The District Municipality sold the 5th District Párisi udvar, the relevant contract was signed by Antal Rogán (Fidesz-KDNP) Mayor with the managing director of Mellow Mood Group, authorized by the owner in Budapest.
The cost of renovating the former monumental property, with its structure, dwellings, and studios, including its structure, exceeded the financial resources of the municipality, and was confident that it would not be able to attract billions of forints of EU funds into development in the coming years – Said Antal Rogán before signing the contract.
Two of the open, multi-round international tenders ended unsuccessfully, and once they reached the conclusion of the contract, they had to quit the business
QUALITY CAN BE EXPECTED
The Mayor called the Mellow Mood Group a guarantee that the “old jewelry box will not be wasted”, won’t be empty for many years, but an important and high-quality real estate development in Budapest will be completed.
He added that one of the best work of the developers is the Klotild Palace in the city center, which guarantees that the highest quality can be expected in the Párisi udvar. According to Antal Rogán, developers have invested in the purchase of real estate, and the development and operation themselves are undertaken. He also emphasized that the contract also includes renovation guarantees, that plans must be put into effect within two years, and that development must be completed within 7 years. When the building is handed over, a value inventory has been made, and preservation requirements for preservation are available. 2.1 billion that are being recycled The Paris Duchy was purchased for HUF 2.1 billion, and the municipality reclaims the proceeds – with tender sources – for the renovation of the facades of the condominiums in the area.
Zuhair Awad, owner and managing director of Mellow Mood Group, said he wanted to see the building in its original condition, which hadn’t been touched since 1980. He added that they wanted to create a restaurant, a conference venue and a five-star apartment hotel in the building, and are already looking for designers. He also emphasized that, in addition to building a new tourist center, the investment will create new jobs and will primarily use Hungarian raw materials.
Sameer Hamdan, another owner and CEO of the group, said: They have been in Hungary since 1986 and have been developing real estate since 1997. According to his words, tourists consider Budapest to be a small Paris, and trust that they will enjoy the beauty of this in the renewed courtyard.