Posted on 13 May 2011
Istanbul continues to grow into one of the world’s most impressive cities. This week it was revealed that Arista, an affiliate of Turkey’s Ar Group, is set to invest nearly $1 billion into new office and residence projects in the city. The news came in the same breath as we learned that Raffles, the luxury hotel chain is also to launch a new hotel in Istanbul.
According to Timuçin Yalı, a member of the Arista board, the first investment from them will be a $60m mixed-use development in Bomonti in the Sisli district of Istanbul.
“We are dedicated to success in the construction sector,” he said as he explained that their investment will be completed within 2 years, and will consist of two hotels, three office blocks, two residential buildings and a shopping center.
Yali said that the project in Bomonti, which he called the “heart of the city” will be a 28-floor luxury building featuring 86 offices of 256 square meters each. He said that as Istanbul turns into a regional finance center demand for offices will continue to rise, and buildings like this one will provide “luxury and ease of transportation to businesspeople”.
“There will be four luxurious cars, Rolls Royce and Mercedes Benz, for shuttle transfers of the businesspeople and also a sea-taxi service to cross the Bosphorus.”
The offices are to be priced at between $4,500 and $6,600 per square metre Yali told reporters. He also said that the other developments will also concentrate on districts in central Istanbul.
“We have nearly 25,000 square meters of land in Ataşehir, 15,000 square meters in Ataköy and 44,000 square meters in Maslak,” he said.
The Raffles Hotel will be located in the new Zorlu Centre on the European side of Istanbul, a huge mixed-use development due for completion in 2 years. Raffles Istanbul Zorlu Center is also set to open in 2012.