Maslak 1453 - Istanbul

Image source skyscrapercity.com

Ağaoğlu, a leading Turkish construction company, said they intend to put İstanbul in the world-class league with a new residential and business project to be constructed at Ayazağa, in İstanbul’s Maslak district.

Ağaoğlu Chairman Ali Ağaoğlu announced during a press conference on Monday that the project to be constructed in Maslak will be one of the biggest in Turkey in terms of contract cost. He noted that Ağaoğlu has lent significant support to the housing sector in Turkey. “We will break the old routine in constructing this world standard project in İstanbul. With this we will put İstanbul in the world-class league,” he said.

Ağaoğlu also touched on the operations of Emlak Konut Real Estate Investment Partnership (Emlak Konut GYO) and stated that Emlak Konut GYO will construct residential areas for lower income groups in Turkey. “In general I am opposed to the idea of the state operating in the construction sector, but Emlak Konut GYO successfully supports what a socially responsible country needs to do; it builds houses for low-income earners with manageable installments of TL 100-200 per month,” Ağaoğlu said.

Separately, the chairman said the biggest problem Turkish contractors face is finding suitable land on which to construct such projects. He added that many Turkish constructors are operating in foreign countries but are not able to find land to implement their expertise in their own country.

Ağaoğlu recently won a tender to buy land from Emlak Konut GYO. According to the agreement between the two parties -- taking the revenue estimation of TL 4.5 billion into account -- Ağaoğlu will pay TL 1.6 billion to Emlak Konut GYO as the price of the land. The company will also pay at least TL 1.15 billion -- 35.5 percent of the original TL 3.25 billion -- to Emlak Konut GYO regardless of the value of the project, even it falls below this amount.

Ağaoğlu, Emlak Konut GYO General Manager Murat Kurum and Vakıfbank General Manager Süleyman Kalkan came together at the signing ceremony for the project on Monday. Vakıfbank presented a check for TL 173 million on behalf of the Ağaoğlu Group to Emlak Konut GYO.

source todayszaman.com