Press Bulletin
September 13, 2017
The tender opened by Emlak Konut for Galatasaray Sports Club’s lot in Istanbul’s Riva has been won by Yilmaz Insaat, and a contract has been signed. Speaking at the signing ceremony for the tender, which was finalized with an offer of TL 3 billion 808 million as the total sales revenue in return for land sales, Emlak Konut’s General Director Murat Kurum said, “As Emlak Konut, we have full confidence in Turkey’s future and in our national economy. Our investments proceed with sure steps, as we have done until today, and will continue in the future. In this sense, our successful tender for this valuable land belonging to Galatasaray in Riva is a sign of the trust in us and in the sector”.
Within the scope of the protocol between Turkey’s largest real estate investment partnership, Emlak Konut REIT and Galatasaray Sports Club, the winner of the tender initiated for the club’s 1,076,020 square meters land in Riva was Yilmaz Insaat Contracting and Trade Incorporated. The winner of the tender committed TL 3 billion 808 million as total sales revenue in return for land sales, 25% as company’s revenue share in return for land sales, which corresponds to TL 952 million as total revenue for the company in return for sales.
With a total residential zone of 869,522 square meters, the land also features a private forest area of 206,497 square meters. This project will bring to life many different concepts blending nature and village life with modern lifestyles as well as vegetable and fruit gardens, cultivated lands for profit and hobby as well as livestock facilities with this special forest land.
The signatures are a sign of the trust in us and in our sector...
Presenting his opinions at the signing ceremony, Emlak Konut REIT’s General Director Murat Kurum said, “Today, our signatures finalize the tender for the land in Riva, opened on June 15, 2017. 9 companies participated in the tender of this ecologically designed project. Since the first company to win the tender could not fulfill the tender conditions in due time, the tender was won by the second best offer of TL 3 billion 808 million presented by Yilmaz Insaat Contracting and Trade Inc. Today, we are very pleased to sign the contract for the valuable land in Riva belonging to Galatasaray - one of the leading sports clubs in our country. I believe that this contract we’re signing will add value to the development and potential of Riva and its neighboring regions that have come to the forefront with the completion of the 3rd bridge and its integrated transportation areas. Hopefully, a unique ecological concept blending nature and village life with today’s lifestyle will be actualized when the project is completed. We believe that we have been contributing to our country’s growth trend with sure moves in the domestic and foreign markets. One of the best examples showing this contribution is the value created with the Riva project, and the reaction and feedback we received at the Cityscape Global Fair we participated in a few days ago in Dubai. The Turkish economy has recaptured the trend of regular growth. As for the country’s growth, the growth in the construction sector is strengthening its place as one of the important actors in growth overall. According to data released by the Turkish Statistical Institute (TUIK), the growth rate in 2016 exceeded expectations at 2.9%. Finishing the year with 7.6% growth, the construction sector grew to slightly exceed the national growth rate and continued its tradition as the leading sector in the country. While the national economy marked 5% growth in the first quarter of 2017, the construction sector grew by 6%. Similarly, the construction sector grew by 6.8% in the second quarter of the year, while the national economy grew by 5.1%. I hope that our acceleration will continue. It is my wish that this contract will be auspicious, useful and beneficial primarily for our country, the Galatasaray family and Yilmaz Insaat Inc. Our success in the tender for this valuable land is a sign of the trust in us and in our sector. We have full confidence in Turkey’s future and economy and we will continue our investments with sure steps, as we have done until today, and will continue in the future.”
This project will add value to the sector and to Istanbul
Expressing his opinions with regard to the project and the signed contract, Yilmaz Insaat’s Chairman of the Executive Board Hakan Yilmaz said, “Today, we signed a contract to construct a prestigious project on one of the most valuable parcels of land in Istanbul. We are very pleased to cooperate not only with Turkey’s largest real estate investment partnership in Emlak Konut, but also with one of the most important sports clubs of our country, Galatasaray Sports Club. For this project we requested plans from 8 international architecture groups, 4 domestic and 4 foreign. The reason for such a great effort and willingness for this project is our confidence in our country. We firmly believe that this will be an investment that will add great value to the sector and to Istanbul. As Yilmaz Insaat, we have always made an effort to increase our country’s competitive power and growth potential in all the fields we operate in. With the ETK Cable Company within the body of our corporation, we supply products to projects important for our country, while bringing in foreign currency to our country with our exports. As Yilmaz Insaat, we fully believe in our country, economy and sector. With this trust, we regard every step taken in the real estate sector as an investment in our country’s future. All our investmentments will support our country’s independence in every field”.
This project will benefit our country significantly
Speaking at the signing ceremony as well, Galatasaray Sports Club’s President Dursun Ozbek said: “We had made a protocol with Emlak Konut to improve the land in Riva belonging to Galatasaray Sports Club. Emlak Konut successfully completed the tender, and today we are signing the contract for the project with the winner, Yilmaz Insaat. May the project, which will benefit Galatasaray Sports Club significantly, be auspicious both for our country, for Emlak Konut and for Yilmaz Insaat, which is undertaking such a huge contract. May Allah let us be proud, not embarrassed. I wish success to all parties in this project, which we believe to be important in bringing benefits to our country”.
