Turkey's Sinpas wins tender for Atakoy land

Sinpas Consortium, which owns publicly traded property developer Sinpas Gayrimenkul Yatirim Ortakligi, won Tuesday a tender for a parcel of land in Istanbul's coastal district of Atakoy with a bid of $685 million.

Sinpas-Kat Turizm Gayrimenkul Corp consortium and Akdeniz Insaat Corp joined the auction held at the Housing Development Administration of Turkey (TOKI) headquarters in Ankara.

Akdeniz Insaat Corp only offered 845 million YTL in the ninth round, while Sinpas-Kat Turizm Gayrimenkul Corp submitted the highest bid worth 850 million YTL ($685 million) to win the auction.

TOKI had valued the sale of the 124,980 square-meter plot at an estimated 650 million YTL ($524 million).

"The winner has to deposit 4 percent of the offer to TOKI's bank account within two working days, and the tender commission will make an assessment and announce the result," Cagatay Goktayoglu, the deputy chairman of TOKI, said after the auction.

Around 68,000 square meters of the 124,980 square-meter plot will be open to public as a green area. The remaining area is expected to be developed with a hotel, apart-hotel, marina, yacht club, shopping center, restaurants, congress hall, health center and entertainment facilities.