Istanbul gains value with mega construction projects
by Şeyma Eraz
ISTANBULSep 09, 2015 - 12:00 am GMT+3
by Şeyma Eraz
Sep 09, 2015 12:00 am
Along with the increasing real estate sector, the value of the city continues to rise thanks to extraordinary construction projects like Kanal Istanbul, Marmaray rail line under the Bosporus, third airport, third bridge, Eurasia tunnel and three-storey Bosporus Tunnel
Istanbul is an extremely crucial center for the construction and real estate sectors as, especially, when the real estate sector is concerned, it is apparent that Istanbul is the biggest market for real estate. The migration to this metropolis continues at the same fast pace because it is the area with the highest amount of real estate activities in Turkey, plus Istanbul is an important international economic center along with its crucial geographic location.
The headquarters of various firms that represent our country in the international construction markets are all located in Istanbul. Further, various mega engineering projects that operate on a worldwide scale are all being realized and are scheduled to be carried out in Istanbul, making the city a unique and preferred location for the construction sector.
The worldwide projects developed in Istanbul and the attraction they create, not only draw the attention of local investors but also foreign investors. Below, are some of the investment projects in the construction sector that have been constructed or are planned to be built in Istanbul in the near-future.
The Attraction Centers Emerging with the Developing Infrastructural Projects In addition to urban transformation projects, infrastructure projects in transportation are becoming attraction centers and creating new demand areas. Although the construction of the North Marmara Highway and the third Bosporus bridge of Istanbul come under fire because of their impacts on urbanization and environment, they will certainly lead to new demands for housing in the districts of Riva, Beykoz, Polonezköy, Alemdağ, Ispartakule, Sancaktepe, Kınalı, Hadımköy and Pelitli.
KANAL ISTANBUL PROJECT
The project known to the public by its official name "Kanal Istanbul" (Canal Istanbul) will be accomplished on the European side of Istanbul. The project aims to build a sea-level waterway connecting the Black Sea to the Marmara Sea. The waterway's length will be around 40 to 45 kilometers and will have a width of between 145 and 150 meters on the surface. Along with the waterway, when the planned airport and roads and other similar infrastructure projects are considered, an investment of around $50 billion is required to successfully accomplish the project.
Fourteen kilometers of the Marmaray Project, which is an improvement and development project of 76 kilometers of suburban railways along with an undersea railway tunnel under the Bosporus connecting the European and Asian sides of Istanbul, between Ayrılıkçeşme and Kazlıçeşme were opened on Oct., 29, 2014.
The Marmaray also has connections to the Istanbul Metro and since it offers diminished travel time and takes the load off the bridges built over the Bosporus Strait, the project is increasing the quality of life of the citizens of Istanbul. The project is similar to the Eurotunnel under the English Channel and with its deepest point located at 60.46 meters under the water, it has the deepest immersed tube tunnel used by railway systems in the world.
THIRD AIRPORT PROJECT
This project will be constructed between Yeniköy and Akpınar located on the northern part of Istanbul near the Black Sea. The airport is planned to have six runways and a passenger capacity of 150 million. The tender, which took place on May 3, 2013, was awarded to the Cengiz-Kolin-Limak-Kalyon-Mapa Joint Venture Group for $22.2 billion, making it the highest bid in the history of the Republic of Turkey. The groundbreaking ceremony took place on June 7, 2014. When completed, the airport is expected to have the highest passenger capacity in the world and is scheduled to be completed in 2018. The project, which is based on the Build-Operate-Transfer model, will also be integrated into the Northern Marmara Highway and the third Bosporus Bridge. The airport will also have railway transportation links to Taksim and it is anticipated that the journey between Taksim and the third Airport will be 15 minutes via fast trains.
THIRD BOSPORUS BRIDGE PROJECT
The project, which aims to build a third bridge over the Bosporus Strait between Poyrazköy, Beykoz on the Anatolian Side and Garipçe, Sarıyer on the European Side on the northern part of Istanbul besides the Black Sea, is scheduled to be opened for service at the end of 2015 When completed, the bridge will be the longest suspension bridge with railway systems with a tower exceeding 5,320 meters, a width of 59 meters and a length of 1,408 meters. The groundbreaking ceremony took place on May 29, 2013 and the construction works are still ongoing in Garipçe and Poyrazköy, where the piers of the bridge are located.
The Eurasia Tunnel Project will connect the Asian and European sides via a highway tunnel located under the seabed and will run between Kazlıçeşme on the European side and Göztepe on the Asian Side in order to diminish the traffic problems Istanbul suffers. Its complete route will be 14.6 kilometers, of which 5.4 kilometers will be located in the two-floored tunnel to be built under the seabed by using a special technology. Other connection tunnels will be constructed by other methods. Road enlargement and improvement works will take place on a route of 9.2 kilometers. Further, access roads between Sarayburnu-Kazlıçeşme and Harem-Göztepe will be expanded and new subways for vehicles and foot bridges for pedestrians will be built.
THREE-STOREY BOSPORUS TUNNEL
The project will consist of a fast metro tunnel, similar to the Marmaray Tube Tunnel between Bakırköy-İncirli on the E5 highways axis on the European Side and Söğütlüçeşme on the Asian side and also a 2x2 lane highway tunnel similar to the Eurasia Tunnel. The project aims to ease the traffic on the Fatih Sultan Mehmet Bridge on the TEM highway. There will be a railway link of 31.5 kilometers between Söğütlüçeşme and İncirli, while 16.5 kilometers will be a three-storey tunnel and 6.5 kilometers between Küçüksu-Gayrettepe is planned to be built under the Bosporus Strait. The project will also be a Build-Operate-Transfer project and is expected to cost around $3.5 billion and be completed in five years.