UAE real estate developer Eagle Hills buys land in Hungary for $12.4bn Grand Budapest project
UAE real estate developer Eagle Hills Group has announced that it signed a real estate purchase agreement for the land on which a mixed-use real estate development, the 'Grand Budapest' project will be built, to make an area that has been abandoned for decades flourish again.
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.
UAE's Eagle Hills buys Grand Budapest development land
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.
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 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.
With a development cost of €12bn ($12.4bn), Grand Budapest is set 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.
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