7/3/2009

Dubai-based Emaar eyes new opportunities in Turkey

Hurriyet Daily News - Emaar Turkey, a local unit of Dubai-based Emaar Properties PJSC, has long-term plans for Turkey, according to Ozan Balaban, CEO of the property firm. Emaar has so far sold 147 of the 174 houses it has built in the Buyukcekmece district of Istanbul and is now planning a new investment in Libadiye. Emaar Turkey has USD 4 billion worth of plans for Turkey. The company entered the Turkish market in 2006 and has already sold the first phase of Tuscan Valley Houses, its first project in Turkey. "We have long-term plans for Turkey. We are keeping an open mind with regard to new investment opportunities. We are not fostering a build-and-sell mentality. We are here to stay" said Ozan Balaban. "In the long term, we are planning to turn Emaar into a real estate investment trust and open it to the public" he added.
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