Istanbul Receives $705 Million Investment From Dubai Holding Property Unit
Sama Dubai, the Dubai Holding property unit, yesterday made the winning bid for land in Istanbul’s business district, spending $705 million on the 46,241 sq. m. area, which is to accommodate a new business and leisure complex called ‘Dubai Towers’.
The investment will provide Turkey’s growing economy and already thriving real estate market with a new boost, and comes as the city’s second major tender for real estate this month. A winning bid of $800 million was made two weeks ago by Zorlu, a Turkish conglomerate, for a 96,500 sq. m. area of land in another district of Istanbul.
Sama Dubai gave its reasons for choosing Turkey as the destination for one of its largest projects as a combination of the potential for growth in its economy, and its position as a centre for business, trade and tourism. Sama Dubai originally planned to invest in partnership with the Istanbul municipality, from whom the real estate was purchased, but subsequently decided to enter a bid on its own. According to the mayor of Istanbul, Kadir Topbas, the value is to be paid in cash.
The company’s Chairman, Farhan Faraidooni, said: “We will now focus on our Dubai Towers project, the first step in our planned real estate projects amounting to a total of $5 billion.” The ‘Dubai Towers’ project will be added to Sama Dubai’s other projects in Casablanca, Qatar, Dubai, Bahrain and Oman.
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The investment will provide Turkey’s growing economy and already thriving real estate market with a new boost, and comes as the city’s second major tender for real estate this month. A winning bid of $800 million was made two weeks ago by Zorlu, a Turkish conglomerate, for a 96,500 sq. m. area of land in another district of Istanbul.
Sama Dubai gave its reasons for choosing Turkey as the destination for one of its largest projects as a combination of the potential for growth in its economy, and its position as a centre for business, trade and tourism. Sama Dubai originally planned to invest in partnership with the Istanbul municipality, from whom the real estate was purchased, but subsequently decided to enter a bid on its own. According to the mayor of Istanbul, Kadir Topbas, the value is to be paid in cash.
The company’s Chairman, Farhan Faraidooni, said: “We will now focus on our Dubai Towers project, the first step in our planned real estate projects amounting to a total of $5 billion.” The ‘Dubai Towers’ project will be added to Sama Dubai’s other projects in Casablanca, Qatar, Dubai, Bahrain and Oman.
If you wish to see the original article please click here
posted by Obelisk International at 11:49 am
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