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Emaar begins sales for Istanbul project

Company launches selling process for 73 serviced apartments on Weds

Emaar Square, Istanbul
Emaar Square, Istanbul

Emaar's Turkish arm is to begin selling serviced apartments at its The Address Residences Emaar Square project in Istanbul later this week.

The company said that it will begin an online registration process for the initial 73 homes being offered within the project on Wednesday, 6 March ahead of the property sales next Saturday, 9 March.

The Address Residences Emaar Square is part of a major 66,000m2 masterplanned area in the Camlyca area of Istanbul which will contain more than 1,000 new homes, a 180-bed five-star The Address Hotel, a shopping mall and around 40,000m2 of commercial office space.

Emaar Properties chairman Mohamed Alabbar said: "Emaar Square in Turkey is one of our prestigious developments that brings a new dimension to modern lifestyles in the country.

"The Address Residences Emaar Square, Istanbul marks the launch of our first serviced residences in Turkey.

"With tourism, investment and business links between the GCC and Turkey gaining momentum, and plans ongoing to double trade between these two compelling economic blocs, our luxury residences will serve as ideal second homes for visitors from the region."

A Bloomberg story in January suggested that Emaar may be ready to obtain separate stockmarket listings for its Turkish business in Istanbul and its more mature retail and hospitality businesses with a view to potentially improving shareholder returns.

However, at the time a company spokesman said there were "no plans for such listings in immediate term".

"Any such decisions will be taken based on the strategic requirements of the group, and subject to all mandatory approvals," he added.

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