One of the largest foreign-capitalized companies in Turkey, Emaar Turkey has gone from strength to strength, selling 350 apartments within 45 days under Emaar Square project, which is being realized in Libadiye, Istanbul.
General Manager of Emaar Turkey Ozan Balaban said that they aimed to reach 275 flats by the end of the year but exceeded this target within 45 days, adding, “Sales are going very well. We have a waiting list under the project.”
Explaining that even though the prices for the smallest apartment starts from 240,000 dollars, the most expensive apartments were sold out first, Balaban added, “85% of Emaar Square project consists of small apartments, and 15% of large houses. The large ones were sold out quickly. People living in villas out of the city are coming to the central areas now.”
Highlighting that the small apartments in Emaar Square project also drew great attention, Ozan Balaban stated, “There are 1+1 apartments ranging from 50 to 90 square meters. Generally, 1+1 apartments are bought for the purpose of investment. We have parking areas and warehouses for our 1+1 apartments as well.” Expressing that one of the most popular apartments are small 2+1 ones in this period, Balaban said, “People now want small 2+1 apartments. 2+1 apartments are bought for both investment and living in. I recommend 2+1 apartments in the long run.”
Indicating that their inclusion of both the small and large apartments in their portfolio results from the demand in Turkey and from the international portfolios, Ozan Balaban said, “Istanbul is a historical city. Temporary tourists prefer the historical peninsula. Emaar Square project will attract the tourists staying for a long period. The economy of Turkey has been consistently progressing. The people coming from abroad and other provinces stay here for 3-4 days. We have such a portfolio of investors.”
Emaar Square Residences for Rent like Hotel Rooms
Ozan Balaban emphasized that they were planning to release the residence section of Emaar Square project at the end of 2013 and would not sell 180 rooms in the hotel section, but the residences above the hotel. Saying, “These apartments will be rented like hotel rooms at any time” Balaban added, “We will separate the entry and exit sections while building the hotel. Even the hotel lobby and conference hall have different entries. We designed a separate entry for the apartments.”
Emphasizing that they were expecting revenue from Emaar Square project in the long run, Ozan Balaban informed, “We are a publicly-held company. Thus, we will not sell all the units. We will keep and manage most of them. We have delivered 40,000 houses worldwide so far. We are operating and managing many hotels and shopping malls. These include the biggest shopping mall in the world, which is located in Dubai.”
Pointing out that the project is located in a location with a full view of Istanbul, Balaban said that Emaar Square has 40-storey buildings, and the ones from the 10th floor have a sea view. Expressing that the construction phase of Emaar Square project were in a quick progress, Balaban announced that they would launch delivering the apartments at the end of 2014 to the first quarter of 2015.
The Anatolian Side will Outpace the European Side
Ozan Balaban stated that Emaar Square project also adds a great value to the region, adding, “Our project will create a synergy with other projects in the region and will improve as the region develops.” Balaban said that the Anatolian side of Istanbul had significantly developed in recent years, adding, “We predicted the Anatolian side would outpace the European side. The prices have peaked on the European side. A+ class projects are sold for 8,000 to 10,000 dollars. The prices, which were 1,000 dollars in Ataşehir (Anatolian side) in 2005, reached 4,000 to 5,000 dollars. We can easily accomplish 8,000 to 10,000 dollars here.”
Emaar Square will Attract Customers Abroad
Balaban stated that the giant shopping mall inside Emaar Square project would even attract customers abroad and the project, which created value within itself, would serve with a great mixture. Balaban indicated that the affordable stores would have 2 different kid concepts and the shopping mall was expected to be a new center.
Emaar Square Project Launch in Dubai
Ozan Balaban said that they did not launch the project abroad, adding, “We are planning to make a launch in Dubai in March. However, the sales are very well in Turkey now. We have also foreign customers but 99% of our buyers consist of Turkish people.”
4 different Elements in Conjunction
Emaar Square project consists of a construction area of 300,000 square meters within a land of 66 decares as well as 4 different structures. The project blends apartments, offices, a shopping mall, and the hotel together, including 1,000 apartments, offices of 40,000 square meters, 400 stores with a rentable area of 155,000 square meters, and 5-star hotel “The Address.” Apartments range from 1+0 to 4+1 and apartment sizes range from 51 square meters to 400 square meters in the project.
To find out more about Emaar Square project, visit www.emaarsquare.com.tr