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Wing to launch HUF 100 billion rehabilitation project in Budapest in 2011

Hungarian construction company Wing will launch a HUF 100 billion rehabilitation project along the Danube in the south of Budapest next year, CEO Noah M Steinberg said at a press conference on Tuesday.

Wing will build 135,000 square meters of office space, a thousand homes with a combined area of 87,000 sqm, and 8,000 sqm of retail and catering space at the site south of the Lágymányosi Bridge.

The planned deadline for completing the project is 2021, but the first inauguration is slated for 2013.

Wing earlier planned to start the project in 2009 and finish in 2016, Econews reported in the summer of 2008.

Answering a question by MTI, Steinberg said Wing would cover 30% of the cost of the project with its own resources and 70% with loans from banks, including Euro Hypo and CIB Bank.

London-based Foster and Partners, headed by Pritzker Prize-winner Sir Norman Foster, won the tender to design the project in 2008.

Budapest's District 9 approved the plan in May of 2010 and the Budapest Municipal Council also gave the project its blessing. The height of the buildings in the project has been capped at 15 stories. (MTI-Econews)