Torunlar REIC signed an asset swap agreement with KİPTAŞ, a subsidiary owned by İstanbul Metropolitan Municipality, on June 28, 2013 regarding a project to be developed on a 515,977 m² of land. As per the property
sharing agreement, Torunlar REIC will own 54.28% of the construction area. In return, the Company will build social housing, educational and social facilities, and hand them over to KİPTAŞ.
The 5.Levent Project has many important advantages, such as its location on the European side of İstanbul, facing TEM; proximity to central business districts (Levent-Maslak area), and also to existing and planned subway lines, thus providing easy access to all major parts of the city. Its location is not the only distinctive feature of this project; it also offers medium- to large-scale residential units that can meet all needs and appeal to people from all segments of society.
The Project offers approximately 2,800 residential units ranging from 1-bedroom studios to 4-bedroom apartments. The Project will include bicycle paths, jogging routes, outdoor pools (with slides and children’s pools), special playgrounds for different age groups, football, basketball and tennis courts. Since the Project is within the context of urban regeneration, it is subject to 1% VAT.
|Start of Construction||:||April 2015|
|Estimated Date of Completion||:||Q4 2017|
|Land Area||:||515,977 m²|
|Number of Residences / Sellable Area||:||Torunlar REIC: 2,800 (390,165 m²)
KİPTAŞ: 1,300 (117,000 m²)
|Estimated Construction Cost||:||Asset swap (Torunlar REIC 54.28%, KİPTAŞ 45.72%)|
|Leasehold/Freehold Status||:||Asset-Swap with KİPTAŞ|
|Current Status||:||Construction permit granted on March 18, 2015.|
|Appraisal Value (December 2016)||:||TRY 663.9 million|