Futureal Group has celebrated the launch of its €300m Etele Plaza’s construction with a foundation stone laying ceremony. The project, with a gross area of 137,000m², combining digital services and architectural solutions unique in Hungary, will be built in the immediate vicinity of Etele square, the largest multimodal transport hub of Hungary, connecting several modes of transport. With a rentable area of 55,000m², built in the meeting point of the Kelenfold railway station, underground line 4 and the approach section of M1-M7 motorways, Etele Plaza can be accessed—by direct lines—in just 10 minutes from downtown. The hub is used already now by 165,000 people daily.
Etele Plaza designed by Paulinyi - Reith & Partners will feature 180 shops, a supermarket, restaurants, cafés, a multiplex cinema, a gym, a children’s play centre and a range of other services with nearly 1,300 parking lots. The most advanced location and navigation system will facilitate parking in the building by indicating empty spaces, it will also help customers to find the chosen stores or services through a mobile application.
According to the expectations, the primary catchment area of Etele Plaza—attracting almost 40,000 shoppers from the capital daily—will be one the most densely populated areas of Budapest, where some 235,000 people live. Over 640,000 inhabitants can be reached within 10-20-minute drive time and more than 1,200,000 citizens within 20-30 minutes. The residents of the district represent 125% of the national average purchasing power under a relatively low degree of retail supply.
This summer Futureal Group secured a loan contract of €150m available for 10 years with a consortium of UniCredit and Erste Group for the development of Etele Plaza. Futureal's office development project, the Budapest ONE office park in Ormezo is being built in the immediate vicinity of the shopping centre. The first phase of the office building, with a total area of more than 65,000m², will provide offices of almost 25,000m², as well as commercial and service units on 2,600m², spacious green areas and an underground garage for 480 cars for the several thousands of employees working in the centre.
Etele Plaza is a niche retail project in South-Buda that will also give an impetus to the development of the area. Futureal Group is currently working on over 30 projects with a total value of €1bn over 700 000m². This shopping and entertainment centre is a flagship project in our portfolio,’ said Gabor Futo, founder of Futureal Group said.