Sama Dubai wins İETT land after bidding war (TU/UAE)

The Sama Dubai, a subsidiary of Dubai Group, has finally obtained long-desired land owned by the Ýstanbul Transportation Authority (ÝETT) in Levent for $705 million after a fierce bidding war against Zorlu Holding in a public auction.

Only seven out of the 19 companies who had bought bid specifications participated in the tender. The three companies bidding the highest price were Sama Dubai (YTL 840 million), Zorlu Holding (YTL 707 million) and Fiba-Nurol Joint Venture (YTL 505 million). The bidding went on with the three biggest bidders. Sama's last bid of $705 million turned out to be the winning bid.

Mayor Kadir Topbas said the result of the tender clearly reflected Turkey's economic stability and the development level of Ýstanbul. Indicating that the land was the largest piece of property the city owned, he said the money coming from the sale would be spent on transportation projects to ease Ýstanbul's chronic traffic problem.

The Sama Dubai is expected to build two skyscrapers, the Dubai Towers, the tallest of which is estimated to be 300 meters high, on the 46,241-m² plot of land it won in the auction that is suitable for business or housing construction.

Source: Isa Sezen

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