Sinpaş REIT to build residences in Marmaris

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.

Çelik said the Avrasya Social Housing Construction would get 35 percent of the sales revenue from the project according to the recent agreement. Sinpaş REIT has already paid $23 million in advance to its partner firm. “Apart from the big cities of Turkey, Sinpaş REIT will also expand in the coastal areas of the country as these areas have a greater demand for residences,” said Çelik.

Sinpaş REIT derived over $384 million in revenue from last year’s initial public offering, which took place in June. The company, which had active assets worth YTL 716 million for the first quarter of 2008, acquired sales revenue of YTL 12.1 million during the same time span. The market value of the company amounts to YTL 605,427,000 ($494 million).

Sinpaş Construction owns 35.7 percent share of the company, while Sinpaş REIT Chairman Avni Çelik owns 16.8 percent of the company’s capital stock. Meanwhile, Ömer Faruk Çelik and Ahmet Çelik, members of the executive board, each have three percent shares in the company.

The value of liquid assets and the financial investment of Sinpaş REIT in the project was YTL 333 million in the first quarter of 2008. The company continues to search for appropriate land as part of its strategy to expand into Istanbul, Ankara, İzmir, Bursa, Adana and the coastal cities in the south with new real estate projects.

The construction and the preliminary sales of the houses in the first stage of the company’s Ottomanors project, which is located in Bursa on 162,000 square meters of property, continue. There were 235 preliminary sales in the project by the end of March.

Reflecting European architecture, the project is composed of the Park Mansions, with lake and park views, situated around the 26,000 square meter Ottomanors Lake; the Kemer Residences; the Gök Towers, which stand 24 stories high and boast circular designs, endeavoring to touch the sky; the Asmalı Water Front Villas, which are a modern rendering of the Turkish Home; and the neoclassical Ottoman Villas, built toward the end of the 19th century.

Turkish Daily News

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