İş GYO invests 300 million liras in big Istanbul project

ISTANBUL - Hürriyet

İş GYO executives pose during a press meeting to present a large housing project on the outskirts of Istanbul. Hürriyet photo

İş Real Estate Investment Trust (İş GYO), a member of the İş Group, started developing the first of three projects worth 300 million Turkish Liras in Tuzla on the outskirts of Istanbul’s Asian side.

“We aim to become one of those enterprises that add value to Tuzla,” said Turgay Tanes, İş GYO General Manager, at the groundbreaking ceremony for Çınarlı Bahçe, the housing development project.

Çınarlı Bahçe will be comprised of 476 apartments, and the target revenue from sales is 150 million liras, said Tanes. Average price-per-square-meter is 2,500 liras. The apartments’ prices start from 180,000 liras, and 65 percent of Çınarlı Bahçe residences were sold since sales started last October.

The second project will be a Technology and Operation Center, designed to serve the needs of İş Bank. Five thousand people will work at the center.

The third, an integrated project, will be built next to the Technology and Operation Center on a 21,000-square-meter site. Plans include a five-star hotel, offices and a trade center. These projects will be completed gradually over three years, said Tanes. “Tuzla is developing every year with new investments.”
Tanes said they will not have residences in the integrated project but plan for the trade center to include food and beverage stores and to appeal to the whole Tuzla area. “We are still in talks with an international chain to run the hotel,” he said. The groundbreaking ceremony for both the Technology and Operation Center and the integrated project is scheduled for May 2012.