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Israeli investor to build $48 mln resort in Siófok

Israeli property investor L.A. Shiraz will build a $48 million (Ft 10 billion) resort by Hungary's Lake Balaton, business daily Napi Gazdaság reported, citing the company's chief.

Shiraz will build 488 apartments for its future Galerius Resort on the southern shore of Balaton in Siófok, which will later have shopping malls and a harbor. The resort complements a thermal spa already built in Siófok by the local municipality, Shiraz President Izhak Levy said. The company will finance 20% of the construction, while the rest will come from Erste Bank AG.