Cordia Undertakes new Project as it Sells 10,000th Apartment
The Cordia Atrium Residence at the Corvin Promenade, Budapest.
Residential developer Cordia International, the residential arm of the Futureal Group, has sold its 10,000th apartment. This is the result of nearly two decades of operations, providing homes for 17,000 people. The number of dwellings Cordia has sold is enough to accommodate the population of a small town, the developer says. It has also announced plans for a significant new urban regeneration project in Budapest.
Around 70% of the 10,000-strong apartment stock is located in Budapest. In Poland, the company’s second-largest market, more than 2,400 homes have been sold. In addition, Cordia has sold more than 600 homes in Romania, Spain and the United Kingdom.
The developer also has a significant portfolio in the rental housing market in several countries and plans to increase further the share of foreign construction and sales.
“The first chapter of Cordia’s story began after the turn of the millennium with the 144-apartment La Siesta residential park,” says Tibor Földi, chairman of the board of Cordia International.
“In nearly two decades since then, Cordia International has become one of Europe’s leading residential development, construction and investment companies. We are still working on developing thousands of homes, and looking ahead to the next seven years; we plan to sell more than 7,000 homes in Hungary and international markets. We also plan to further increase the share of international sales in the future,” Földi notes.
Cordia defines their projects as “neighborhood revitalization developments.” A notable example often cited by the company is Corvin Promenade, the widest pedestrian street in Budapest, together with the complete renewal of the surrounding district.
As part of the project, the company is building almost 3,000 apartments on a gross area of 200,000 sqm and has developed and renovated 23,000 sqm of public space under the aegis of Futureal Group. The project was implemented in partnership with the District VIII Municipality to bring new life to a rundown urban area.
Cordia’s Modena project in Poznan, Poland.
“The sale of our 10,000th home is a huge milestone in Cordia’s life, achieved with a team of experts, many of whom have been with us from the start,” adds Gábor Futó, co-founder and principal shareholder of Futureal Group.
“Over nearly 20 years at Futureal Group, we have successfully combined residential, commercial and office development in our domestic and international urban regeneration projects. This synergy has led, among other things, to the birth of the iconic Corvin Promenade. These two decades of knowledge will also help us realize our next grand domestic project, Marina City,” Futó adds.
Ground clearing for development of the group’s next large-scale urban regeneration project or Budapest city quarter, Marina City, with 1.2 km of waterfront on the Danube, has begun.
“Here, a 14-hectare area will be revitalized, within easy reach of the city center, next to the extended North Pest riverside promenade, surrounded by 90,000 sqm of landscaped green space. Urban neighborhood renewal developments in the company’s foreign markets are also becoming increasingly significant,” concludes Cordia.
In 2018, Cordia announced plans for its Millennium Quarter project in District IX, close to the Danube, the Soroksári út office corridor, Müpa (the former Palace of Arts), the National Theater and numerous higher education institutions.
According to Cordia’s plans at the announcement, the residential buildings will be built along a common axis on several sites close to each other, meaning more than 1,000 apartments will be erected in several phases.
This article was first published in the Budapest Business Journal print issue of September 22, 2023.
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.