TURKEY has become the guest of honor at this year’s MIPIM, one of the world’s biggest real estate fairs organized in Cannes, France. Besides its developing economic power, Turkey also has a dynamic real estate sector, making it a favorite of international investors. The potential in Istanbul that stands out among European cities, together with the rapidly developing Anatolian cities, Turkey offers several opportunities to investors.
Best Turkish Project to be picked
THE MIPIM real estate fair organizes an award ceremony for the best projects in a variety of categories every year. A sum total of 175 projects from 46 countries have applied to the awards. Some 32 of these are from Turkey. The finalists are determined by the members of the jury and with public voting. There are two Turkish firms among the 36 finalists, and there are two Turkish projects among the other 36 finalists.
Turkey is calling for investors
Turkish firm to host opening
NEF will host the opening night of MIPIM, one of the most important fairs of the $27 trillion global real estate market.
NEF, the sponsor of the opening of MIPIM, which is expected to attract 20,000 visitors from more than 80 countries, is set to take the Turkish real estate sector to new global highs by hosting the night. It will thus become the second Turkish company to host the opening of MIPIM in 24 years. NEF is not only a property developer that produces new projects in various Istanbul spots, but it is also taking confident steps in becoming an international design and real estate brand, according to Timur Gayrımenkul board member Erden Timur.
Istanbul’s mega projects
THE construction sector will continue to grow through various mega projects in following years. The mega projects, which are planned to complement the urban transformation movement across the country, will both reshape Istanbul and create many opportunities for domestic and foreign investors
The construction sector, which functions as a locomotive for Turkey’s growing economy, will maintain its mobility with the huge projects over the next few years. The massive projects, which are planned to complement the urban transformation movement across the country, will both reshape Istanbul and create many opportunities for investors.
Europe’s favorite city
ISTANBUL has come ahead of Europe’s 27 capital cities and has taken the top place in the list for expectations regarding amounts to be invested, rents, and capital values for 2013. It has also risen to fourth in the list for city investment prospects. According to the “Emerging Trends Real Estate 2013 Europe” report, which contains the latest developments in the real estate sector, prepared in cooperation with PwC and the Urban Land Institute (ULI), Istanbul, which took first place last year in terms of expectations regarding amounts to be invested, rents and capital values, was able to keep its place this year.
Buying home in Turkey now easier
FOREIGNERS can buy property in Turkey much more easily than in the past, thanks to the Reciprocity Law, issued nine months ago, which means that citizens of 183 countries are able to buy houses in Turkey without conditions.
High participation in the fair
BECAUSE Turkey is the country of honor in the fair, several firms from Turkey are participating at the MIPIM fair. Alongside many firms that will be present within the Turkish Pavilion there are many that will have stands in the fair ground, and there is also a high profile of visiting firms. In all, over 500 firms are expected to visit the fair this year from Turkey.
Turkish firms present at the fair
Akdaş Tourism and Construction, Eroğlu Construction, IMS Project Management, İnrema International Real Estate Management, Öncüoğlu Architecture+ACP Architecture, Tahincioğlu Real Estate, Varyap-Gap Construction Joint Venture, Viatrans-Meydanbey Joint Venture, Yorum Construction, and Zorlu Center İstanbul.
Turkish firms in the Turkish Pavilion
Ağaoğlu, Globe International Real Estate Investments, İş GYO, KONUTDER, NEF, Nurol GYO, Proje Yönetim A.Ş., Proplan Project Management and Consulting, Saf GYO, TSKB Real Estate Appraisal, Vadistanbul, Vicem Bodrum Villas, and ZKLD Light Studio.
Those participating as visitors
AAREAL Bank, Access Turkey, Aerium Turkey, Alterra, Arkitera, Arup, Astay, Bemes Yapı, Bener Law Office, United Brands Association, CBRE Turkey, Çelen, Dedeman Real Estate, Dekar Yapı, EA Construction, Eczacıbaşı, Entegre Project Management, Erkanlı Grup, Ernst&Young, Eva Real Estate Appraisal, Garanti Koza, Hedef Industry, Hergüner, Jones Lang Laselle, Kadans, Kanyon Shopping Mall, KLK Yapı, Lal Real Estate Appraisal, Langan International Turkey, Marsh Insurance, Mar Yapı, Mavia Real Estate, Mimarlar Workshop, Muum Architecture, Orco International, Prime Development, Propin, Reimonitor, Servotel, Silkar Turizm, Soma Construction, The Marmara Collection, Tuspa, Tüv-Süd Technical Security, Yenigün Construction, and 3S Kale.
Environment and Urbanization Minister Erdoğan Bayraktar writes for Hürriyet:
MIPIM’s Country of Honor: Turkey, Example to world with urban transformation
The world real estate sector is prepared for a giant international meeting. One of the world’s leading real estate fairs, MIPIM, is hosting 20,000 participants, 1,850 firms and over 4,000 investors from more than 80 countries this year. MIPIM, taking place between March 12 and 14 this year, will not only be a real estate show but also a platform showing the changes and improvements to the standards of life of participating countries via example projects.
As Turkey is ranked highly among the world’s leading real estate investors thanks to its rapid development in the past ten years, this year it is nominated as the country of honor at the fair.
We are ready to show our development and strength to the world in this international activity with ministers, managers and real estate developing firms tight-knit in order to represent Turkey.
The award that will be presented to our ministry during MIPIM, attended by thousands, is meaningful and pride-giving in this respect.
We have been deemed suitable for the award by the ReedMidem high-level authorities for having produced 500,000 social housing spaces for low-income groups in Turkey by creating an income-sharing-for-land-sale model.
However, I have to stress that this will not be the last award Turkey is receiving, because we will have many more success stories to tell.
Turkey is ready to be an example to the world with its planned and realized urban transformation projects. Turkey will put its signature under the success that will be a course in the universities in the next years, with its new cities established through urban transformation.
The new city that will be established in Istanbul, known around the world for its size, geographical beauties and history, is itself a subject.
We are continuing our work on establishing a new city in Istanbul including a third big airport and bringing Başakşehir, Kayabaşı, Küçükçekmece and Kemerburgaz within its borders. This is because part of urban transformation is also about saving people from risky buildings in the event of an earthquake.
The number of houses we are set to complete in Kayabaşı alone has reached 20,000.
Our work is continuing in the Akfırat and Tuzla neighborhoods on the Anatolian side. The location of the city on the Anatolian side is still not clear yet, but we are also working on a new city on the Anatolian side to resolve the urban transformation issue there too.
The new city plan in Istanbul is a project aiming to relocate the worst areas and to support urban transformation.
WE ARE CREATING A CITY TO RIVAL SEATTLE
We know about newly built cities around the world such as Kuala Lumpur, Canberra, Vancouver, and Seattle. We are building a city to rival these cities. Construction density is low. Green areas are very beautiful. Social facilities that modern life needs are sufficient. Istanbul will be a globally assertive city with an increased brand value.
As people have hands, arms, feet, and eyes, the city has features that increase its brand value such as squares, technical infrastructure, green areas and social facility areas, buildings, prestige buildings. God willing, we will accomplish all these features step by step.
Day by day, you will see new structures and features in this city we are building in Istanbul.
You will see city hospitals, and you will see that the construction of a new airport and canal has started. We will develop these step by step.
There will be ecological settlements in the city, and there will be areas allocated exclusively for hybrid vehicles and bicycles. We will also create areas where endangered plants and animals will also be given space to live.
WE ARE REALIZING A UNIQUE TRANSFORMATION
We are not only developing new cities, but also carrying out a unique urban transformation for our residents to have more comfortable and secure life areas. We are performing the transformation of areas and buildings at risk of disaster in a lawful way, through the laws we have enforced. We are also getting the permission of our citizens for this.
Currently, 23 areas are declared as risky. We have done this in several cities including Istanbul, İzmir, Kars and Maraş. This corresponds to 6,000 unit houses in over 500 buildings across Turkey. As the ministry, we will organize this process by supporting citizens via the contractors and municipalities with the help of the private sector. We will provide support to our citizens.
This year, 11,932 buildings located across around 6,323 million square meters in Istanbul announced as risky will be demolished and rebuilt. The number of those living in risky areas amounts to 94,416.
By the end of 2014, we will start demolishing and rebuilding 100,000 buildings in Istanbul. Our 2023 goal is to demolish and rebuild half of all the buildings in the city.
AĞAOĞLU CALLS OUT THE WORLD TO INVEST IN İSTANBUL
Ağaoğlu, who launched the Project “Maslak 1453” in Dubai last year and opened, upon intense interest, his first Office in Dubai, participates in the real estate fari MIPIM 2013 organized in Cannes and invites international investors in Istanbul.
The primary aim of Ağaoğlu, who will bring together many projects, especially Istanbul International Finance Center, and international investors, will be the publicity of Turkey and Istanbul.
“Invest in Istanbul”
Turkey is preparing to become the world’s 10th largest economy within the framework of 2023 vision relying on the great changes and developments that Turkey and Istanbul have experienced in the recent years. Istanbul has taken on a very important role in the path toward this goal and Istanbul International Finance Center whose contractor is Ağaoğlu has its own very important role in the realization of this target. Istanbul is rapidly growing in parallel to the targeted goal, visibly on its way to becoming a regional finance center in the short term and an international financial center in the medium term. Ağaoğlu carries out many works all around the world with the slogan “Invest in Istanbul” to introduce this project, Istanbul and Turkey.
“If the world were a single country, its capital would be Istanbul”
Reminding the famous quote of Napoleon “If the world were a single country, its capital would be Istanbul”, Ağaoğlu expressed that “Istanbul is the third largest tourist destination od Europe after London and Paris, and is one of the rare countries that has direct flights to 93 countries in the World. It also features Grand Bazaar, world’s oldest bank. Today, Istanbul rises, with its International Finance Centre, as a world capital on such an important legacy.”
Saying that they would readily be the undersigned in any Project that would servet o Istanbul’s becoming a World capital, Ali Ağaoğlu stated that “That is why we were willing to bid for Istanbul International Finance Center. We aim at becoming a well-known leading brand not only in Turkey but also in an international arena by means of such large-scaled projects that will contribute to country promotion.
Everything is ready for International Finance Center
Asserting that according to the research reports of many reputed international organizations, Istanbul is recognized as a city that offers teh most profitable opportunities in the world in the real estate sector, Ali Ağaoğlu added “There has especially been very major structural changes in Istanbul in recent years to make the city a finance center. In this context, laws of trade and obligations have been revised to integrate the country with the West. In addition, financial instruments have become more diversified. Tax advantages have been created and Islamic financial instruments such as sukuk have been readied for implementation. Thus, besides the physical infrastructure that we are building fort he Istanbul Finance Center, new financial and legal regulations have also been made effective. To sum up, we are ready and we invite all investors to invest in Istanbul, the new world center.
WE WILL EXPORT 250 MILLION DOLLAR SUKUK IN THE MEDIUM TERM
Ağaoğlu, who expressed that they made the planning of Islamic finance, stated that they would export 250-million-dollar sukuk in the medium term within the scope of Istanbul Finance Center. It is expected that this export will rise to 2 billion in the long term.
What is Sukuk?
Sukuk (Islamic Financial Instrument), being a common concept is particularly Gulf countries, is defined as an interest-free capital market product which is used in credit and finance markets in accordance with Islamic principles, issued through special purpose entities and provides fixed or variable yield in the medium-long term.
• The assesments and ratings by international rating agencies are used by investors as guides in the risk/profit analysis of sukuk.
• It provides a regular flow of income through easy and effective payment.
• It is a liquid instrument and is dealt in secondary market.
THE LAW OF RECIPROCITY ADDED A NEW VISION TO THE SECTOR
The Law of Reciprocity, which was put into force in the half of the last year, added a new vision to the sector. In this period, Ağaoğlu carried out the sales of 1.000 residences of 400 million dollar value to foreigners. He kept the bar of target high in also 2013 and aims at maintaining his leadership in teh sector through 1 billion dollar sales.
Ali Ağaoğlu, who said that they are fisrt to open an Office in Dubai upon the intensive interest from Gulf countries, stated “Our purpose with this Office is not to sell residences. We came here to offer opportunities to those groups willing to invest in Turkey. Here, we will serve voluntarily as embassy.”
Ağaoğlu, who had meetings with many investors following the opening of the sales Office, expressed that an investment fund of China-Dubai partnership spares 5 billion dollar for Turkey in the first place and this fund may rise to 15 billion dollar in the long term.
WE WILL CONCLUDE THE SALE OF OUR PROJECT IN BAKIRKOY IN 3 DAYS
Mr. Ali Ağaoğlu, giving information about the progressing and panned projects asserted the following statements: “We are planning to start our Bakırkoy Project including 1.250 dwelling houses in a short period of time. By relying upon the previous records broken in our former campaigns, we are aiming at selling 1.250 dwelling houses in maximum 3 days without any advertisement.
“Our greatest ongoing Project is Maslak 1453. By the way, we have a commercial area of 4.800 residences and 210 thousand square meters. We signed the tender of the ongoing Project of Istanbul International Finance Center in December. We aim at completing 8,5 million cubic meter workings in such a short period as 300 days despite the 500 days that the administration provided us with. Our Andromeda Plus Project is proceeding and is about to be completed. We will put this Project up for sale together with Istanbul International Finance Center when it gains value. Apart from these, we purchased the area in Kartal where the cement plant is located and signed the contract in the early February. The Project is almost completed and we will have it prepared for sale in the last quarter of 2013.
ISTANBUL INTERNATIONAL FINANCE CENTER AND MASLAK 1453 WILL MARK IN MIPIM
Turkey participates in MIPIM, known as the most prestigious well-known real estate fair which will be held in Cannes, France in the period of 12-15 March this year, as Honored Country. There is a Turkish tent of 1.000 m2 in the fair.
Ağaoğlu, as the greatest participant in the fair with his booth that will occupy an area of 350 m2, keeps his leadind role in introducing Turkey.
Akasya Acıbadem in finals
Among the 1,400 residences built by the Saf Real Estate Investment Trust (Saf GYO) as part of the Akasya project in Acıbadem, 1,350 have been sold, while 300 stores in the project’s shopping mall have begun to be rented. Built with $600 million of investment, the Akasya project reached the finals in the ‘Best Residential Development’ category of the MIPIM awards.
FOUNDED through a partnership of leading Turkish firms Akkök, Yıldız Holding, Sinpaş GYO and Doğu-Batı Group, Saf GYO built 1,400 residences as part of the Akasya Project in Istanbul’s Acıbadem district. Some 1,350 of these 1,400 residences have already been sold, while 300 stores in the project’s shopping mall have begun to be rented. Built with $600 million dollars in investment, those who bought residences from the Akasya project two years ago have made a triple profit, as the prices per square meter of land have increased from 3,500-4,000 Turkish Liras to 10,000 liras in this time.
When these figures are considered, Akasya can be regarded as the most profitable project in Istanbul.
The construction of Akasya Acıbadem started in 2009. The project consists of three sections: Göl, Koru, and Kent. A total of 896 residences in Göl and Koru were opened to housing in 2012. A 26,000 square meter park, namely Central Park, is located in the center of the project, which has a splendid landscape. In the Kent section, which will host the most prestigious shopping mall on the Asian side of Istanbul, there is a 40-storey residence 180 meters high and a 16-storey horizontal block, which has gardens in all its stores. Along with the apartments available to be used as home-offices on the tower of the Kent section, there are 24 penthouse suites of different specifications. All of them have a view of the Bosphorus and the sea. Also, residences of varying widths are offered in the 16-storey block.
PENTHOUSE SUITES ON SALE
The Akasya Acıbadem Project was set on 182,000 square meters of land. While two sections have already opened to housing, the third section, Kent, will begin serving in late 2013. Kent is composed of 456 units and includes 199 terraced residences, 198 home offices, 35 trade offices and 24 penthouse suites, with an enormous and iconic effect. The Akasya Project is also a candidate for a Brem certificate, as it used grey waters in pools and garden water features, reused rainwater, designed gardens on each storey, and created energy efficiency with its automatic lighting system.
Also, the units within Akasya’s shopping mall, which will have 300 stores on 80,000 square meters of rentable land, have already begun to be rented. Arrangements have been settled on in above 70 percent of the shopping mall, and the monthly prices per square meter were determined to be between $50 and $150. The shopping mall will also host a number of brands that are set to have a store in Turkey for the first time. KidZania, an education and entertainment center for children, will open its first branch in Turkey in the mall.
Most successful project in Europe
DEVELOPED by a team of 15 people under the leadership of Mehpare and Alp Evrenol over five years, Akasya Acıbadem received a five star rating in the category of “best high-rise architecture” and was selected as “the most successful project in Europe” in “The European Property Awards 2012,” one of the most prestigious real estate awards in Europe. Akasya Acıbadem has also reached the finals in the “Best Residential Development” category in the 23rd MIPIM Awards this year. The results will be announced on March 14.
Finalists to set up stand
SAF GYO Chairwoman Zeynep Akdilli Oral said MIPIM was an outstanding and prestigious fair, which gathered the developers and investors of the real estate sector together. “MIPIM’s recognition of Turkey as a ‘Country of Honor’ shows that the Turkish real estate sector is increasingly presenting more appealing opportunities for investors,” Oral said.
Oral also underlined the importance of the conferences organized in Turkish pavilion for international participants. “The conferences, which are believed to create an ideal atmosphere for the presentation of our country to global business world, will handle the legal and financial picture of Turkey’s investment and real estate sectors for international investors. They will also emphasize the growth potential of Turkey’s real estate market. By answering the question, ‘Why invest in Turkey?’ we will inform and encourage thousands of foreign investors who will take part in MIPIM, which is a fair that has an atmosphere open to innovations.
“In the MIPIM awards, we have reached the finals in the category of “best residential development” with the Akasya Acbadem Project, and we are very proud of this. Being the only Turkish project in this category and taking part in the same list with the leading figures of this sector also dignifies us,” Oral said.
Istanbul to see huge plan for 150,000
Batışehir Project, which was developed by the Ege Yapı Group in Bağcılar, one of the most promising districts of Istanbul, is willing to let everyone own a residence with its 1 percent advance payment, 1 percent value added tax advantage, and its interest rates beginning from 0.49 percent. Awarded the “Best Joint Project of Europe” award, Batışehir Project offers studio, 1+1, 2+1, 3+1,4+1, 5+1 and duplex apartment options that vary between 34.61 and 407.36 square meters, including the residences and offices in Batışehir Premium, which were put to sale in September.
Batışehir, which is located 12 kilometers from Atatürk Airport, 20 kilometers from Maslak, 19 kilometers from Taksim, and 16 kilometers from Bakırköy, will also provide accessibility advantages, as it will be stationed next to the TEM highway and on the crossroads of the main arterial roads. Built with the concept of “horizontal” architecture, Batışehir will include a total of 3,266 residences with 14 different types, along with an urban hotel, offices, an educational complex in which Private Doğa College will be located, Batı Square and Batı Street, where famous gastronomic and clothing brands will be served.
When completed, Batışehir will host 15,000 people.
Premium Residences will provide indispensable luxury and comfort with a
24-hour reception service, concierge services, an elegant lounge for guests, cafes and restaurants, a fitness center and a swimming pool. Batışehir Premium, which consists of three blocks, has also put A+ offices answering diverse needs on the market. Batışehir presents different financial solutions to investors, with an office block offering spaces ranging from 243 to 765 square meters and another block ranging from 77 to 133 square meters.
HOTEL CHAINS TO BE BUILT
In addition, the first six stories of one of the blocks will serve as a branch of a world-renowned hotel chain. Along with that, single-piece and separable stories are offered among Premium Offices for the effective use of the spaces. In order to create a comfortable working environment, Batışehir Premium also has natural lighting and air conditioning, high speed internet and IT services, and Batı Square, which is designed to meet daily needs by providing restaurants, cash machines, hairdressers, pharmacies, and shoeshine parlors.
Mixed-used projects to lead the way
EGE Yapı Group Board Chair İnanç Kabadayı said the MIPIM fair would be a platform on which the sector’s global trends would be determined, and on which many leading brands would showcase their new projects for 2013.
“Turkey is recognized as the Country of Honor at such a platform, and thanks to this title, Turkish firms will draw more attention [at this year’s fair]. We expect the joint projects to become more prominent at the fair in the coming years,” Kabadayı said.
Emaar shows up with its ‘Square’
Aftermath of project to be eyed
EMAAR Turkey is set to attend the fair to promote its projects in Istanbul.
“As an international investor operating in Turkey, we have represented our Toskana Valley Houses project in MIPIM last year and attracted considerable attention,” CEO Ozan Balaban said. “This time we will visit the fair with our EMAAR Square project, located in the Çamlıca district of Istanbul.” EMAAR Turkey, the local partnership of EMAAR Properties PJSC, is among the leading real estate development firms that will participate in the fair, in order to promote its projects in Istanbul. “As an international investor operating in Turkey, we presented our Toskana Valley Houses project in MIPIM last year and attracted considerable attention,” Balaban said. “This time we will visit the fair with our EMAAR Square project. We will hold planned meetings and observe our project’s affects, while also receiving information about other new projects.”
Commenting on the fact that Turkey is the “country of honor” in this year’s fair, Ozan Balaban said this was an indication of Turkey’s continuous development. “This is indeed an indication of Turkey’s development. As you know, Turkey came out of the 2008 economic crisis with growth, although Europe is still experiencing the negative effects of the crisis. Significant developments in the real estate sector in the past 10 years, such as the increase in the young population, architectural designs up to global standards, and the reciprocity law’s enforcement, have all increased foreign investors’ interest in Turkey,” he said.
FOREIGNERS ON TARGET
EMAAR Turkey is currently busy with the Emaar Square project, which will spread across 66 decares of land in Istanbul’s Çamlıca neighborhood when completed. The project, which is being developed after the success of EMAAR’s first project in Istanbul, Toskana Valley, is designed for local and foreign customers who choose a world class lifestyle.
In the heart of Istanbul
EMAAR Square, located in one of the favorite areas of the city center, on the routes of the main arterial roads and with quick access roads to Bağdat Street, the Bosphorus, and the two bridges. The project has significant transportation advantages as it is just four kilometers from Bağdat Street, 5.5 kilometers from the Kadıköy district of Istanbul, seven kilometers from the Bosphorus Bridge, 10 kilometers from Beşiktaş, 11 kilometers from Taksim, 1.5 kilometers from Üsküdar, and 25 kilometers from Sabiha Gökçen Airport. The closest metro station is located just 900 meters away.
EMAAR Square is a special project, distinguishing itself from those around it with its sustainability.
The project was designed in compliance with the Leadership in Energy and Environmental Design (LEED) criteria, developed by the Unites States Green Building Council (USGBC).
The whole project is planned in order to have the LEED certificate.
EMAAR Square, made up of a 150,000 square meter total area available for rent, will feature Istanbul’s largest mall with over 400 stores, including 100 stores reserved for catering and entertainment.
By hosting elegant brands such as Galeri Lafayette, EMAAR Square will increase the value of the area in which it is located. The mall will be a shopping and entertainment center of Istanbul’s Anatolian side with its Discovery Center, underwater zoo, cinema complex with 15 halls, children’s entertainment center..
EMAAR Square Mall Center will offer education, entertainment and shopping space together, as well.
Garanti Koza joins fair for cooperation
Garanti Koza, which put the Akkoza project into practice with its 65 years of experience in the Istanbul district of Esenyurt, is taking its place in MIPIM as a guest this year. Koza City constitutes the third phase of Akkoza, the first two phases having been executed in cooperation with Akiş. Built on 450,000 square meters of land, Akkoza contains 7,000 houses and social areas, with all details considered. With its 210 stores, Akbatı Mall meets all the needs of those who reside in Akkoza.
FOUR-STORIED SHOPPING MALL
Developed by world renowned U.S.-based architecture firm the Development Design Group (DDG), Akkoza Project is regarded as one of Istanbul’s greatest current projects, with its shopping mall and the life spaces it offers. The first phase of the project was put up for sale in August 2007.
This project, which turns Esenyurt into a center of attraction, provides all kinds of facilities that are needed for a modern life.
The four-storied Akbatı Shopping Mall occupying 210,000 square meters of land hosts the leading brands of the world, while a sports center named Club Istanbul, which has 20,000 square meters of outdoor space and 5,000 squares meters of indoor space, is at the residents’ service, along with many recreational sites and parks.
CONCERT AREA WITH 5,000 CAPACITY
Another social facility in Akkoza is Festival Park, which was founded on a 3,000 square meters of land. Festival Park, which has hosted various concerts and performances since 2011, has a 5,000
Also, with its Restaurants Street and stores that began serving in 2012, leading domestic and international brands are meeting their customers in Akkoza Street.
İş GYO to show off İzmir
İŞ GYO will be participating in the fair with its new project ‘Ege Perla’ in İzmir. ‘We expect our project to see same attention that it has been seeing in Turkey with its modern architecture standards on international arena too,’ İş GYO’s Tanes says.
İş Real Estate Investment Trust (İş GYO), a member of the İş Group, will attend the MIPIM Fair with its new project in İzmir, Ege Perla. “With its modern architecture and high quality standards, we expect our project to achieve the same interest in international markets as in the domestic ones,” İş GYO Chairman Turgay Tanes said. “We believe that the MIPIM Fair will be a chance for our rapidly growing company to show itself on the international arena, with both its already implemented and planned projects,” Tanes said.
CHANCE FOR REAL ESTATE SECTOR
Tanes said MIPIM, which is the largest international real estate fair in the world, gathers thousands of professionals from the sector together every year. “We think that İş GYO’s attendance in such a large-scale sector fair is still essential, even when we set aside the advantages it brings. Also, the fair is a great chance for all the firms in the Turkish real estate sectors to promote their projects. Thanks to such activities, the Turkish real estate sector is advancing to a global scale,” he said.
A STRONG IMAGE
Tanes added that it was crucial for them to display their domestic activities on international markets. “Turkey’s being a ‘Country of Honor’ at MIPIM 2013 is another sign of the interest shown towards our country’s real estate sector. We believe that there will be more attendance from our country both individually and collectively. And we hope that the synergy we create will display a strong image of Turkey. With the effect of the acceleration we have gained in the country’s economy, this interest and the recognition of the sector will increase in following years. Also, we believe that the state authorities’ support and participation in the fair will provide considerable favors for the representation of our country and our real estate sector in the international arena,” he said.
İZMİR PROJECT ON STAGE
Tanes said that within this year’s MIPIM they would promote their Ege Perla project, which was launched in İzmir and began its sales activities in late 2012. “We will present our project model and expect it to receive the same interest in international markets as in domestic ones, considering its modern architecture and high standards. Along with that, we will share the latest developments on our joint project with the Istanbul Tuzla Technology and Operation Center, which was launched at last year’s MIPIM fair.”
Ege Perla is being built in the Aegean province of İzmir, which offers great potential for the real estates. The project which, includes a mall, homes and home-offices, will developed in the ‘new city center’ of İzmir.
The Pearl of İzmir: Ege Perla
EGE Perla, the new project of the İş Real Estate Investment Trust (İş GYO), was developed in the “New City Center” located in İzmir’s Konak district. Occupying about 18,392 square meters of land, Ege Perla offers apartments with the view of İzmir Bay, wide and comfortable offices, and a semi-outdoor shopping mall with a unique architecture and elegant stores. Ege Perla Project is planned to be completed in December, 2015, while the planned investment value of the project is about $150 million.
Developed by world-renowned architect Emre Arolat, who has previously been awarded an Aga Khan Award for Architecture, Ege Perla will be built in a character that complements İzmir’s natural architecture. Along with a shopping mall with about 25,000 square meters of rentable space, two towers will be built as part of the project. In total, the two towers will contain about 30,000 square meters of space open for sale, and include 111 residences and 65 home-offices, all of which with a view of bay. The towers will be located 800 meters away from the subway, a 20-minute drive away from the airport, a 40-minute drive away from İzmir’s major tourism attraction Urla, and only a one hour drive away from the vibrant holiday destinations of Çeşme and Alaçatı.
With its high-standard equipment, residences with sea view, wide windows and balconies, rich landscape design on terraces organized as storey gardens, lobbies in the entrances of blocks, indoor swimming pools, lounge at the top of the 49-storied tower where the bay view can be seen at its best, 7/24 operating security, and other social facilities, Ege Perla offers the key to a quiet and peaceful life for families.
Prioritizing promotion of Turkey
Kuzu Group Executive Committee Member Özen Kuzu says that they will find the opportunity to explain investment opportunities to foreign investors in Turkey, primarily in Istanbul. ‘Instead of introducing projects individually, promoting Istanbul and Turkey will be more valuable,’ he says.
Kuzu Group, which is known for its Spradon brand housing projects in Turkey, will be participating in the fair at the Housing Developers and Investors Organization (KONUTDER) stand, of which it is are a member. “We will find the opportunity to explain to foreign investors the investment opportunities in Turkey and primarily in Istanbul. Also in urban transformation, we will be able to turn the heads of international investors to Turkey with the occasion of this fair,” Kuzu Group Executive Committee Member Özen Kuzu said.
INVESTMENTS TO BE EXPLAINED
Kuzu said both the Turkish economy and the Turkish real estate sector were rising stars in the world. “International surveys reveal this and again, in parallel with these surveys, Turkey is shown as a country to be invested in. But these investments have not really been made in Turkey yet. The MIPIM fair, which is the biggest real estate fair in the world, plays a very important role regarding the flow of foreign investments,” he said. “The fact that we are the country of honor this year is also very important regarding our effort to explain the investment opportunities in Turkey,” Kuzu added.
4,000 HOUSES BUILT
Describing the work of the Kuzu Group, Özen Kuzu said the company was one of the most important contractors in Turkey. “Since 1943 Kuzu has built mass housing projects, schools, hospitals, official buildings and sport facilities all around Turkey. It has become one of Turkey’s leading contractors with the over 6,000 employees it has recruited in the construction sector. Currently, Kuzu is also Turkey’s biggest wastewater treatment plant manager,” he said.
“It has constructed and turned over to the Housing Development Administration (TOKİ) more than 50,000 units of houses or apartments. It has also built several projects in Turkey’s major cities, in what falls into the ‘luxury’ category. In projects with brand names such as Spradon, Park Vadi and Divan, it has handed over 3,000 luxury houses to its owners,” Kuzu added.
ÖZEN Kuzu explained their strategy as being to meet the growing need for housing in Turkey.
“Due to both the growing population of our country and also because of past housing strategies, we are faced with a serious need for housing and renewal. As the housing gap increases, land development has emerged as a serious problem. Our strategy is first to take into account the facts of our country, then cooperate with the state to utilize the land with projects equipped with correct, functional and humane features,” he said.
“We will continue with the cooperation and harmony we have established with both TOKİ and Emlak Konut.”
Nurol Tower to bring new perspectives
THE Nurol Tower Project, developed by the Nurol Real Estate Investment Trust (Nurol GYO) in Istanbul’s Mecidiyeköy district, is drawing the attention of investors with its ‘home-office-home’ concept. ‘As Nurol GYO, we will both contribute to Turkey’s promotion and inform investors of our new projects, including Nurol Tower, [at the fair],’ Nurol GYO Chairman Musa Aykaç says.
THE project, developed in Mecidiyeköy by Nurol GYO, one of the subsidiaries of Nurol Holding, is drawing the investors’ attention both with its central location and its “home-office-home” concept, which has been implemented in Turkey for the first time. The Project brings innovative solutions to different expectations, by combining the privileges offered by a qualified workplace with the comfort of a luxurious residence in a single structure.
With Nurol Tower, which is located in one of Istanbul’s most important trade centers, Nurol GYO is preparing to make a “revolution” in the sense of luxury and comfort.
The residences of Nurol Tower, which consists of 243 units ranging from 73 to 193 square meters in width, will be delivered in June 2014. Built on 7,000 square meters of land, Nurol Tower will offer privileged lives to the owners of its residences with 4-meter ceiling heights, a bazaar with different units organized according to needs, large conference halls that are open for common use, a 133-meter-high Sky Lounge from which Istanbul’s panorama can be viewed, and concierge services.
Located in the heart of the city and at the crossroads of all the access roads, Nurol Tower offers easy accessibility to the subway and metrobus stations located nearby. The location of the project is also very close to the new Kabataş-Bağcılar subway project, which is planned to be built in near future. It is also within walking distance of the Çağlayan Courthouse and the Florence Nightingale Hospital.
With its environmentally friendly structure, Nurol Tower is also a candidate for the Green Building Certificate, LEED Gold, which is granted by the United States Green Building Council (USGBC). All the materials used in the construction of the project, which aims to provide 40 percent energy saving in proportion to similar buildings, are selected from among those that do not pose a threat to human health. Also, maximum efficiency is targeted in water consumption, with water recycling systems and thrifty armatures. Thanks to the work in energy saving that is practiced in Nurol Tower’s common spaces and private units, and the “pay-per-spend” cost management system, advantages have been also created in revenue costs.
The project also offers electric vehicle charging units and bicycle roads to encourage environmentally friendly transportation, while it offers a comfortable life to residents with systems controlling the quality of air within the building, high quality acoustic insulation, and openable windows. In addition, the facades of all the units face the southern directions to make maximum use of solar energy. Along with these, thanks to an implementation called “raised floor,” residents are allowed to organize their own interior architectural regulations according to their own needs.
International interest in project is growing
NUROL GYO Chairman Musa Aykaç said foreign investors were closely following the performance displayed by the Turkish economy during a period in which economic recession prevails, especially among European countries. “The recognition of Turkey as the Country of Honor at this year’s MIPIM Fair, which is regarded as the real estate market of the world, is a result of this interest. The acceleration of growth and the improvement of opportunities in the construction sector, which has always been a locomotive sector for our economy, make Turkey’s real estate market attractive for foreign investors. So, I believe that the Turkish Pavilion at the MIPIM Fair will be welcomed with a great interest. As Nurol GYO, we will both contribute to Turkey’s promotion and inform investors of our new projects, including the Nurol Tower, by attending such an important event. We will also have a chance to discuss and evaluate the latest developments in the sector with professionals participating in the fair from all over the world,” Aykaç said.
Istanbul’s ‘valley’ on display
One of Turkey’s major real estate projects, Vadistanbul, is taking its place in the MIPIM Fair
this year. In a year in which Turkey is participating in the fair as the country of honor, Vadistanbul will feature in the fair with its architecture and project specialties.
VADISTANBUL, one of the outstanding participants of MIPIM, will have an opportunity to be staged in the international arena through the MIPIM fair, which will host participants from 90 countries.
Vadistanbul, which is among the biggest and most spectacular projects, will be present inside Turkey’s fair pavilion.
The project has attracted intense demand from both domestic and international investors from the day of its launch, and is expected to attract major attention in the fair.
Several companies operating in the international arena are interested in Vadistanbul’s residential blocks as well as the hotel, office and shopping mall sections of the project. This interest also indicates that the Vadistanbul stand will have a busy tempo during the fair.
Vadistanbul was initiated by a joint venture of the Turkish construction sector’s leading firms the Artaş Group, the Aydınlı Group and Keleşoğlu İnşaat, stands out for its architecture, amenities and location. Several of the works within the Vadistanbul project will be the first of their kind in Turkey and will feature several examples for the construction sector.
It has a construction area of 1,100,000 square meters with its terrace apartments, residences, offices, shopping streets, cafes, hotels and malls, as well as entertainment venues.
Vadistanbul, which will rise over a total of three lots, will develop over a total area of 424,000 square meters. It will have three phases. The project contains 3,000 apartments, a shopping mall of 55,000 square meters and a street 700 meters long, where shops covering a total area of 28,000 square meters will be situated. The project will also include an office space of 240,000 square meters, as well as four and five-star hotels covering a total of 48,000 square meters.
FIRST PRIVATE SUBWAY
Within this project, Turkey’s first private subway will also pass through Vadistanbul. This subway, built specially for Vadistanbul, will be connected to the city’s overall subway network. Designed at a location intertwined with nature, Vadistanbul possesses a unique feature with the Sadabad Stream running across the project from one end to the other, carrying the crystal clear waters of the Bosphorus. The residential areas to be created alongside the natural stream running across the project will offer unprecedented pleasure, while also adding color and vitality to the region.
Meeting foreign investors
ARTAŞ Group Head of the Executive Committee Süleyman Çetinsaya pointed out that this year the MIPIM fair was more significant for Turkey. “Besides participating in the fair as the country of honor, the fact that this will be the second international event following the passing of the reciprocity law also increases its importance, with Turkish real estate meeting foreign investors. We will take part in the fair organized in Cannes with our Vadistanbul project, which is regarded as the largest real estate project of Turkey. Because we are among the biggest large-scale projects participating in the fair, we are subject to intense advance interest. While we have left a successful launch period behind, we see that we have a huge interest from foreign investors. Besides that, there is also a strong demand from foreign firms for the project’s hotel, mall and office spaces. I believe that the MIPIM fair will have an enormous effect in meeting with foreign investors and transforming them into sales. Also, the MIPIM fair will be a great opportunity for our country, as we will convey the details of the reciprocity law to foreign investors.”
Income of $2.5 billion expected
VADİSTANBUL, which connects Belgrade Forest to the north of Istanbul with Maslak, often regarded as the city center, has an investment value of 1.5 billion Turkish Liras, excluding the value of the land. The cost of the first stage of the project is 300 million Turkish Liras. The turnover expected from the project is $2.5 million. Key investments have been made in the architecture of the project. It was designed by the award winning Turkish architecture office İki Design and the U.S. firm SOM Architecture.