“Zugló is aware from the beginning what Echo would like to build. Our design is publicly known, has been presented many times. It might have changed during the project procedure, like in case of every projects, but we kept all basic elements of our offer” – project manager of Echo Investment, Ahmet Cetin reflected on the latest press release of municipality of the 14th district regarding the MUNDO-Project. „We can observe that majority of council members are fully aware of all that things. We hope that next voting will show that also the rest of the council is interested in district development, public good and inhabitants benefits” – public relations manager Wojciech Gepner added.
Echo is one of the most successfull and reliable real estate investor in Central-Eastern-Europe. Its commercial and entertainment projects are succesfully managed in Poland, and developing new projects also in Ukraine and Romania.
Observing this year’s activity after 3 quarters of 2009, the net profit of the Echo Investment Capital Group increased by approximately 14%, as compared to the result of the three quarters of 2008. Positive factors influencing this result in the current period were receipts acquired from sale of residential projects and lease of office and commercial areas. (The overall value of assets exceeded 1 billion EUR and was higher by more than 14% as compared to the assets’ overall value from the end of the IIIrd quarter of the preceding year).
Its first Hungarian investment includes the Mundo shopping mall, office park and City Hall office building as it was originally planned in the tender offer. Ahmet Cetin points out, that further design and realization of the public purpose buildings, like city hall, requires the first step from the municipality: „First of all, the Municipality has to write out a public procurement tender invitation to the construction of City Hall or other public developments and Echo would submit its application with pleasure. such developments require to follow public procurement procedure and it takes time. Echo cannot decide unilaterally about the public developments. It is requering a strong cooperation and agreement of both parties” – project manager said.
He also mentions that the concept design gives much more green than required by the municipality's district plan.
ECHO would like to start the project as soon as possible since the delay of the contruction is due to reasons beyond his. The company - registered in the Warsaw Stock Exchange - has the sufficient capital to realize such a project in Budapest. Echo is one of the first who could assure project financing in the amount of 200 million EURs in Central-Eastern Europe from the beginning of the financial crisis, project manager Ahmet Cetin pointed out. Meanwhile the market situation has changed and now become very complex and difficult. The lack of decission on behalf of the municipalities is a serious threat for the project.
Project leaders of MUNDO hope that the next voting on 1st December 2009 will give green light for the project, which will be surely for the public good and inhabitants benefits.
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Source: O|G|H
Echo is one of the most successfull and reliable real estate investor in Central-Eastern-Europe. Its commercial and entertainment projects are succesfully managed in Poland, and developing new projects also in Ukraine and Romania.
Observing this year’s activity after 3 quarters of 2009, the net profit of the Echo Investment Capital Group increased by approximately 14%, as compared to the result of the three quarters of 2008. Positive factors influencing this result in the current period were receipts acquired from sale of residential projects and lease of office and commercial areas. (The overall value of assets exceeded 1 billion EUR and was higher by more than 14% as compared to the assets’ overall value from the end of the IIIrd quarter of the preceding year).
Its first Hungarian investment includes the Mundo shopping mall, office park and City Hall office building as it was originally planned in the tender offer. Ahmet Cetin points out, that further design and realization of the public purpose buildings, like city hall, requires the first step from the municipality: „First of all, the Municipality has to write out a public procurement tender invitation to the construction of City Hall or other public developments and Echo would submit its application with pleasure. such developments require to follow public procurement procedure and it takes time. Echo cannot decide unilaterally about the public developments. It is requering a strong cooperation and agreement of both parties” – project manager said.
He also mentions that the concept design gives much more green than required by the municipality's district plan.
ECHO would like to start the project as soon as possible since the delay of the contruction is due to reasons beyond his. The company - registered in the Warsaw Stock Exchange - has the sufficient capital to realize such a project in Budapest. Echo is one of the first who could assure project financing in the amount of 200 million EURs in Central-Eastern Europe from the beginning of the financial crisis, project manager Ahmet Cetin pointed out. Meanwhile the market situation has changed and now become very complex and difficult. The lack of decission on behalf of the municipalities is a serious threat for the project.
Project leaders of MUNDO hope that the next voting on 1st December 2009 will give green light for the project, which will be surely for the public good and inhabitants benefits.
------------------
Source: O|G|H
