The purchase protocol valued at $400m has been signed between Emaar Turkey and Toprak Holding.
The land is ideal for a mixed-use development with residential, commercial and tourism components. Located in the Istanbul Asian side within the junction of main highways, it is also in close proximity to the proposed metro line that will join the rail tube tunnel under the Marmara Sea connecting Asia to 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 finalized with master-planning and other design aspects to be announced shortly.
Dr Nader Mohammed, Regional Managing Director, Emaar International, said: "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."
Mr Ozan Balaban, General Manager, Emaar Turkey, said: "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 energize the socio-economic sphere of Turkey."
He added: "Emaar has already 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 US$700 million project received overwhelming investor response from an international clientele. The new land will also be utilized for a project of similar appeal."
Mr Cihan Kamer of Atasay, Turkey's largest gold jewellery exporter and joint venture partner of Emaar Turkey, said: "Emaar Turkey is creating a new dynamism to 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."
Located in Buyukcekmece, Tuscan Valley Houses replicates the concept of luxury, master-planned residences Emaar has developed in Dubai. Buyukcekmece is one of the fastest growing and much-sought after residential locations near Istanbul. The Tuscan Valley project drives the property market through its collection of 555 luxury villas.
Emaar's expansion into Turkey is in line with its Vision 2010 to become one of the most valuable companies in the world through geographic expansion and business segmentation. Emaar already has a significant presence in 36 active markets in the Middle East and North Africa region, the USA, Europe, Indian Subcontinent and South Asia.
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Emaar Turkey signs agreement to purchase prime land in Istanbul
- United Arab Emirates: Saturday, February 16 - 2008 at 15:16
- PRESS RELEASE
Emaar Turkey, the country-subsidiary of Emaar Properties PJSC, has signed an agreement to purchase 73,571 sq m of prime land in Istanbul, to develop a mixed-use project, details of which are currently being finalised.
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About Emaar Properties PJSCEmaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Emaar has highlighted its remarkable global growth by debuting on the Financial Times Global 500 ranking, which provides an annual snapshot of the world's largest companies. Emaar has been assigned A- and A3 ratings with stable outlook by Standard & Poor's and Moody's Investor Services, respectively.
Replicating its successful business model in Dubai, Emaar is extending its expertise in creating master-planned communities to international markets. Emaar is also developing new competencies in malls, hospitality & leisure, education, healthcare and financial services, which have evolved from its integrated approach to customer service and property development.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, the world's tallest building and free-standing structure, and The Dubai Mall, one of the world's largest shopping and entertainment destinations. In Saudi Arabia, Emaar is developing the US$26.6 billion King Abdullah Economic City, the region's largest private sector-led project. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, Algeria, India, Pakistan, Indonesia, the US, the UK, France and Canada.
An award-winning developer, Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities.
Emaar has joined hands with Giorgio Armani and Accor Hotels to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 100 Formule 1 budget hotels in India. The company is opening educational institutions and healthcare centres in South Asia, Middle East and North Africa and the Subcontinent. Emaar acquired Singapore-based leading education provider, Raffles Campus, to extend expertise to its educational institutions.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company.
For further information, please contact:
Turkey
Dicle Kutlay, Selma Uz
MEDYAEVÝ Public Relations
0090 212 3519181
UAE
Kelly Home / Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 334 4550
Fax: (+971 4) 334 4556
Posted by Medilyn Manibo, Assistant News EditorSaturday, February 16 - 2008 at 15:16 UAE local time (GMT+4)
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