Propa Construction is to develop a 150 million Lira project in Kartal. Propa Construction, which recently completed an office project in Zincirlikuyu, is to develop a new real estate project with an investment of 150 million Liras, on the site of the Yakacık Valve factory, in Kartal, Yakacık. Can Reşit Özçiçek, stated that the projects, which have a land cost of 45 million Liras, would be developed on 8 decares of land.
Özçiçek, who defined the project as ‘the turning of a dream into reality’, said, “It will be a monumental project. We will launch it after the elections. It will begin around September and be completed in 24 months. The building, which will be comprised of a single tower, will include residences and commercial units.” Propa Construction was established as a family company in 1973. The company, which undertook residential complexes and infrastructure and superstructure projects in its first years, specialized in homes from the 80s. Özçiçek, who is a third generation representative of the company, and who has been involved in active business life for 15 years, said that they had realized 6 projects in Bodrum, in the last 15 years. The property projects of the company include Propa Bargylium, Propa Royal Resort, Propa Royal Residence, Propa Royal Blue, Propa Gizli Vadi Evleri, Propa Çorlu Park, Propa Sarıyer Park, Propa Aura Residence, Propa Ofis 1 and Propa Plaza. It is planning to set up a real estate investment fund. Özçiçek stated that they did not have any plans to be involved in very large projects in the coming periods.
Özçiçek, who stated that they were working in boutique form, said, “We are holding discussions with a new location in Levent. There are only a few minor procedures left. We are also in discussions for a site in Kağıthane, Piyalepaşa. If successful, we will develop office and residence projects there.” Özçiçek said that they wanted to reach a construction area of 150 thousand square meters in the next 3-5 years. Another plan of Propa Construction for the coming period is to set up a real estate investment fund. Can Reşit Özçiçek, who stated that they would be going down this route in order to evaluate the accumulated properties, said, “We will make the applications and obtain the permissions in the first 6 months; then we want to grow the fund in the second half.”