Launching the Hungarian Corvin Promenade in Hong Kong, Central Europe's Largest Property Project
Great Investment Potential with a 6% Gross Return Guaranteed by the Developer
HONG KONG, March 4 /PRNewswire-Asia/ -- Central Europe's largest property project, Corvin Promenade, will be launching residential units in Hong Kong with prices ranging from 53,000 euro to 530,000 euro, marking its first entry into Asia. They are being developed by Cordia, a subsidiary of Futureal Group, one of Europe's top ten developers, who will be offering a 6% gross rental return for two years from the time the properties are physically complete. These properties, which include Sun Resort and City Garden, will be launched at a trade show organised by Knight Frank, which will be taking place in Hong Kong from March 5th to 7th.
Principal consultant to the project, Mr. Stephen Hurford, said, "Cordia is confident in a strong rental demand and an increased number of businesses moving into the area, thus is happy to offer a 6% gross rental return. In addition, the developer will also pay for legal fees incurred from the transaction."
Mr. Hurford continued, "Hungary enjoys the highest levels of home ownership in the world, which has created an almost total shortage of quality flats to rent. With the huge influx of major European and global enterprises, we have now begun to enjoy the start of an established rental pattern, with the current stock of available units to rent enjoying almost 100% occupancy. Yields are between 6% and 7% gross."
Covering 220,000 square metres in the heart of Hungary's striking capital of Budapest, Corvin Promenade is Central Europe's largest city centre regeneration programme. The scope of the project comprises office premises, commercial and dining areas, underground parking and residential complexes. Development commenced in 2005 and is due for completion in 2015. The project's development value is 572 million euro.
With office premises in Budapest already in service, many companies have relocated major administrative or manufacturing facilities into the Budapest area, including ExxonMobile, Shell, Marks & Spencer, Morgan Stanley, Tesco, Mercedes, Audi and Suzuki.
Hungary is home to a substantial Chinese population and has been the gateway into Europe for many Chinese nationals as a result of the Hungarian Government actively relaxing visa requirements for immigration when the British Government ceased issuing passports to Hong Kong residents. To date, about 3% of Corvin Promenade buyers are local Chinese.
Mr. Amous Lee, Director of International Investment at Knight Frank, commented, "Budapest's property market has never experienced the hype most other Central European countries witnessed. Present price levels are still significantly lower than in neighbouring countries, but they are growing. Market sentiment is becoming more and more optimistic and we expect prices to start rising in the third quarter of 2010 by 5 - 6% and then more dramatically from the first quarter of 2011."
Cordia is the residential property subsidiary of Futureal Group, one of Europe's top ten property developers. The Group employs over 100 professional staff and has projects worth 1.5 billion euro in the pipeline.
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Caption:
Picture 1: Principle agent of Corvin Promenade, Mr Stephen Hurford, Senior Partner of Hurford-Salvi-Carr
Picture 2: (Right) Mr Amous Lee, Director, International Investment, Knight Frank (Left) Mr Stephen Hurford, Senior Partner of Hurford-Salvi-Carr
Picture 3 - 4: Exterior of the Sun Resort
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SOURCE Cordia
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