DAP Yapi started construction on the land in Nisantasi, for which it promised ₺1.7 billion in revenue. Stating that they did not put the brakes on investment despite the coronavirus process affecting the world, Ziya Yilmaz, Chairman of DAP Yapi, said, “Even though there are ups and downs, we trust our country, economy and industry. We did not give up investment during this period.”
DAP Yapi started the construction of the housing project in Nisantasi, Istanbul, where it implemented the new concepts and designs it developed. Ziya Yilmaz, Chairman of the Board of Directors of DAP Yapi, stated that they received preliminary demand for the project called “Nisantasi Protect” and drew attention to the position of their new investments. Stating that they expect great interest in the project located between the American Hospital and the Ihlamur Kasri, Yilmaz noted that the prices are 35-40% lower than the residences developed in the region for the last 10-15 years.
THEY WILL SELL WITH TL
Ziya Yilmaz explained that almost all of the residences in the region are sold in foreign currency and said, “We protect the home buyers from the exchange rate risk by making forward sales in Turkish Lira in this market, where foreign currency is dominant, and make a profit by making the right investment. When we examine the market values of the houses built in the last 10-15 years in Nisantasi and its surroundings, we see that our pre-demand prices are 40% below the region. For this reason, we can say that our project has a premium potential of over 100%.”
“WE WILL STAND OVER THE COMMITMENT’
DAP Yapi won the land in Nisantasi Tesvikiye in the tender of Emlak Konut GYO. Accordingly, Eltes-Istlife companies belonging to the Holding committed a total sales revenue of ₺1 billion 763 million 750 thousand for the project to be built on a 25 thousand square meter land, while the income of Emlak Konut, the owner of the land, was ₺705 million 500 thousand. Noting that they did not put the brakes on investment during the coronavirus process that affected the whole world, Yilmaz said, “Even though there are ups and downs, we trust our country, economy and industry. During this period, we did not give up on investment. We did not, and will not, be surprised by our investment plan in times of crisis. Of course, the real estate sector is going through this process with difficulties. However, especially during these periods, we should not interrupt our work, and even work harder to create value.” Noting that they can exceed the $1.7 billion commitment given for the Nisantasi project, Yilmaz stated that they are planning a new project for the end of the year.
NEXT THERE IS A PROJECT WORTH ₺3.1 BILION
Dap Yapi also won another revenue-sharing tender held by Emlak Konut GYO in March. A project will also be developed on the land adjacent to the Galatasaray stadium Turk Telekom Arena in Istanbul Sariyer Ayazaga. A revenue of ₺3 billion 111 million was committed for the project, which is planned to reach the end of the year. On the other hand, the company continues the construction of a ₺1.1 billion housing project on the land of Cekmekoy, which it bought with a tender again last year. The total amount committed by the company for the Cekmekoy, Nisantasi and Ayazaga projects, which came into the pandemic period, is approximately ₺5.9 billion.
MEASURES CONSUMERS’ EXPECTATION
Stating that they carried the “healthy home” concept they started in Istanbul Cekmekoy to Nisantasi, Yilmaz said, “There will be a period before and after the coronavirus in the housing sector. We also examined the demands that changed with the epidemic. We received the expectations of the target audience of 58 thousand 300 people in Cekmekoy and 18 thousand people in Nisantasi and designed our project accordingly.” Ziya Yilmaz summarized the healthy home criteria as follows: “Healthy homes should be built at a height that can be reached on foot when needed. It should have a garden, a terrace or a large balcony. It should have a forest, grove or green area, and the ventilation system of each flat should be designed in accordance with health criteria. The last criterion is to be built according to the latest earthquake regulations.” Stating that they have developed the concept of ‘garden villa’ for Nisantasi projects, Yilmaz said, “We are breaking new ground in Nisantasi while bringing luxury and nature together in terms of housing and life. With ‘garden villas’, you will enter your house from the building or from your garden. While there are a total of 161 flats in 5 blocks in the project, flat sizes vary between 85 and 760 square meters. 19 of the residences were developed as garden villas and 47 as terrace villas with pools.”
Source: Hurriyet / Translated by Irem Yildiz