Eagle Hills, the UAE-based developer, has announced plans for a mixed-use development project in Budapest, Hungary, which aims to transform a 100-hectare site that has remained unused for a century.
The project, backed by both the UAE and Hungarian governments, will create 35-40 hectares of parks and public spaces.
The development aims to contribute approximately 2 percent to Hungary’s GDP growth and generate employment during construction and operation phases.
Century-old Budapest site set for $45 billion transformation
“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 prioritise sustainability and the importance of communities,” Mohamed Alabbar, the founder of Eagle Hills and Emaar Properties said.
The $12.3 billion development incorporates smart city elements, including energy-efficient buildings, renewable energy systems, and intelligent waste management solutions. The plan encompasses schools, sports facilities, and community centres.
Eagle Hills Group has initiated the process of obtaining necessary name approvals from relevant authorities.
The project aims to preserve Budapest’s cultural heritage while introducing contemporary features.
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