İbrahim Maasfeh, the CEO of Akzirve Real Estate from Saudi Al Qemam group companies said they are going to invest $500 million in İstanbul with two projects.
İbrahim Maasfeh, the CEO of Akzirve Real Estate from Saudi Al Qemam group companies said they are going to start two real estate projects that will cost 500 million dollars value of construction material in İstanbul, and total income that they expect is about $1.25 billion dollars.
Maasref who talked at the press conference that was arranged about the investment plans of Akzirve Real Estate for next period “As group we are, in addition to Real Estate, We had several investments for Turkey; However, we also wanted to be involved in Real Estate sector as a constructive” and he continued “We invest two projects at Bahçeşehir and Zeytinburnu. Total construction cost of these two projects is going to be $500 million. We expect $500 million income from Bahçeşehir Project and $750 million from Zeytinburnu.
Maasref who stated that the main companies of Saudi Arabia carry on business in other areas for a long time in Turkey, for this reason they have land stock in Turkey and they except land price from construction price. He said” We bought our land from Bahçeşehir in 2011 but present value of this land is $120 million now. The land that we bought in Zeytinburnu costs $250 million dollars”
They Are Going To Make an Installment Plan Themselves
According to the information that Maasfeh gave “Bahçeşehir project is going to consist of nearly 2.600; Zeytinburnu project is going to consist of nearly 1,850 housing and commercial lands. He says they are going to finance these investments through the main company that they bound to. They are going to offer opportunity to customers many installment plans themselves instead of directing them to banks.” Maasfeh who states that they keep working for other projects continued his words “We have lands in Antalya and we are also working on 2-3 lands in İstanbul too. Plus, we are going to continue second half of 2016 with new investments but our initial preference will be İstanbul.
Maasfeh also said that they are also going to construct a logistic and storage yard with $200 million in Hadımköy. He continued his words “We saw economic stabilization in Turkey and we think it is a safe port and have potential to grow in real estate” and added “In this sector, there is retardation in some sections but the ones that we chose still continue to improve. We don’t think that there will be storage.
Maasfeh answered a question” They maybe involve in tenders of institutions such as real estate property and TOKİ as a real estate developer