Posted by meb at February 16th, 2008

Limitless LLC, owned by Dubai‘s ruler Sheikh Mohammed bin Rashid al-Maktoum, is bidding to build a residential and office complex in Istanbul, daily Sabah said.

Limitless offered Turkey a 20 percent share of the 450 million liras ($376 million) of revenue it forecasts from the 92,000 square-meter (990,000 square-foot) complex, which will be built next to the new stadium of Istanbul football team Galatasaray, Sabah said, citing the government agency that’s managing the auction.

Limitless forecast twice as much revenue as the second- highest bidder, Sabah said. The agency will ask the nine companies that entered the auction to raise their bids in a second round and plans to conclude the process in a week, according to the newspaper.

source: Turkish Daily News

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