Zorlu Holding, one of the leading industrial groups in Turkey and an emerging figure in the country's real estate market after buying property worth almost $1 billion, has now turned its face to Ýzmir and Marmaris for additional real estate investment.
After swelling its purse by selling its 75% share of Denizbank to Dexia for $2.4 billion, Zorlu decided to invest the returns in the real estate market, exemplified by the record purchase of General Directorate of Highways (KGM) land in Levent after an $800-million bid.
Levent Ergül, general manager of Zorlu Real Estate Development Corp., said the company has completed the purchase of three properties in Ýzmir and Marmaris, adding that new land deals may soon follow. The company subsequently decided to purchase 152,000 m² of land situated in Yalancýboðaz near Marmaris on the way to the Aksaz military base. The studies on the ground plan and project over the land are still under way, said Ergül. "We will start building tourism facilities in the region." He added that tenders for the sale of land in Çeþme opened by the Ministry of Culture and Tourism last year were cancelled due to insufficient participation, adding that they are now eyeing these tenders to open again this year.
Ergül indicated that they are especially interested in a 20-million-m² property in Mersin Bay in Çeþme. The company is planning to construct five-star hotels, a marina, facilities for day trippers and pavilions for summer visitors on this land, 2 million m² of which is open to construction.
Source: Today's Zaman