The 262-unit residential project will be created with an investment of 16 million Euros.
The company will operate in Hungary through Sando Magyarország
Sando has acquired a parcel in Budapest, the company’s first operation in Hungary, after consolidating its position in Poland in the construction and property markets.
The new parcel is located in Budapest, in Danko Street, where the company will invest up to 16 million Euros. This urban property will be the site of a 262-unit residential project offering studio apartments as well as one and two bedroom units. The parcel has a total area of 4,485 m2, allowing 15,698 m2 of construction.
This new promotion is located in the historic zone of the city, currently undergoing a process of urban renewal with a significant investment in local services such as a new underground station.
Sando acquired the property through its new Hungarian subsidiary Sando Magyarorszag which will manage the entire project and the company’s future operations in the country.
Sando has entered into the Hungarian market after consolidating its position in Poland, where it has been operating for over two years and where it has invested over 245 million Euros. Sando has projects totalling over 6,500 residential units in cities throughout Poland, including Warsaw, Wroclaw, Poznan and Lesnowola.
In Warsaw, Sando Inmobiliaria Polska has three successful promotions currently under way: Sansara, in the district of Bemowo, with 386 units, Alanda Residence, in the district of Mokotów with 390 units and the 195-unit Vermera project in Ochota.
Sando is also active in the Polish construction sector through Sando Budowichtwo, which manages all the company’s activities in this sector in Eastern Europe.
With its move into Hungary, Sando has reached another milestone in its program of international expansion and diversification.
Sando is one of the leading construction and real estate companies in Spain. In 2006, Sando had a total turnover of 759.5 million Euros, an increase of 46.3% over the previous year. Pre-tax profits reached 162.4 million Euros, with a profit margin of over 21%.
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