Emaar Turkey signs agreement to purchase prime land in Istanbul (TR)
Monday 3 March 2008
Emaar Turkey, the country-subsidiary of Emaar Properties PJSC, has signed an agreement to purchase 73,571 m² of prime land in Istanbul, to develop a mixed-use project, details of which are currently being finalized. The purchase protocol valued at US$400 million has been signed between Emaar Turkey and Toprak Holding.
The land is ideal for a mixed-use development with residential, commercial and tourism components. Located in the Istanbul Asian side within the junction of main highways, it is also in close proximity to the proposed metro line that will join the rail tube tunnel under the Marmara Sea connecting Asia to Europe. The metro line is scheduled to be operational in 2009.
The mixed-use project envisaged in the land will feature residences, commercial space, and leisure and entertainment components. The details of the project are being finalized with master-planning and other design aspects to be announced shortly.
Dr Nader Mohammed, Regional Managing Director, Emaar International, said: “Turkey is one of the key emerging markets for Emaar and we are exploring various development options in the country. The new land deal will be a step forward in our efforts to build a strong development portfolio in Turkey, and introduce world-class master-planned communities in line with our projects around the world.”
Mr Ozan Balaban, General Manager, Emaar Turkey, said: “The land bought by Emaar is in one of the central locations in Istanbul and will serve as a perfect site for developing a mixed-used neighbourhood – one of the core competencies of Emaar. This also demonstrates our commitment to the country by investing in long-term projects that energize the socio-economic sphere of Turkey.”
He added: “Emaar has already gained a strong presence in the Turkish property sector with the launch of Tuscan Valley Houses, one of the pioneering master-planned neighbourhoods in the country. The US$700 million project received overwhelming investor response from an international clientele. The new land will also be utilized for a project of similar appeal.”
Mr Cihan Kamer of Atasay, Turkey’s largest gold jewellery exporter and joint venture partner of Emaar Turkey, said: “Emaar Turkey is creating a new dynamism to the property development sector of the country through its master-planned communities. The land deal will further position our portfolio by rolling out projects that meet the demands for quality homes and resorts in the country.”
Located in Buyukcekmece, Tuscan Valley Houses replicates the concept of luxury, master-planned residences Emaar has developed in Dubai. Buyukcekmece is one of the fastest growing and much-sought after residential locations near Istanbul. The Tuscan Valley project drives the property market through its collection of 555 luxury villas.
Emaar’s expansion into Turkey is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar already has a significant presence in 36 active markets in the Middle East and North Africa region, the USA, Europe, Indian Subcontinent and South Asia.