Emlak Konut GYO, Türkiye’s state-backed real estate investment trust, received a top offer of about 11.09 billion lira in total sales revenue in the second session of its tender for the 5. Levent project in Istanbul’s Eyüpsultan district, according to a company disclosure reported by Hibya news agency and TipRanks.
The second session took place on Friday, 6 November. The highest offer was 11,085,021,000 lira in total sales revenue, with Emlak Konut’s share set at 40%. That would give the company about 4.43 billion lira (4,434,008,400 lira), both outlets reported.
The offers are still being evaluated, so the figures do not yet mean the contract has been awarded.
How the tender works
The project is being tendered under Emlak Konut’s revenue-sharing land sale model, known in Turkish as "arsa satışı karşılığı gelir paylaşımı". In this model, a private contractor develops and sells homes on land provided by Emlak Konut, and the sales revenue is split between the two. Emlak Konut receives an agreed share of the total.
The tender began with a first session on 27 October, when six bidders, including some joint ventures, submitted pre-qualification documents, Taşınmaz Haber and Haber Dijital reported.
Emlak Konut has also tendered other Istanbul plots this autumn, including the Halkalı Batı third-stage project.
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Sources
- Emlak Konut’un 5. Levent ihalesi (Hibya)
- Emlak Konut Tender Draws 11.1 Billion Lira Top Bid (TipRanks)
- Emlak Konut Eyüpsultan 5. Levent ihalesi için 6 istekli katıldı! (Taşınmaz Haber)
- Emlak Konut Eyüpsultan 5. Levent ihalesinde 6 istekli (Haber Dijital)
Photo: Alikam1896 / CC BY-SA 4.0, via Wikimedia Commons
