This week, FADESA will start the marketing of the Budapest Central Passage, a new and fully integrated development consisting of 271 apartment-style properties, a shopping arcade and offices. This will be the company's first step into the Hungarian market.
With total investments expected to be in the region of 43 million, this new project by FADESA is situated right in the heart of Budapest, more precisely in the historic area of Pest. The seven-storey building with its unique architectural design will be distinguished by its modern, avant-garde architecture and will occupy a surface area of 7,876 m2. The apartments will all be of a very high quality and are intended in the main for private overseas buyers. In fact, investors from Britain, Ireland and Spain have already expressed an interest in the project, which is expected to be a major commercial success.
The commercial side of this new promotion will be based in the new commercial office opened by FADESA in a street in the centre of Budapest, supported by the entire network of the company's sales outlets in the different countries in which it operates.
Against a background of intense interest generated by FADESA's first Hungarian project, the first week of October will witness the ceremonial laying of the first brick in the presence of the country's leading authorities.
The start of the promotion stage of the Budapest Central Passage is a further step in FADESA's international expansion strategy. Now that it has a presence in Portugal and already established as one of Spain's principal investors in Morocco, a country in which it now has two property development projects, a hotel in Casablanca and two major tourist developments, the Mediterrania Saïdia and Tangiers City Center, FADESA is immersed in a process of international growth. In addition, in May it announced that it was about to enter the Polish market in a joint venture with the Prokom Group, a local partner of some standing, with whom it will develop a residential complex comprising more than 1,900 residential units in one of Warsaw's most exclusive areas. After that, in June, FADESA acquired the French property company Financière Rive Gauche, a company with a major presence in the property market in Lyons, Paris and the Rhône- Alpes region, through which it expects to invest in France a figure approaching the sum of 200 million over the next three years. In addition, the company is continuing to research markets in other countries.