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Autoker to invest Ft 5 billion

Autoker Holding, an Israeli-owned property development company, broke ground for the construction of a Ft 5 billion 200-flat residential building in Budapest, district 6 on Thursday, MTI-ECO reported. The building will have a combined area of 14,000 sqm. Flats will range from 47sqm to 137sqm. Residents will also have access to a 220-space underground parking garage. The building will be completed in September 2006. 40% of the apartments have already been sold. Autoker is financing the project with loans from K&H Bank. The general contractor is Európai Építő Rt. As part of the project, the facades of the neighbouring buildings will be renovated at a cost of Ft 30 million, half of which will come from the district council. Autoker is constructing Ft 35 billion worth of residential buildings in Budapest. The company has already finished 1,200 flats.