Akmerkez Operator to Open Second Luxury Mall – Turkey

Thursday 21 January 2010

Akkök Group, the owner and operator of Akmerkez, one of Turkey’s first private shopping centers, has begun work on a second shopping, residential and wellness center in Istanbul that will cost approximately $220 million (approx. €156 million).


The new building will be constructed on 50,838 m² of land.

Purchasing shares of Garanti Koza and Corio, the group will have 100% ownership in the new project, which will be called Akbati AVM.

The group’s real estate investment company, Akis, will build and sell 348 apartments on the upper stories of the new shopping center and rent 300 stores. The new building will be constructed on 50,838 m² of land with a total gross construction area of 242,000 m². The residences will be in a 21-story “blue tower” and an 11-story “green tower,” and the size of these flats will range from 67 m² to 571 m². The cheapest apartment will be TL 67,000, with the most luxurious suites costing TL 1.85 million.

The company bought the land for the new mall from the Esenyurt Municipality in 2006 for $22 million.

Source: Today’s Zaman, Ibrahim Balta

Posted via web from Jonathan Bowker

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