Dubai, UAE, March 23, 2006: Emaar Properties, the world’s largest property development company, has today announced its latest international expansion venture with a landmark development valued at US$700 million in Istanbul, the cultural and commercial hub of Turkey. The Lakeside project will introduce the master planned community concept to the ancient city and offer lifestyle options that have become synonymous with Emaar.
The Lakeside project is a joint venture between Emaar Properties, and Atasay, Turkey’s largest gold jewellery exporter. The initial investment figure of US$700 million will be followed by a further US$5-10 billion over the next few years. In addition to the Lakeside project, Emaar and Atasay are also currently focusing in identifying potential sites for shopping centres, commercial space and hotels developments.
The Lakeside project is located in the western part of Istanbul, just 20 kilometres from Ataturk International Airport and 50 minutes from the city centre, covering 1.7 million square metres. The project will include 600 luxury villas, recreational and social spaces for residents as well as a wide range of community amenities. With villas situated on the slopes of the nearby Buyukcekmece Lake and the Marmara Sea, residents will be able to take in the stunning views of the picturesque lake from their exclusive homes.
“Today’s announcement marks another milestone in Emaar’s ongoing international expansion. As part of Emaar’s ‘Vision 2010’ program of rolling the Emaar brand name across the world, Turkey was a significant market to our plans and demonstrated ideal market conditions for high quality master planned communities,” said Mr Mohamed Ali Alabbar, Emaar’s Chairman. “Istanbul is both an ancient city with an impressive past and a modern metropolis with an exciting future; it is the perfect time to contribute to its progress,” he added.
Mr Cihan Kamer, Atasay’s Chairman said: “We are excited that we are working together with Emaar to build world class landmark projects in Turkey. With this partnership, our goal is to serve the Turkish people and provide quality communities with increased lifestyle options.”
Steeped in history, present day Turkey has been shaped by three ancient empires with two of the seven ancient wonders of the world, namely the Temple of Artemis and the Mausoleum of Halicarnassus having been located in the ancient land. The Lakeside project will complement this rich history taking inspiration from the surrounding natural beauty of the Buyukcekmece Lake.
“The Lakeside project is the first of many Emaar projects in Turkey. Not only are we looking at the real estate sector, but also at investing in finance, energy, telecom, tourism and media sectors as part of Emaar’s long-term investment plans within the country. We look forward to the opening of our new corporate office in Istanbul during the next quarter,” said Dr Nader Mohammed, Emaar’s Executive Director – International Operations.
With joint ventures and projects across the region covering Saudi Arabia, Morocco, Syria, Egypt, India and Pakistan, Emaar is taking its successful formula to the rest of the world.
