Emaar set to buy prime real estate in İstanbul
Posted by meb at February 19th, 2008
Emaar Turkey, the country subsidiary of Dubai-based Emaar Properties PJSC, has signed an agreement to purchase 73,571 square meters of prime real estate in İstanbul from Toprak Holding.
A statement issued by Emaar Turkey — founded in June 2006 by the real property agent Emaar Properties PJSC to handle its investments in Turkey — noted that the purchase agreement specifying a cost of $400 million was signed with Toprak Holding, adding that the land is ideal for a mixed-use development with residential, commercial and tourism components. The statement also said the details of the project were being finalized, with master-planning and other design aspects to be announced shortly.
Dr. Nader Mohammed, the regional managing director at Emaar International, said Turkey was one of the key emerging markets for Emaar and that they were 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 similar to our projects around the world,” he noted.
Ozan Balaban, Emaar Turkey’s general manager, stated that the land bought by Emaar was in a central location in İstanbul and would serve as an ideal site for developing a mixed-used neighborhood, which, he said, is one of the core competencies of Emaar. Balaban noted that the investment in the long-term project would clearly demonstrate the company’s commitment to Turkey.
Cihan Kamer of Atasay, Turkey’s largest gold jewelry exporter and joint venture partner of Emaar Turkey, remarked that Emaar Turkey was creating a new dynamism in 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,” said Kamer.
source: Today’s Zaman
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