$2.7 billion 7-star luxury Istanbul project in limelight


$2.7 billion 7-star luxury Istanbul project in limelight

The $2.7 billion development called Sea Pearl Atakoy is slated to be one of the most luxurious in Istanbul.

By Muzaffar Rizvi

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Published: Thu 10 Sep 2015, 12:00 AM

Last updated: Thu 10 Sep 2015, 9:14 AM

As property developers in Dubai are out in full force to showcase their iconic developments at Cityscape Global, a seven-star luxury residential and hospitality project from Turkish Kuzu Group came into limelight at the property exhibition.
The $2.7 billion development called Sea Pearl Atakoy is slated to be one of the most luxurious in Istanbul. Famed Emirati singer and face of the project Fayez Al Saeed unveiled the project at the Cityscape to attract Gulf buyers and investors.
The landmark development will comprise 1,474 luxurious apartment units [all will have sea view] in two blocks, a deluxe five-star hotel, high-end boutiques featuring global brands and lavish restaurants. Work on phase one is in full swing and approximately 641 units will be delivered by July 2017 as 30 per cent construction is completed.
The second phase comprising of second block with four buildings and a unique hospitality project will complete even faster and ready by middle of 2018. The smallest unit in development is about 400 square metres while the largest apartment will be stretched up to 889 square metres.
The Kuzu Group is expected to sign a deal with Jumeirah Group to operate 113-key hotel, which will come online in July 2018. One of the key innovative feature of hotel is one-of-its kind facility to approach the lobby through boats as the development is located on the banks of the Sea of Marmara in Istanbul.
Ozen Kuzu, board member of Kuzu Group, said the Sea Pearl Atakoy is a highly impressive development and will redefine the very essence of luxury living. About 40 per cent of project has already been sold and the group is confident of securing 100 per cent booking soon as the development's key features generate lot of enquires from potential buyers.
"Last year, the project attracted huge investor interest from the UAE and other countries in the region. About 25 per cent of buyers in Kuzu Group's various developments are from Middle East and I hope this flagship development will double this ratio in coming years," Kuzu told Khaleej Times at the Cityscape Global.
Kuzu Group was established in 1943 and has carried out nearly 250 projects throughout the country. It has contributed to many lives' future developments in Turkey and will continue to launch innovative projects in coming years as the outlook for property sector is bright.
"The real estate industry in Turkey is in good shape and has promising future ahead," he said and attributed the credit to the government for developing the sector in the country.
The Sea Pearl Ataköy spreads across an impressive 128,000 square metres. The development is established in a bustling central location near other hotels, shopping malls, schools, and hospitals, and will be five minutes away from Ataturk Airport, Atakoy Marina, and the ferry terminal.
"We are excited to be part of Cityscape Global again, which is one of the largest events for the construction and real estate industry in the region," Kuzu said.
- muzaffarrizvi@khaleejtimes.com

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