Firms think forward

Despite the global crisis, development companies are taking on new projects in anticipation of an increase in demand once the crisis passes. Fourteen real estate companies are starting 22 new development projects in December to build a total of 13,858 residential units.

The 14 companies, include brand name construction firms such as Dumankaya, Ağaoğlu, Teknik Yapi, Fi- Yapi, Mesa and Sinpaş. These companies will focus their building efforts primarily on real estate development projects ranked at B class or above. The projects will emphasize attractive prices and financing options.

Among these developers is Mesa, a construction firm, building an apartment complex in Çengelköy targeted at higher income buyers. The development which is comprised of 228 residential units will offer apartments at prices ranging from YTL 418,000 to YTL 1,290,000.

Sinpaş, a leading development company in Turkey, is going ahead with plans for a new development in the Sarıgazi district in Istanbul. Meanwhile, Dumankaya, another leading development company, is preparing to begin construction on two new projects in Göztepe and Kurtköy. Fi- Yapi is also aiming to stay busy throughout 2009. The company has allotted $98 million to fund three projects; A 100-unit project in Tuzla, a 150-unit project in Gebze and a 150-unit project in Çekmeköy. Teknik Yapı, a construction firm, is starting planning new projects in the Uğur Mumcu neighborhood in the Kartal district, located on the Anatolian- side of Istanbul. The projects, which will be 200 and 300 unit developments, will cost the company a projected YTL 50 million. The firm is also interested in developing land close to city centers on the European side with emphasis on Ulus, Akatlar, Etiler and Mecidiyeköy.

Başarır İnşaat, another construction company, is preparing to build a two-block plaza of 18-story buildings at an estimated cost of $15 million, made up of 180 residential units.

Aşcıoğlu İnşaat is planning a new project made up of residential units, commercial properties and a shopping center in Mecidiyeköy. The project, to be built on the site of the old liquor factory, touts itself as one of the world's most luxurious and is estimated to cost $200 million. TOKİ, which auctioned the land, will receive a percentage of the profits from the project which will be used to fund housing for low-income families.