(MTI) – The Liget Budapest project planned in the City Park will bring returns on the investment within ten years of its expected completion in 2018, the daily Magyar Hirlap said on Saturday, citing an impact study by the consultancy firm KPMG.
The project, which is based on a government programme, will involve setting up five museums: for fine arts, architecture, ethnography, music and photography, by utilising existing museum buildings in the area and also constructing new ones. The project also involves re-development of the park, which the opposition has sharply criticised.
The KPMG study said the development would start in 2016 and the museums would be ready for the first visitors in March 2018.
The new museums would be built at a cost of 75 million forints (EUR 238m) and the Liget complex’s renewal and development, including creating the new museum quarter, would cost 150 billion forints, according to plans cited by KPMG, the paper said.
The study evaluated the project’s impact based on its benefits to tourism and catering, tax revenues and job creation, among other aspects. It expects visitor numbers at City Park sites to rise from the current 4 million to 5.9 million in 2019 and to 6.2 million in the fourth year of its opening, the paper said.