Emaar unveils its expansion plans in Turkey
Monday, April 6, 2009
Emaar Properties have bought a 40 per cent stake in Emaar Turkey from Cihan Kamer, chairman of the Atasay Group, according to reports.
According to Dubai financial market website, Emaar Properties, PJSC, the Middle East's biggest publicly traded real-estate developer, said it bought a 40 percent stake in Emaar Turkey held by Cihan Kamer, the chairman of the Atasay Group. The purchase boosted Emaar’s stake in Emaar Turkey to 100 percent.
Spokesperson of The Dubai-based Company said that Emaar Turkey will continue its investments in Turkey in residential projects, along with shopping malls, and the health, education, tourism and entertainment sectors. The US$700 million Tuscan Valley Houses marked Emaar’s entry into the Turkish market and had plans for Turkey to recreate the global luxury standards set by Emaar at its developments in 15 other countries.
Earlier in February, Emaar Turkey, the country-subsidiary of Emaar Properties, has signed an agreement with Turkey's Toprak Holding to purchase prime land worth $400 million Located on the Asian side of Istanbul within the junction of main highways, it is also in close proximity to the proposed metro rail tunnel under the Bosphorus strait linking Asia and Europe. The land is ideal for a mixed-use development with housing, commercial and tourism components.
Dr Nader Mohammad, Regional Managing Director of Emaar International commented: “Emaar has gained a strong presence in the Turkish property sector and will invest a further US$5-10 billion in the next five years in Turkey, to drive our expansion plans for the country. This will be a step forward to initiate world-class master-planned communities in line with our projects around the world." Meanwhile, Ozan Balaban, General Manager, Emaar Turkey has said that the project demonstrates company's commitment to the country by investing in long-term projects that invigorate the socio-economic sphere of Turkey. In addition to this pioneering master-planned project, Emaar and Atasay are also looking for potential sites for shopping centers, commercial space and hotel developments.
Social BookmarkingAccording to Dubai financial market website, Emaar Properties, PJSC, the Middle East's biggest publicly traded real-estate developer, said it bought a 40 percent stake in Emaar Turkey held by Cihan Kamer, the chairman of the Atasay Group. The purchase boosted Emaar’s stake in Emaar Turkey to 100 percent.
Spokesperson of The Dubai-based Company said that Emaar Turkey will continue its investments in Turkey in residential projects, along with shopping malls, and the health, education, tourism and entertainment sectors. The US$700 million Tuscan Valley Houses marked Emaar’s entry into the Turkish market and had plans for Turkey to recreate the global luxury standards set by Emaar at its developments in 15 other countries.
Earlier in February, Emaar Turkey, the country-subsidiary of Emaar Properties, has signed an agreement with Turkey's Toprak Holding to purchase prime land worth $400 million Located on the Asian side of Istanbul within the junction of main highways, it is also in close proximity to the proposed metro rail tunnel under the Bosphorus strait linking Asia and Europe. The land is ideal for a mixed-use development with housing, commercial and tourism components.
Dr Nader Mohammad, Regional Managing Director of Emaar International commented: “Emaar has gained a strong presence in the Turkish property sector and will invest a further US$5-10 billion in the next five years in Turkey, to drive our expansion plans for the country. This will be a step forward to initiate world-class master-planned communities in line with our projects around the world." Meanwhile, Ozan Balaban, General Manager, Emaar Turkey has said that the project demonstrates company's commitment to the country by investing in long-term projects that invigorate the socio-economic sphere of Turkey. In addition to this pioneering master-planned project, Emaar and Atasay are also looking for potential sites for shopping centers, commercial space and hotel developments.
Labels: Real-estate-news
