Sama Dubai has acquired a 46,000 m[sup]2[/sup] plot of land owned by Istanbul's Transport Authority in the Levent district of the city for $705 mln (EUR 528 mln), Italian news agency Ansa reported. The company, a subsidiary of Dubai Property Group, launched a bid significantly higher than the ones made by Fiba-Nurol's joint venture ($364 mln) and Zorlu Holding ($600 mln). Sama Dubai is planning to use the land to rise the Dubai Towers, a project that will cost about $500 mln. About 300-metre high, the towers should be completed by 2009.
Sama Dubai has acquired a 46,000 m2 plot of land owned by Istanbul's Transport Authority in the Levent district of the city for $705 mln (EUR 528 mln), Italian news agency Ansa reported. The company, a subsidiary of Dubai Property Group, launched a bid significantly higher than the ones made by Fiba-Nurol's joint venture ($364 mln) and Zorlu Holding ($600 mln). Sama Dubai is planning to use the land to rise the Dubai Towers, a project that will cost about $500 mln. About 300-metre high, the towers should be completed by 2009.
'It's the largest piece of land owned by the city,' said Istanbul's mayor Kadir Topbas. He also stressed that profits will be earmarked to improve transport system in the city.
