Syma starts building Ft 3 billion event center
Switzerland's Syma, the world's biggest builder of events facilities, laid the cornerstone for a Ft 3 billion sports and events center next to Budapest's Puskás Ferenc stadium November 25.
Syma is building the new complex as part of a state tender to rebuild the area around the stadium. Under the contract, Syma will finance the construction, then rent the space for 30 years, after which the state will purchase it for €1.
The company will not receive any state subsidies. The company expects to recoup its investment in 8-10 years, managing director of Syma's Hungarian unit András Szántó said. Arcadom, which built WestEnd City Center, the National Theater and the Palace of Arts, was selected as the general contractor.
The complex, to be completed in spring of 2006, will include three buildings with a combined area of 30,000 square meters, and a seating capacity of 10,000. The sports hall will be suitable for hosting international competitions for all types of indoor sports and athletics.
Syma's Hungarian unit expects revenue of Ft 800 million in 2005 and Ft 1.5 billion in 2006.