Work on a dual-tower Turkish property development featuring residential and commercial units should start towards the end of this year, executives have revealed.
Officials at Barwa Real Estate said ‘Istanbul Seagate’ is to start to take shape in the fourth quarter of 2009, and will cover a total area of 35,000 sq m.
The project is planned for an area close to Ataturk Airport and the old city in Istanbul, and is still undergoing final planning touches.
Qatar-based Barwa decided to enter the Turkish property market after the country saw an extended growth in its new real estate sector.
Barwa said: “The project, which mainly complements Turkey’s hospitality and residential sectors, will include a five star hotel, hotel apartments and condominiums.”
Earlier this week agents Property Abroad said Turkey remained a good prospect for real estate investment with apartments in Istanbul on sale from £90,000.
Barwa is also working on its first venture into property in Russia – a retail development in the Astrakhan region.
It is also developing Ajman Corniche Residence, a residential real estate scheme for the emirate of Ajman in the UAE, a scheme of seven interlinked waterfront towers.