Kuwait's Mazaya launches six-tower Turkey project

Company's JV with Dumankaya Construction to develop $326m mixed use project in central Istanbul

Ritim Istanbul will cost $326m to build, developers say.
Ritim Istanbul will cost $326m to build, developers say.

Kuwait’s Al Mazaya Holding has announced that it’s to build a six-tower mixed use development in Istanbul with its Turkish joint venture partners.

The company announced that it had changed the name of the joint venture from ‘Mazaya Turkey for Real Estate Investment Company’ to ‘Ritim Istanbul Company’ – a company on which it holds equal shares with the Turkish property developer Dumankaya Construction.

The development will share the company name, Ritim Istanbul, and is valued at $326m (AED1.2 billion) and will comprise 863 residential units, 363 office spaces and around 150 retail outlets. It will be built on a prime spot of land adjacent to one of the bridges linking the city’s Asian and European sides.

A company spokesman has claimed that nearly half the development has already been sold.

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