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Emlak Konut Gayrimenkul Yatirim Ortakligi AS has entered into a project agreement for the first phase of the Istanbul Eyupsultan Kemerburgaz development with a consortium comprising Kayasan, Fibey and Biroglu. The project is expected to generate total sales revenue of around 31.3 billion lira, with the company’s share estimated at 12.5 billion lira. The development is part of the company’s broader strategy to expand its residential portfolio in Istanbul, where demand for large-scale housing and mixed-use projects continues to remain steady.
Emlak Konut Gayrimenkul Yatirim Ortakligi AS has formalised an agreement for the first stage of the Istanbul Eyupsultan Kemerburgaz project with a joint partnership formed by Kayasan Yapi Insaat ve Ticaret, Fibey Insaat Sanayi Turizm Ticaret, and Biroglu Insaat. The company confirmed that the collaboration has been established under an ordinary partnership structure involving the three firms. Advertisement
The planned development is expected to generate an estimated total sales revenue of 31.3 billion lira. Out of this, the company’s projected share stands at approximately 12.5 billion lira, reflecting its stake in the project’s overall financial outcome.
Emlak Konut, one of Turkey’s largest real estate investment trusts, has been actively pursuing large-scale residential and mixed-use developments, particularly in Istanbul. The Eyupsultan district, where the Kemerburgaz project is located, has seen gradual growth in recent years due to infrastructure improvements and increasing residential demand.
The partnership model adopted for the project is in line with the company’s existing approach, where it collaborates with private contractors to execute developments while sharing revenue based on pre-agreed terms. This structure allows Emlak Konut to expand its project pipeline while managing risk and capital allocation efficiently.
In recent years, the company has undertaken several similar projects across Istanbul, contributing to urban expansion and housing supply. The Kemerburgaz development is expected to add to this portfolio, although specific details regarding timelines, unit mix, or construction phases have not been disclosed.
Source Reuters
5th Jun, 2025
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