The UAE-based Eagle Hills Group has announced that it has signed a real estate purchase agreement for the land on which a mixed-use real estate development, the Grand Budapest project, will be built at a development cost of over €12 billion.

 

The project, in the Hungarian capital, will make an area that has been abandoned for decades flourish again, said the developer.

 

The guiding principle of the development is sustainability; it involves a smart city concept that incorporates energy-efficient buildings, renewable energy systems, and solutions for intelligent waste management. 

 

The Eagle Hills Group views health and education as cornerstones of prosperity and growth and thus the Grand Budapest project includes schools, sport and community facilities that enrich everyday life and promote development.

 

Inspired by Budapest’s rich cultural heritage, the development aims to respect the city’s traditions while introducing modern elements that further enhance the character of the city.

 

Eagle Hills Group Chairman Mohamed Alabbar said: “The Grand Budapest project will create a new world-class green district from an area that has been abandoned for decades. The development reflects our vision to create spaces that help city residents in every way and prioritize sustainability and the importance of communities.”

 

The planned development of the 100-hectare area will create 35-40 hectares of parks and vibrant public spaces. This development will not only restore a forgotten historical part of Budapest but also make it a global benchmark for human well-being, sustainability, and urban living, the developer said.

 

Grand Budapest vision

The name 'Grand Budapest' was chosen to encompass the wealth of opportunity, innovation, and formative impact this project represents. Eagle Hills Group has begun obtaining the necessary name approvals from the competent authorities.

 

This envisioned development was launched with the support of the UAE government and the Hungarian government. Will the proposed massive investment, Grand Budapest aims to boost the Hungarian economy by providing around 2 percent to GDP growth. It will create thousands of jobs during construction and operation, support local businesses, and increase tourism and the value of properties. 

 

Beyond the economic benefits, this development aims to redefine urban living by combining sustainability and modern design to create a higher living experience, community, and lifestyle. "Grand Budapest is not merely a development, but a vision for a better, more prosperous Hungary. Our goal is to create a legacy that will inspire generations to come," said Easgle Hills Group. -TradeArabia News Service