Property developer Biggeorge's-NV is to pump HUF 12-15 billion (EUR 49-61 million) into the development of a non-public take-off and landing ground at Börgönd, some 70 kilometres west of Budapest. The new air harbour would be completed by 2008 or mid-2009 and would be focusing on low-cost airlines.The airfield will have a 2,300-km long tarmac, and services suitable to handle about one million passengers a year.
Costs for discount airlines are to be around half of what they currently are at Budapest's Ferihegy International Airport.
“We have made a business plan for 20 years, but due to the specific risks in the air industry we cannot predict whether the investment will be recouped in five, ten or fifteen years," Biggeorge's chief executive István Hajnal told Portfolio.hu.
Biggeorge's holds a 50% stake in Alba Airport Kft, the operator of the Börgönd airport. The holding is to go up to 90% in the summer of 2007 when building permissions are expected to be granted. Two local governments (of Székesfehérvár and the village of Aba) now own 25-25% of Alba Airport, which stakes will go down to 5-5% by the ownership increase at Biggeorge's.
Source: Portfolio online financial journal
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14.09.2005