Emaar has spent US$430m (278m) on land in Istanbul’s Camlica district plans to establish a new town for 15,000 people.
This will be Emaar’s second investment in Turkey, following its entry into the country with a project in Toscana Valley. The new project will include 1,000 houses and a shopping centre with a 145,000m2 area.
The project’s hotel, shopping mall and business centre is intended to create employment for about 5,000 people and this figure will rise to 15,000, including people who purchase the houses in this project. Together this will make it a small town, said Emaar Turkey CEO Ozan Balaban. He added that 4,000 people are expected to work in 400 stores located in the shopping centre.