Budapest, 8th October, 2008

An outstanding, top-quality real estate development is going to enrich the largest district of Budapest: Lágymányosi bay and Kopaszi dam, long lying waste, are going to be reborn by a Portuguese investment group (Mota-Engil, Finibanco, Estia) in order to contribute to the Újbuda business region’s prestige as a benchmark project. Currently, the first phase of the project is being finalized to host catering, leisure & sports and recreation functions on a total of 20 hectares. In the next phases, approximately 200 000 sqm office area, 2000-2500 flats and a hotel with 350 rooms are going to be developed. So far, the project expenses exceed 5 billion HUF, the office development’s costs will be around 110-130 billion HUF – says Gabriella Szörcsök, Head of Sales, Öböl XI. Ltd.

Mota-Engil, a member of the investor group, is the largest Portuguese building construction enterprise and its Hungarian subsidiary handles road- and bridge constructions and other infrastructural developments in Budapest and in the entire country. As a result of the dynamic growth of Mota-Engil SGPS, the company’s 2007 turnover reached 1.4 billion EUR.

Colliers International and Eston International have been assigned as official co-exclusive agents for the project, managing the leasing and advisory tasks.

“The 1st phase of the project will comprise office, residential, sports & wellness functions - with indoor swimming pool, wellness & spa centre as well. Besides the promenades several restaurants, cafés and clubs will provide opportunity for recreation and entertainment on the reborn dam, while the plage, the water theatre, the yacht harbour and the pedestrian bridge between the two shores will all contribute to a fizzy life for those living around here.” – as Dániel Pintér, Head of Office Leasing and Sales at Eston International highlights.

“The project’s 2nd and 3rd phases (25 hectares) will be developed along a bus line, near the city’s Southern axis, where there will be educational, office, hotel, residential and retail functions bordered by Budafoki, Hauszmann Alajos, Dombóvári streets and the Danube. The planned stop of the BKV shuttle boat and the yacht harbour is exciting as it brings back to Budapest a much needed transportation resource and it will make the project more easily accessible, especially from Pest. Last but not least, the River Police Station is also located here, contributing to the area’s security and to the development’s high value.” – says Hamish Williams, Director of Office & Hotel Division of Colliers International.