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SCD finds partner for its Balaton project

SCD Holding Zrt is creating a joint venture company with Irish Quinlan Private, one of the world’s largest property developers.

The 50-50% owned company will manage and guarantee the funding of SCD Holding Zrt’s planned Ft 100 billion ($580 million) development project at lake Balaton. SCD acquired the three major tourism companies of the region in 2003-2005 for Ft 8.3 billion, and promised to carry out developments for a further Ft 16.5 billion. The development run by the joint venture will last from 5 to 7 years, and is planned to include the construction of 1200-1300 hotel rooms, 750-800 bungalows, harbors, a casino, several theme parks, gastronomy centers and fishing parks. (Napi Gazdaság)