Emaar acquires Dh1.4bn land in Istanbul

Emaar Properties, the largest real estate developer in the Middle East, said it acquired 73,571 square metres of land in Istanbul for $400 million (Dh1.4 billion) from Toprak Holding. Emaar Turkey, the company’s local subsidiary, will build a mixed-use development on the site, it said in a statement yesterday.

The prime site will be used to develop residential, commercial, leisure, entertainment and tourism elements. Details of the plan are being finalised and will be announced shortly. The land, on the Asian side of the city, is close to major highways and the route of a metro line due to open next year.

“Turkey is one of the key emerging markets for Emaar and we are exploring various development options in the country,” said Dr Nader Mohammed, Regional Managing Director of Emaar International. “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.”

Ozan Balaban, General Manager of Emaar Turkey, said: “The land 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 demonstrates our commitment to the country.

“Emaar has gained a strong presence in the Turkish property sector with the launch of Tuscan Valley Houses. The $700m project received overwhelming investor response from an international clientele. The new land will be utilised for a project of similar appeal.”

Cihan Kamer of Atasay, Turkey’s largest gold jewellery exporter and the developer’s joint venture partner, said: “Emaar Turkey is creating a new dynamism to the property development sector of the country through its master-planned communities. The deal will further position our portfolio by rolling out projects that meet the demands for quality homes and resorts.”

The 555-villa Tuscan Valley Houses project in Buyukcekmece near Istanbul offers the concept of luxury, master-planned residences that Emaar has developed in Dubai. Emaar’s expansion into Turkey is in line with its Vision 2010 plan to become one of the most valuable companies in the world.

 

Sama Dubai, a unit of Dubai Holding, will launch its $1.6 billion (Dh5.8bn) Istanbul real estate project once it resolves a dispute concerning the project, the Emirates News Agency (Wam) has reported.

The dispute concerns a misunderstanding between the Istanbul Municipality and some Turkish unions over the residential and commercial Dubai Towers Istanbul project, the agency said, quoting Farhan Faraidooni, Sama Dubai’s Chairman. The dispute arose in 2005 following the signing of the contracts related to the project, Wam quoted Faraidooni as saying.