Cordia Zrt. has begun developing the Cordia Sun Resort, the fifth addition to the residential strip of Corvin Promenade. Currently, this project represents the country's only notable residential development, which, after its launch in 2011, is scheduled for completion in early 2013.
Demand for residential units completed during this stage was among the highest Budapest-wide. A considerable percentage of apartments had already been sold before groundbreaking took place, and sales figures remained dynamic even during the crisis. The Corvin Promenade concept, which by late 2010 was near complete, was received by the residential property market with great enthusiasm.
In 2010, there were already some signs that demand in the Budapest property market was picking up. In addition to buyers seeking to move in, investors have also returned, indicating that 2011 and 2012 will see both supply and demand trends on the market of newly built units undergo significant changes. As a result of the crisis, the number of property developers with a solid background has dropped significantly, and larger volume residential developments have all but ground to a halt. Much of the activity on the market involves small-scale developments consisting of fewer units where, instead of bank financing, buyers' down payments are meant to cover all expenses.
A likely consequence of the above trend is that by next year the supply of newly built apartments will be so tight across Budapest especially in the downtown area that it may even lead to a shortage of new builds. In response to the positive feedback received regarding the Corvin Promenade, Cordia has decided that in 2011 it will begin construction on the Cordia Sun Resort, its next residential building.
"The past year has given us the chance to allocate some of our resources to the preparation of upcoming projects, in addition to those already in progress. That is why we were able to start construction on Cordia Sun Resort as soon as trends started to shift. Our building permit became effective in late 2010, and with pre-sales above 30%, we were in a position that ensured the building's bank financing," explained Tibor Földi, CEO of Cordia Zrt.
Encompassing more than 250 apartments ranging between 30 m² and 110 m² in floor space, the Cordia Sun Resort wil be standing in the center of Corvin Promenade between Nagytemplom and Leonardo da Vinci streets. The building will be built according to the plans made by architecture firm CET Budapest, and was already praised by the National Planning Council last year. While its uncluttered facade created using quality materials will blend in perfectly with the image of Corvin Promenade, its overall design will surely make it stand out. The building's structure and its resulting enormous interiors provide a comfortable sense of spac