Real Estate

₺1.1 billion worth construction project in Kartal

Declaring 2021 as the year of the project, Emlak Konut GYO completed the tender for Kartal after Istanbul Ayazaga, Ortakoy and Besiktas. The highest bid came from Yildizlar Insaat with ₺1.1 billion.

Emlak Konut GYO, Turkey’s largest real estate investment trust, continues its revenue-sharing auctions for the lands it owns. Having completed important tenders such as Istanbul Ayazaga, Ortakoy and Besiktas this year, the company has now completed the tender process for the Kartal land. The first session of the ‘Istanbul Kartal Esentepe 1st Stage Revenue Sharing Business for Land Sale’ tender was held on 30 June, and Yildizlar Insaat and Dag Engineering submitted a bid.

OFFERS CAME FROM TWO COMPANIES

In the second session held on 9 July, written and final bids were received from the bidders. The highest bid was given by Yildizlar Insaat with a land share of ₺403 million 650 thousand (35.10%) over ₺1 billion 150 million in total sales revenue. On the other hand, Dag Engineering offered a land share of ₺379 million 750 thousand (35%) over the total sales revenue of ₺1 billion 85 million. Bids are under evaluation.

NEIGHBOR TO THE NATION’S GARDEN

The land, which is also adjacent to the National Garden, is located on the Kartal E-5 road. The land in question has a total size of 38 thousand 334 square meters. The total construction area was determined as 69 thousand square meters on the land where the precedent is 1.80. A mixed project will be built in the area with commercial and residential functions. Emlak Konut GYO bought 14 real estate owned by TOKI in Kartal for ₺457 million last year. In this context, it is planned to construct a project of approximately 1,200 residences on a total area of 143 thousand square meters. The value of the projects in these parcels will reach ₺2 billion. Esentepe parcels, for which the tender was held, are also being implemented within the scope of this project.

TENDERS WERE BACK TO BACK

Declaring 2021 as the year of the project, Emlak Konut carries out its tenders one after the other. Pacific Construction won the tender for the land where the Levent Gendarmerie Housing in Istanbul Ortakoy is located. In the tender, which was held with the model of revenue sharing in return for land sales, the company won with a total sales revenue of ₺2 million 650 thousand, a land share offer of 45%, that is, ₺1 million 192 thousand 500 thousand. Fuzul Insaat won the tender for the land where the Environment and Urbanization Provincial Directorate building is located in Besiktas, while Eltes Insaat, a subsidiary of Dap Yapi, won the tender for the Seyrantepe Police Lodgings. The company took the lead with an offer of ₺3 billion 111 million as a total sales revenue of construction.

Source: Sabah / Translated by Irem Yildiz

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