Futureal takes over Sasad Resort development
Cordia, the residential subsidiary of the Futureal Group, has taken over the development of the Sasad Resort project in the exclusive Buda hills area of the Hungarian capital from GTC, according to a press statement sent to the Budapest Business Journal today.
Cordia will develop 850 homes in Budapest after buying the plots next to the already completed three phases of the Sasad Resort project, in a development originally started by GTC Hungary. Cordia will now invest approximately EUR 140 million in continuing the development, including the purchase of the plots.
Besides the homes, plans also include a unique 8,000 square-meter private leisure park and an office building. The project, which is the company’s next milestone development after the award-winning Corvin Promenade, will be completed in six phases by 2021.
"Sasad Resort is an important part of Cordia’s massive development roll-out, which will see the completion of over 1,000 new apartments per year in Budapest. During the project, we will cooperate with over 100 subcontractors, creating hundreds of new jobs. The residential buildings will be designed by highly acclaimed KÖZTI Architects & Engineers and 4D Architect Studio - KÖZTI also worked on the previous phases," said Gábor Futó, president and founder of the Futureal Group.
"As GTC is no longer involved with residential development projects, we are delighted that the continuation of further development phases of the Sasad Resort is in the good hands of Cordia, who we know are offering a high-quality product," said Robert Snow, CEO of GTC Hungary.
Of the 70,000 sqm site, 50,000 sqm will be developed into green areas for common use, while plans call for an additional 8,000 sqm private leisure park for the exclusive use of Sasad Resort residents. This is a unique idea in the Hungarian market, offering various facilities for a wide range of age groups including several playgrounds, social areas and sports fields.
Sasad Resort enjoys ready access to downtown Budapest, with a variety of hypermarkets and other stores also within just a few minutes’ drive.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.