SCD Group and its backer Quinlan Private are committed to carrying out EUR 450m of developments on Lake Balaton, but the start of the projects will depend on bank financing, SCD Group communications director Peter Elkan told MTI.
SCD Group announced four years earlier that it planned 23 investment projects on the lake.
The company has made preparations and obtained permits for 3-4 projects, Mr Elkan said, declining to reveal any further details.
It has become much harder to get financing for property developments, he said. While a developer could cover as little as 15-20pc of the cost of a project and use loans for the rest before 2008, the ratio has risen to 40-50pc since the crisis, he explained.
When SCD Group is ready to launch its plans for Lake Balaton, it expects to start 2-3 projects a year, Mr Elkan said.
Currently, SCD Group is currently constructing two office buildings in Budapest. It is paying for nearly half of the cost of the investment with its own resources.
Wholly Hungarian-owned SCD Group has investments worth more than EUR 250m.