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Tue 23 Sep 2014 01:30 PM

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Middle East buyer mulls $350m Turkish tower buy

Istanbul-based company showcases five-tower iSTMarina project at Cityscape exhibition in Dubai

Middle East buyer mulls $350m Turkish tower buy

Interest in a Turkish development at Cityscape was such that a Middle Eastern buyer is interested in buying one of the five towers in the iSTMarina project.

Based in the Kartal region of Istanbul, the iSTMarina project is five-tower project overlooking the Sea of Marmara. Boasting 500 metres of waterfront and view of the Prince Islands, the development is described as being like a small town, with its own private school, hospital, hotel, shopping mall, as well as residential apartments and offices.

Across the five towers, there are 1,463 units of different types, ranging from one to five bedroom apartments.

 

According to Ziya Yılmaz, chairman of DAP Yapı, promoters of the project, there has been considerable interest from the Middle East region.

“There is so much demand and response and actually there is one guy who wants to buy a whole tower,” said Yilmaz, speaking through a translator.

The estimated value of buying the tower was conservatively placed at $350 million, but Yilmaz said talks are ongoing, as the buyer is interested in turning it into a hotel.

“He wants to buy the whole tower to turn it into a hotel, but there is already a hotel,” said Yilmaz, adding that Rotana is partnering with the project.

The project, which has already sold 950 units in 45 days to mainly Middle Eastern and Russian buyers, is expected to take 30 months to complete.

Yilmaz said DAP Yapi is considering the possibility of developing a project in Dubai, with an appointment to view a site in the emirate yesterday (Monday).

“Every project we are doing is different than the previous one,” said Yilmaz. “In Dubai there are so many different types of projects, but we are thinking of doing something completely different. I must see the land first and then I can make a decision,” he added

A Dubai-based project, he said, would be a mixed-use development with offices.

Currently, they have nine projects underway, four of which are expected to be finished this year.

Included among the projects is a five-storey office block in Istanbul, DAP Bumerang, shaped like a Z – based on the first letter in his name.

The majority of the DAP Yapi projects to date have been in Istanbul, with more planned for Ankara.

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