Emaar Turkey, the country-subsidiary of Emaar Properties PJSC, has signed an agreement to purchase 73,571 m² of prime land in Istanbul, to develop a mixed-use project, details of which are currently being finalized. The purchase protocol valued at US$400 million 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