The technical preparations in connection with the land set aside in Ataşehir for Istanbul Finance Center (IFC), which possesses an important place in the construction of new Turkey, and where the heart of the economy will beat, have come to the end. The construction work of the project, where the excavations have been completed, will begin before the elections.
Hasan Rahvalı, the CEO of the Ağaoğlu Group of Companies, who have been undertaking preparations for two years, said that despite bureaucratic difficulties they had been faced with, they had so far spent 550 million liras on the project. Rahvalı said, “These are expenditures we are undertaking for the future of our state and of Turkey. If we had been able to overcome the bureaucratic difficulties we would have been a considerable way ahead in the project”.
The 8.5 million cubic meter excavation stage at Istanbul Finance Center project, which will be the new face of Turkey, had been completed at the end of 2014. The project, as a result of which the heart of the economy will beat in the Ataşehir – Ümraniye axis, will be 3 million 500 thousand square meters in size and consist of numerous state organizations as well.
For Ağaoğlu, which organizations and institutions would take their place in the projects on the boundaries of the Finance Center had become clear in 2014. There will be 8 stakeholders involved, apart from Ağaoğlu, in the construction of the giant complex.
Ağaoğlu, which is also the contractor for the work to make the area suitable for construction, will build 319 apartments, 977 offices and 93 commercial units (a total of 1.448 independent units) belonging to itself. Ağaoğlu, which plans to sell a significant part of these to international investment companies, is in no hurry for the units that it will be left with. The probability is that the said units will be released for sale after their rough construction has been completed.
Who Said What?
Ali Ağaoğlu, the Chairman of the Board of Directors of the Ağaoğlu Group of Companies:
“The Istanbul International Finance Center Project is not just a real estate project. It is a strategic investment for the economy of Turkey. It will serve the Turkish economy even in hundreds of years time. Turkey must fulfill the requirements of being a finance center from every aspect. As Ağaoğlu, we have completed the infrastructure without a cent from the state, and obtained the license. The public sector needs to start moving.”
What organizations will be in the IFC?
- Central Bank of the Republic of Turkey (TCMB)
- Ziraat Bank
- Halk Bank
- Vakıflar Bank
- Banking Regulation and Supervision Agency (BRSA)
- Capital Markets Board (CMB)
- TAO Real Estate
- İş GYO
- International banks and intermediaries