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$1.5bn Turkish delights on show at Cityscape

ISTANBUL, September 16, 2014

Turkish Development company Kronos is set to showcase projects worth $1.5 billion including its landmark Çengelkoy Park property overlooking Bosphorus strait in Istanbul, Turkey, at the upcoming Cityscape Global Exhibition in Dubai, UAE.

Kronos specialises in projects located in central locations at Istanbul which has been an excellent investment since so far, said a statement from the Turkish developer.

Çengelkoy Park is one of the projects that will be targeted at buyers from the GCC during Cityscape, it stated.

The development will look the same like a historic neighbourhood in Bosphorus with each house having a different facade and size, it added.

According to Kronos, the $300-million project will boast of 116 townhouses, 27 villas and 73 residences along with a shopping arcade and two social facilites.

Its other project, Brooklyn Park, is part of a massive development called Yeni Fikir Tepe next to the new tunnel crossing the Bosphorus at the junction of D100 Highway.

It features modern architecture with views of historic peninsula and princess islands. In the first phase there will be 728 residences.

Once the tunnel is completed in 2015; the distance to the historic peninsula where Topkapı Palace and Hagia Sophia lies, will be less than five minutes.

Yeni Fikirtepe is the largest urban redevelopment project in the Middle East where 250,000 people will live and work under the patronage of Ministry of Urban Development and Housing of Turkey.

"The master plan of the Yeni Fikir Tepe has been done by the ministry and developers are doing their project as per the set guidelines. This is first of its kind in Turkey," stated Moustafa Samim Hatipoğlu, the founding partner of Kronos Development.

"There will be also circular light-rail system, fenicular systems connecting the Kadıkoy-Kartal Metro line and a new high street, a 40-m-wide boulevard with a shopping offering exceeding Istiklal Street and Bagdat Street in Istanbul," he revealed.

The prices of the townhouses start from $845,000 and the villas from $1.8 million.

Samim Hatipoğlu pointed out that with the recent regulation and liberalisation of real-estate markets in Turkey, there has been a sharp increase in the number of overseas buyers.

"Around 25 per cent of the group's turnover is from Arabs and 10 per cent from Russians," he added.-TradeArabia News Service




Tags: Cityscape | Projects |

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