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| Developments in Atasehir Area - Istanbul - Urban Transformation |
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| Atasehir area has
recently turned into a location with acceleration in the
housing, hotel, hospital and shopping center projects. strong
transportation axes as well as the dense population are some
carcateristics of this new city center.
Considering the decisions from the Environmental plan with 1/100.000 and the projects planned on Atasehir, which is one of the most significant developing areas of Istanbul, in terms of functional distribution and transportation connections, Atasehir is likely to become one of the most prominent central locations of Istanbul. In the recent period, numerous significant construction companies paced up their investments in Atasehir. Especially the housing projects and also the Finance Center project being planned and the office projects are anticipated to be in high demand. It is also projected that the housing and office functions will also shape commercial functions. The development of the housing zones in Atasehir area began in Eastern Atasehir. Following the development in Eastern Atasehir, within time and especially after 2004, it can be observed that this development shifted towards Western Atasehir. Looking into Atasehir and the surrounding area in terms of housing-residence sector, it is observed that this area, especially in Western Atasehir, is being occupied by high quality office projects and that there are projects with ongoing construction. After the Western Atasehir area was filled with such prestigious housing sites as Agaoglu, Kent Plus, Uphill Court and Incity projects and after these projects became active, the settlements began in the area and therefore its attraction increased. Other than these projects where settlement started, Varyap Meridian project and Deluxia project where construction commenced in 2009 have increased the popularity of the area even though they are under construction. In Eastern Atasehir, Agaoglu My Towerland residence project, which began to be constructed recently, is drawing the attention. With the combination of all these attractive attributes and with the diversification of the daily needs of the population living here in terms of health, shopping and education, the potential of this area is still increasing. Because of the daily population to be driven to this area by the finance center, it is also projected that the area will be in high demand by the population willing to live near work. Although the administrative district of Atasehir is still in the forefront with housing projected today, it is anticipated that the administrative district will be focused on its 'finance center' identity. The area in Atasehir administrative district planned as a future finance center has facade to TEM highway and has surface area of 1.777.664 sqm. In case the project of converting Atasehir into a finance center is actualized, it is estimated that this area will become one of the most popular office areas of the Asian Side and Istanbul. It is planned that in the area planned as a 'Finance Center', in the upcoming years, the headquarters of Ziraat Bank, Halk Bank, Vakiflar Bank, Banking Regulation and Supervision Agency, Capital Markets Board and the Central Bank alongside with their lower units will be gathered in the area and in this respect, it is considered that there will be a demand in the area for offices in the future. Considering the fact that in the area determined as the Finance Center, other than the public banks and institutions to be constructed, office areas will also be constructed and leased, it is projected that the office area supply that may be formed in the area will also increase. During our research, it was learned that for the 'Finance Center', the lot owners in the area are anticipated to start with their projects and that there are no legal problems. The first finance center of Turkey, which is planned to be completed in 3 years, will remain live 24/7 with the hotels, cafes, arts and entertainment centers according to the plans. Within the scope of the Finance Center, Tahincioglu, Varyap and Tekyol Insaat have also acquired parcels from the area and are planning to develop various projects. Varyap and Tekyol Insaat's projects are in the phase of concept and the 40-storey office project planned to be developed by Tahincioglu will have 80-85 thousand sqm of rentable area and 200 million dollars of investment value. It was learned that in this project the offices will not be sold but will only be let out. The existing office blocks in Atasehir are Gardenya Plaza blocks, Uphill Towers, Agaoglu My Prestige and Agaoglu My Office. In Palladium office block, which is close to Atasehir, there are A-class offices. The office projects under construction in the area are Varyap Meridien and Sarphan Finans Park and the Finans Plaza by K Yapi. With the activation of the office blocks in these projects, these will increase the office stock of Atasehir and will thus add value to the area. Another office project planned to be implemented in the area is Ronesans Tower project of Ronesans Insaat. Developed on 13.810 sqm of lot, the -class office project is located on a strategic point in Kozyatagi area, one of the significant central business areas of the Asian Side, at the crossing of E-5 highway and E-5-TEM connection roads. The project has high accessibility from TEM Connection road and has commercial capability. In the surrounding area of this property, which is also close to the Kadikoy-Kartal subway line under construction and located right next to Marriot Asia Hotel, there are high quality office buildings, shopping centers and luxury houses occuppied by upper income level groups. It is anticipated that Atasehir area will also be hosting hotel investments, with the influence of the existing house areas and the anticipated 'Finance Center' project. The only 5-star and international branded hotel in Atasehir area is Mariott Hotel established in 2007 and recently, it is observed that hotel function is also included in the mix-use projects in this area. Aside from the 5-star hotel within Brandium Atasehir, jointly constructed by Emay Insaat and Erko, there is also a 5-star hotel project jointly managed by Emay Insaat anmd Erko in Kozyatagi. The new mix-use projects in this area are Varyap Meridian Project in Western Atasehir and the ulker Sports Arena, which is being constructed on the land of Fenerbahce Sports Club. Considering the existing housing potential of the area, the existing population and the fact that this population will increase with the Finance Center, there will be a need for commercial areas. Along with the existing shopping centers such as Carrefour and Metro, there are also Palladium Shopping Center and Optimum Shopping Center. Metropol Istanbul Project, recently under construction as a joint venture of Varyap & GAP Insaat is located on the north of Atasehir Boulevard. The lot of the project has 99.108 sqm of surface area. The sales on the residence block within Metropol Istanbul Project have begun and it is planned that the deliveries will take place in 2014. Within the scope of the project, there are also shopping center and office functions. It was also learned that another shopping center project will be implemented on the lot adjacent to Metropol Istanbul project lot, with 20.044 sqm area owned by Ronesans Insaat. It is also considered that the high accessibility of the area will affect the development of the commercial potential in the area positively. In the locality fo Atasehir-Kucukbakkalkoy TEM connection crossroad, there are the branches of significant health care institutions such as Memorial, Acibadem, Anadolu Health Care Center (John Hopkins) and Kadikoy Sifa Medical Center. It was learned that in Western Atasehir, German Hospital is also buying lots for building a hospital here in the future. During the researches at Metropolitan Municipality Transportation Office Planning Directorate, it was learned that the air railway project between Atasehir and umraniye with 7 km of length with passenger capacity of 9.000-33.000 people/hour and on the line of Kadikoy - Atasehir - Sancaktepe - Sultanbeyli, a subway project of 25 km, with 70.000 people/hour capacity will be constructed. It is presumed that these transportation lines will add value to this area. With the opening of Kadikoy - Kartal subway line which is being constructed on the E-5 highway and which is planned to be activated in May, it will be possible to get access to this area from Kozyatagi Metro station. Further information www.tskbgd.com Commercial Real Estate & Investments in Turkey - explore 04.07.2012 save-more-energy.com is an independent b2b platform for Green Investment & Sustainable Development. Green Buildings, Retrofit, Urban Transformation, Renewable Energy, Future Cities and Investment Opportunities in Europe incl. CEE/SEE and Middle East Area. |
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