7/12/2012

Dubai-based Emaar gets ready for second investment in Turkey

Sabah - Dubai’s largest real-estate company Emaar is getting ready for its second investment in Turkey, following its entry into Turkey with the Toscana Valley project. The company has purchased a land in Istanbul’s Camlica district at a cost of USD 430 million, and plans to establish a new town for 15,000 people in the new project that will include 1,000 houses and a shopping mall with a 145,000 square-meters of area.

 

The hotel, shopping mall and the business center in the project will create employment for around 5,000 people and this figure will rise to 15,000 including people to purchase the houses in this project, which together will make it a small town, according to Emaar Turkey CEO Ozan Balaban. He stated that the most interesting part of the project would be the “Beyoglu-themed” shopping center with a tram similar to the one on the Istiklal Street. 4,000 people are expected to work in 400 stores to be located in the 145,000 square-meter shopping mall.

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