Hungarian retail and office property developing company TriGranit has announced the completion of a mega mall in the Croatian city of Zagreb. The capital construction, known as Arena Center, is said to have cost the investors some EUR 350-mil.

It is reported that TriGranit covered the lion’s share of the project by spending some EUR 250-mil, while of the cost of the project, while the tenants have supplied the remaining sum. The company said that already 95% of leasable space has been let in the 60,000 sq m complex.

Self-made billionaire, Sandor Demjan (who also happens to be the chairman of TriGranit) was reported to have said his company would invest some EUR 1-bil in Zagreb. An increasing number of Hungarians are using Zagreb as a starting point for their overseas flights, due to the strong developments and completion of motorways and infrastructure in Croatia.

One Hungarian said he was closer to Zagreb than Budapest, despite the fact that he lived almost an equal distance to both capitals, in Hungary. TriGranit had reportedly earlier built a sporting complex in Zagreb. It now wishes to expand the existing shopping complex and construct some 400,000 sq m of business and residential real estate and a congress center.

A Budapest conference on Thursday called for initiatives supporting a stable business climate for the property sector, as a recent Hungarian Statistical Office (KSH) study reported worrying trends in the Hungarian real estate industry, such as 15.7% decreasing volume of construction.

According to Henrik Toth, the President of the Joint Venture Alliance’s Economic Strategy Commission, the sector has progressed from decreasing growth to increasing growth, despite the effects of the crisis.

Toth stressed that one of the primary goals is that demand should be increased, and suggested cooperation in flood relief initiatives could contribute to this.

Anna Gaspar, CEO of Buildecon said Hungary contains a significant knowledge base related to construction, which could be exploited by focusing on exporting technology.

Gaspar said policy should be focused on job creation, energy efficiency and education to prepare for Hungary’s upcoming EU presidency.