Highly prized land in Istanbul sold to Dap Holding for TL 1.8B

Published 22.03.2018 22:43

Emlak Konut Real Estate Investment Trust (REIT) organized a tender for the sale of Marmara University's campus in Nişantaşı, one of the most luxurious and valuable districts of Istanbul, with the participation of six bidders. Real estate giant Dap Holding's subsidiary Eltes İnş. Tesisat San. Ve Tic. A.Ş. & İstlife Yapı San.Tic. A.Ş. Joint Venture became the new owner of the land, giving the highest bid of TL 1.8 billion.

According to the statement released on Dap Yapı's website, commercial and residential areas and parking areas will be located on the grounds in the city center. Approximately 11 acres of 25 acres of land will be reserved as commercial and residential areas, one acre as commercial area and seven acres as parking area. Due to the presence of the Ihlamur Pavilion Natural and Historical Protected Area right next to the land, a green area was also arranged.

Buildings in residential and commercial areas have been specified to have 10 floors, while the height limit in the commercial area was specified as 5 floors. The floor area ratio was calculated as 26,887 square meters in total.

Evaluating the outcome of the tender, DAP Holding Chairman Ziya Yılmaz pointed out that Nişantaşı bidding is of great importance for Emlak Konut REIT and that they are conducting long-term studies in this regard.

"Nişantaşı was an important location for DAP Yapı's mission. We are very excited to develop a project in the most valuable location of the European Side [of Istanbul]. I can imagine the artwork we will create by combining our own vision with Nişantaşı's unique atmosphere and attractiveness," Yılmaz continued. "We will start working as soon as possible and design a living space that will add value to Istanbul and Nişantaşı. I am both pleased and excited to exhibit the privilege of DAP Yapı in one of the most prestigious districts of Istanbul such as Nişantaşı."

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