Dubai: Emaar Turkey, the country-subsidiary of Emaar Properties, has signed an agreement with Turkey's Toprak Holding to purchase 73,571 square metres of prime land worth $400 million in Istanbul.
The land is ideal for a mixed-use development with residential, commercial and tourism components. Located on the Asian side of the Turkish capital within the junction of main highways, it is also in close proximity to the proposed metro rail tunnel under the Bosphorus strait linking Asia and 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 finalised with master-planning and other aspects to be announced shortly.
"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," said Dr Nader Mohammad, Regional Managing Director of Emaar International.
Emaar has 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 $700 million project received overwhelming investor response from an international clientele.
"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 energise the socio-economic sphere of Turkey," said Ozan Balaban, General Manager, Emaar Turkey.
By Staff Reporter
© Gulf News 2008
