GTC Hungary acquired 61 000 sqm site in prominent location in Budapest. On the site GTC plans to develop 58 500 sqm residential project.
GTC Hungary, the subsidiary of Globe Trade Centre S.A. (GTC) has signed an agreement of acquisition of 61 000 sqm site in 14th District of Budapest. In 2009-2010 the company plans to develop on the site 58 500 sqm housing estate.
The purchased land is located in a prominent and popular residential 14th District of Budapest – Zuglo, in vicinity of two main transport axes, 500 meters from planed metro station at Bosniak Square and next to Paskal Thermal baths and Spa resort.
The cost of the acquisition valued euro 17,5 mln. The construction of the residential middle-class complex will cost euro 75 mln.
The commenced investment is the third in GTC residential portfolio in Hungary, after River Loft and Sasad Resort. In Hungarian capital, the company also invests in office spaces. In the next few years GTC will offer the office space in: Spiral, GTC Metro, Szeremi Gateway, Renaissance, which will join previously constructed Centerpoint. The total GTC investments in Hungary amounts to euro 494 mln. Developer portfolio in the country comprises 331 000 sqm residential and office space.