ISTANBUL - Istanbul Metropolitan Mayor Kadir Topbas said they were expecting to raise more than $1.0 billion from Wednesday’s sale of a bloc of land owned by the Istanbul Transportation Authority (IETT). The 46,000 square metre parcel of land, located in Istanbul’s Levent area, the heart of the city’s business district, was one of the few significant pieces of land left in Istanbul, the mayor said.
“We are expecting over $1.0 billion from the sale,” Topbas said. “Whoever purchases it will win. We don’t own any other property of such quality.”
According to a statement issued by the Istanbul Metropolitan Municipality, 19 companies have applied for the tender specifications for the sale.
One of the attractions of the block of land is that it is not covered by restrictions dealing with construction covered by legislation dealing with protecting the Bosphorus or cultural and natural assets and sanitation laws.
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