Cordia completes Grand Corvin 2 and launches regeneration development

Cordia Group has completed a residential building along the Corvin Promenade in Budapest, Grand Corvin 2.

With the second phase of Grand Corvin now finished, residents are already moving into some of the 558 brand new apartments.

The Corvin Promenade

The promenade is located in Budapest and has won several international awards. It is also part of the largest urban renewal program in Central Europe.

The development included the renovation of 22 hectares of land. A grand total of 2,700 new apartments, 100,000 square meters of office space, and 50,000 square meters of commercial property have been built for nearly 1 billion euros.

The Futureal Group and its member Cordia will also be behind the further development of the Corvin quarter. This will involve several office and residential projects. A 10-hectare urban renewal development project in Budapest is also on the cards.

The Corvin district continues to develop. Residential and office projects such as the condominium building and the Futó Street development are still underway.

Another urban district redevelopment project is about to be launched by the group. It will be located on a 10-hectare brownfield site on the banks of the Danube in Budapest.

Cordia Blackswan also plans to deliver a £550 million project pipeline across the West Midlands in the next five years, including 2,500 residential and commercial units. 

Áron Görög, Cordia's Sales Director says: "The Corvin Promenade is an exemplary development project that has served the interests of the Hungarian capital, the district, the residents of the area and of course the people, who buy a home in our buildings. It means that on one hand, the average price per square meter of the homes here has increased by more than the average in the capital, and on the other hand, these apartments can be rented out for a higher fee compare to the surrounding area.”

"When the development started in 2005, the average price per square meter was HUF 312 000, for today this price has increased 5 times. The monthly rental fee for studio apartments on the Promenade are in many cases already run over the HUF 200 000 mark, compared to an average of HUF 150-160 thousand for relatively new studio apartments in the area. For one-bedroom apartments, the average rental fee on the Promenade is about HUF 250 000 to HUF 300 000, while in the neighborhood it stands around HUF 210 000 to HUF 230 000."