Elbit Medical Imaging Ltd., a medical-electronics firm turned property developer, said the Budapest Municipality has given its final formal approval for the zoning plan of the Dream Island project.
Elbit, which owns 30 percent of the project through its Plaza Centers unit, may now apply for a building permit to begin work on the planned development, the company said in a regulatory filing to the Tel Aviv Stock Exchange. The project involves developing a 320,000 sq.m. property on the island of Obuda in the Danube River as a tourism site, it said. The plans include constructing eight to 10 three-star and five-star hotels, four apartment hotels, yacht harbors, sport centers, shops, a conference center and a casino, the company said.
Dream Island will start building the 1.5 billion euro project by the end of 2006, and will complete it within five to six years, the statement said.