Cordia, the residential subsidiary of Hungary's Futureal Group, has taken over the development of the Sasad Resort project in Budapest from GTC Hungary.
Cordia will develop 850 homes in the Buda hills after buying the plots next to the already completed first three phases of the project. The total investment amounts to €140 mln, including the purchase of the plots. Further plans for the scheme include a 8,000 m2 private leisure park and an office building.
'Sasad Resort is an important part of Cordia’s massive development roll-out, which will see the completion of over 1000 new apartments per year in Budapest,' commented Gábor Futó, president and founder of Futureal Group. 'The residential buildings will be designed by highly acclaimed KÖZTI Architects & Engineers and 4D Architect Studio - KÖZTI also worked on the previous phases.'
The company said that the project represented its next milestone after the award-winning Corvin Promenade, and would be completed in six phases by 2021.
'As GTC is no longer involved with residential development projects we are delighted that the continuation of further development phases of Sasad Resort are in the good hands of Cordia, who we know are offering high- quality product,' concluded Robert Snow, CEO of GTC Hungary.
