An impressive amount of sales have taken place at Maslak 1453 project, which is said to be one of the most important property projects in Istanbul in recent periods.
Maslak 1453 project sale is like a privatization ‘unmatched’ in Turkish Construction Sector
According to the news published by Economist magazine, the Ağaoğlu Group of Companies has sold 469 properties in one go to a Saudi Arabian businessman. This equates to 10 per cent of the total number of properties at Maslak 1453 project. The Saudi businessman has bought two complete blocks – one large and one small, and will pay Ağaoğlu 190 million 710 thousand dollars in total. Following the signing of the agreement, the businessman has paid a 10 million dollar deposit. The 469 apartments which have been bought are equivalent to almost 10 per cent of the whole Maslak 1453 project which consists of 4 thousand 789 apartments. Hasan Rahvalı, the Managing Director of the Ağaoğlu Group of Companies said, “This sale was like a privatization. This is definitely our largest figure. I don’t think there has been anything like it until today in the Turkish construction sector either.”
The investor came through references
According to Rahvalı, the story behind the sale is interesting as well. The Ağaoğlu Group sold 60 apartments each to two separate Saudi partners from the My Europe project in Mahmutbey, Istanbul, last September (Now completed and deliveries started). These two partners, each having around 30 companies, were impressed by the good service they received from Ağaoğlu and the investment possibilities in the real estate project. This meant that the first steps were concluded successfully and a 190 million dollar sale was executed in the Maslak 1453 project with just one signature.
Name of the investor not revealed for the time being
This is how the agreement leading to a record sale at Maslak 1453 project came about. Hasan Rahvalı states that as they have not yet received permission from their Saudi Arabian client, it would not be right for them to reveal his name, and adds, “However, if in the near future they approve, we can hold a joint press conference. We can hold this conference both in Istanbul and in Saudi Arabia. We believe this would be conducive to both parties.”
Information about Maslak 1453 project can be found at www.maslak1453.com