Dubai-based Emaar Properties and its Turkish partner Atasay could invest up to EUR 37 bn in Turkish real estate, Atasay's ceo Cihan Kamer and Emaar Turkey's general manager Ozan Balaban said during an interview on CNN Türk. The Dubai-based group Emaar announced last month the development of a landmark 1.7 million m[sup]2[/sup] residential project in the country valued at $700 mln.
Dubai-based Emaar Properties and its Turkish partner Atasay could invest up to EUR 37 bn in Turkish real estate, Atasay's ceo Cihan Kamer and Emaar Turkey's general manager Ozan Balaban said during an interview on CNN Türk. The Dubai-based group Emaar announced last month the development of a landmark 1.7 million m2 residential project in the country valued at $700 mln.
The Lakeside project is a joint venture between Emaar Properties and Atasay, Turkey's largest gold jewellery exporter. It will be the first step of a commitment to the country that could reach as much as EUR 37 bn, if 'the company finds the right project.' 'The Lakeside project is the first of many Emaar projects in Turkey,' Balaban said, adding that Emaar 'will invest $5 bn in the next five years.'
The Lakeside scheme is located in the western part of Istanbul, just 20 km from the Ataturk International Airport and 50 minutes from the city centre. It will include 600 luxury villas, recreational and social facilities as well as a wide range of community amenities. Emaar and Atasay are also identifying potential sites for shopping centres, commercial space and hotel developments.