Budapest Sun Palace project, progress news

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Sandylab

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I note that the Engel Construction Co. no longer links to the site for this development. I have bought a studio apartment in Phase I. I was interested in seeing how the rest of the development is progressing, i.e. Phase II, Ground floor businesses, facilities, etc. I would be pleased if any one could keep me posted on this. Also interested in any other investors experiences re: rental of apartments in this development.
 
Hi Sandylab

My property management company are looking after apartments in Sun Palace.

Phase 1 is completed while amenities are still not available. I was told residnets will have a chance to take extra services in the site once phase 2 was handed over. But Phase 2 will not have been completed by sooner than the Spring 2008. Further to that, there are no shops or restaurants on the ground floor in Phase 1. Delays are due to a conflict between developer and constructor. Phase 2 has been constructed since September 2006, actually.

This is the main reason why you may have difficulties in finding a tenant. However, our studio apartment in Tower H at 6th floor with garden view was rented for HUF100,000 with 12 months lease. The apartment was occupied in 1 week when fitout was done.

For further information feel free to contact me
 
Hi, Thanks for that information. I wonder if there are any statistics for the Phase I rate of occupation / rental ? Also would you mind letting me know what Co. you represent ?
 
Hi Sandylab,

If you had a chance to have a look at the rental market you would find a couple of apartments for rent in Sun Palace I. Both Hungarian and Foreign owners offers apartmetns for rent. Hungarians provide unfurnished apartments while Foreign owners have mostly furnished and well-equipped apartments for rent. I do not have any official statistics about occupancy rate but around 50% of sold apartments are not occupied as far as I know.

According to our experience, furnished apartments are more popular than unfurnished ones. Our unfurnished apartmants have been vacant for 6 months, however, we do extra efforts to attract more eyes such as basic fitout with built-in wardrobes, lights and lamps, bathroom furniture, fridge-freezer, washing machine.

My company is a family business with my partner called BPartner.
 
Hi,
I will be in Budapest from evening of 16th July to the afternoon of the 19th July. As I have stated I own a studio apartment on the 7th. floor in Sun Palace which was completed and furnished approx. last September. I have been with Home Management Kft. for rental / management agency purposes and have not yet had the apartment rented. I am considering changing to a new management co. and would be interested in discussing this with you if you are available in the above period.
Yours sincerely,
Sandylab


Hungary said:
Hi Sandylab

My property management company are looking after apartments in Sun Palace.

Phase 1 is completed while amenities are still not available. I was told residnets will have a chance to take extra services in the site once phase 2 was handed over. But Phase 2 will not have been completed by sooner than the Spring 2008. Further to that, there are no shops or restaurants on the ground floor in Phase 1. Delays are due to a conflict between developer and constructor. Phase 2 has been constructed since September 2006, actually.

This is the main reason why you may have difficulties in finding a tenant. However, our studio apartment in Tower H at 6th floor with garden view was rented for HUF100,000 with 12 months lease. The apartment was occupied in 1 week when fitout was done.

For further information feel free to contact me
Click to expand...
 
Hi Hungary.

I would be interested in meeting up with you next week. I have one apartment to rent out and another to sell, you can PM me you details.
 
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