Paşabahçe Villas and Hotel – İstanbul
Project Details

In September 2012, one of the most valuable parcels in İstanbul, the Paşabahçe land, was added to the portfolio of Torunlar REIC through a bid price of TL 355 million.

The project is designed as an Urban Resort Hotel, a mixed-use, low-intensity, luxury boutique hotel consisting of 120 rooms, apartments, and villas, which will be operated by a prestigious hotel operator, an upscale and prestigious international brand. Torunlar REIC has also received the easement for the pier, wharf and the filled land covering 3,935 m² for a period of 49 years.

Ownership : Torunlar REIC (100%)
 
Start of Construction : 2017
 
Estimated Date of Completion : 2019
 
Estimated Operational Date : 2019
 
Construction Area : 64,633 m²
 
Estimated Construction Cost : TRY 317,5 million
 
Appraisal Value (December 2016) : TRY 607.3 million 
 
Leasehold/Freehold Status : Freehold
 
Current Status : Will get a license in 2017
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