Al Mazaya Holding yesterday announced the launch of Ritim Istanbul – a six-tower residential and office project in Turkey’s biggest city featuring recreational spaces and a shopping mall.
The 39,000 square metre development is a joint venture between the Kuwait-based Al Mazaya and Dumankaya Construction, a Turkish property developer. Ritim Istanbul is the first project resulting from their strategic alliance signed last June.
The project, valued at more than 800 million lira (Dh1.2billion), comprises 863 residential units, 363 office spaces and 147 retail outlets. It will occupy a prime location near the bridge that connects Istanbul’s European and Asian sides.
Rashid Al Nafisi, the chairman of Al Mazaya Holding, said: “The investment percentage of Al Mazaya and its partners in the project is 50 per cent. The project is under way and progressing in full swing. The first phase of the project is completed and it is scheduled for delivery in 2016.”
According to Ugur Dumankaya, the chairman of the board at Dumankaya, 45 per cent of the project has been sold, with efforts under way to sell the remaining units.
Turkey liberalised foreign property ownership in May 2012, in response to rising demand from would-be property buyers from abroad. The law change has made it easier for foreigners, especially investors from the Middle East, to acquire Turkish real estate.
In September last year the Abu Dhabi-based hotel chain Rotana cashed in on the growing interest in Turkey among GCC investors, announcing a venture to build a 30-storey hotel, apartment and office tower on the outskirts of Istanbul. The company partnered with the Turkish developer Mar Yapi to build Tri G, a 38,000 sq metre glass and steel tower.
According to figures from the Turkish Statistical Institute, sales to foreigners in Turkey rose 60 per cent year-on-year during the first six months of 2014, totalling 8,507 property purchases.
business@thenational.ae