Sinpaş REIT to build residences in Marmaris

Wednesday, July 2nd, 2008

Two Turkish construction firms have reached an agreement to launch a housing project in the Mediterranean coastal city of Marmaris. The agreement between the Sinpaş Real Estate Investment Trust, which has been in the real estate field for 33 years and was re-organized in 2006, continuing its housing development projects under the Sinpaş REIT brand, and the Avrasya Social Housing Construction constitutes a huge investment in the area’s construction industry.

“We plan to start the construction of the project in the second half of 2009,” said Ömer Faruk Çelik, chairman of the executive board of Sinpaş REIT, adding that Sinpaş REIT hopes to reap $87 million gross revenue from the project. Çelik noted that the Marmaris project would be carried out on land covering 39,307 square meters. “We expect that the building costs of the project, which sits on a 51,000-square-meter sales area, will approximately amount to $38 million,” he added.
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