Dap Holding wins tender to develop 1.8 billion Turkish Lira real estate project on Marmara University property

ISTANBUL

Dap Holding won a tender held by Emlak Konut GYO to develop a real estate project worth 1.76 billion Turkish Liras ($451 million) on the property belonging to the Marmara University campus in the Teşvikiye neighborhood of Istanbul’s Nişantaşı district, daily Hürriyet reported on March 21.

The land was sold through a revenue-sharing model.

Dap Holding pledged to raise a total of 1.76 billion liras in sales revenue from the planned real estate project and pay 705.5 million liras as its share to Emlak Konut GYO, the owner of the land plot.

The project will be developed on 25,000 square meters of land by Eltes İnşaat and İstlife, both owned by Dap Holding.

Six companies, including Eltes-İstlife, Caba İnşaat, Doruk GYG Şehircilik, Taşyapı, Astaş and joint venture Özak GYO-İnt-Er Yapı placed bids on the tender.

Eltes-İstlife outbid its other competitors.

“New real estate projects could not have been developed in the area because of land shortages. There is a group of people there who want to remain in the area but they do not want to live in old houses. We will develop a project targeting this group,” said Dap Holding board chair Ziya Yılmaz, after the tender.

Construction work on the project will start in 2019, Yılmaz added.

Valuable land

The Environment and Urbanization Ministry have prepared a new plan for the land, abolishing its function as a campus.

Under the new plan, the ministry has allowed the construction of residential and commercial units on campus property located next to the historic Ihlamur Kasrı and another historic site.

Because of its proximity to the historic sites, the new plan requires the real estate project to have green space.

Eleven decares of the land plot will be allocated for the construction of residential and commercial units, while one decare will be allotted for a park area. Another seven decares will be spared for commercial use.

The residential and commercial units will have a maximum of 10 stories and five stories, respectively.

Marmara University’s Teşvikiye campus hosts the faculties of communication and dentistry. Classes will continue on the campus until the end of this year’s education period.

As part of a protocol inked between Marmara University and the Housing Development Administration (TOKİ) back in 2016, the university had transferred its campuses in the Halkalı, Bahçelievler and Nişantaşı districts to TOKİ. In return, TOKİ gave 2.46 million square meters of land, belonging to the Kenan Evren Barracks in Istanbul’s Maltepe district to Marmara University.

In June 2016, TOKİ announced that it sold the land in Nişantaşı to Emlak Konut GYO for 455 million liras.