ready to start preparations if demand appears but it makes no sense to start the process on a speculative basis, Mr Torok told the daily.
Not only the market but intentions to finance are much worse now than they were at the beginning of this year or a year ago, he said. There are no promising prospects in retail property development even without a halt on plaza developments, the CEO said.
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