PERISKOP 10 EN.cdr - Eva Gayrimenkul Değerleme
Transcription
PERISKOP 10 EN.cdr - Eva Gayrimenkul Değerleme
GAYR MENKUL SEKTÖRÜNE REAL ESTATE PERISCOPE PERISK O P Eva’nın Gayrimenkul Sektörü Içın Yorum ve Haberlerı EVA’s News and Comments Regarding Real Estate Sector 2011 Number: 10 EVA’S PERISCOPE Countries have troubles in their economy, each day we read news about another country falling into crisis. The economic equilibriums are fragile, but we are in a phase which may present opportunities for us. Turkey, amid all this mess sets example as a stable country with a sound banking system. However, the economy has accelerated a lot and as it was expected; measures for cooling it down have been taken. Banks had lowered housing loans' interest rates to a level where they could not profit. They are now increasing them due to measures taken. A group of banks have already increased their rates and another group is about to. The likelihood of lowering the maximum percentage condition of maximum 75% housing loan utilizations for house purchases in the forthcoming period is being talked behind the scenes. Let's hope that this will not happen since our people even have difficulties in accumulating the front payment of 25%, how will they be able to accumulate 40%? As a matter of fact, with the fall in the loan interest rates, the percentage of population with a revenue level eligible for extending credits had grown and this had caused an increase in the credit utilizations. As interest rates increase the situation shall evolve against financial institutions. Furthermore this situation presents a risk of pushing the sector to unregistered operations; we hope that this shall not happen. As we had estimated, the first half of 2011 has been six months with serious activities in housing investments and with a pressure for increase in prices. In the last year, public offerings of Real Estate Investment Trusts had slightly gathered speed, nowadays new companies prefer to wait. No one wants to sell property at the stock exchange at a discount when the real April-May-June APRIL NEWS Five Star Hotel to Samsun Rönesans Gayrimenkul Yatırım Ortaklığı, one of the largest real estate investment companies of Turkey and Russia shall construct a shopping center under the name of ''Karadeniz Optimum'' and a 5 Star hotel in Samsun. The construction of a 5 Star hotel on a ground plot of 165 thousand square meters with an investment of 146 Million Euros has been announced. It is said that the hotel and shopping center to be constructed in the administrative district of Canik in Samsun shall be completed within 2 years and it shall have a leasable space of 65 thousand square meters. The hotel is expected to be 5 Star with 300 beds. Having its foundation laid this project is said to provide employment opportunity to approximately 2.500 people. 12 More Companies Obtained Authorization for Real Estate Appraisal Companies authorized by the BRSA shall be able to provide valuation service to real estate projects. The Banking Regulation and Supervision Authority (BRSA) has authorized 12 companies to “provide valuation services concerning real estates, real estate projects or rights and benefits on a real estate”. The Owner of Meysu Entered into Outlet Shopping Center Business Gülsan, the owner of Meysu Brand has also entered into the real estate sector. The company, opening a shopping center in Kayseri under the name of Meysu Outlet, has realized its initial project in the real estate sector. Built on a total area of 51 thousand square meters with a cost of 40 Million Euros, Meysu Outlet expects a yearly turnover of 50 million Euros and 8 million visitors. estate market is so buoyant. In the last three months the hotel sector is experiencing a lively time, hotel constructions follow one another. In Istanbul room rates increased so much on certain weeks in the recent past that there was almost no difference left between 3 Star and 5 Star, with no place available left at the hotels. Nowadays leaving the first six months of the year behind us we observe that the local investor with funds is looking for opportunities. However buying property is very difficult now. Everyone wants to be a real estate investor; companies which have not built a wall so far embark on constructing millions of square meters. We hope that this real estate profession does not turn into the video shop business that we had seen in the 90's, if it does we shall see constructors in every corner as we had seen a video shop then. We all know what happened in the end, they all became things of the past. The Real Estate Sector in Turkey Back Again to Growth Process Having contributed to the development of the sector by having yearly, quarterly corporate research and reports prepared, GYODER, the Real Estate Platform of Turkey, at a press conference realized in 5 April declared the conclusions and evaluations stated in the “Basic Indicators of the Real Estate Sector in Turkey 2010” as well as the “Turkey and World Real Estate Sector Report of the 4th Quarter 2010” examining the last quarter of the last year. Champion Provinces in Pre-Owned Home Prices According to the real estate indexes of the month of March, pre-owned home sales prices raised most in Adana and declined most in Bursa. According to the Report dated March 2011 of real estate indexes prepared by Reidin.com and GYODER with the support of Garanti Bank, in the month of March, Adana has been the province where preowned home sales prices were most increased and Bursa has been the province where they have most declined. Whereas new home sales prices have increased by 0,19 percent in comparison to the previous month. The March 2011 report of the real estate indices prepared on pre-owned and new home sales in Adana, Ankara, Antalya, Bursa, Istanbul, Izmir and Kocaeli has been published. According to Reidin.com Real Estate indices, in March, with 1,13 percent per square meter of value increase in pre-owned home sales prices in comparison with the previous month, Adana became the province with highest price increase. For the same period pre-owned home sales prices have increased by 0,58 percent in Ankara, by 0,51 percent in Antalya, by 0,31 percent in Istanbul, by 0,09 in Izmir and by 0,23 percent in Kocaeli. With a decrease of 0,11 percent in the sales prices Bursa became the province where the prices have fallen the most. Worn Out Cities Remained Weak in Performance Anatolian Cities Shined Out According to the research on the “Sustainability of Cities in Turkey” realized by the joint work of Mastercard and Boğaziçi University with the contribution of Frekans Research Company, while Eskişehir, Kayseri, Konya and Bursa were provinces that shone out in sustainability, while Istanbul lagged behind in sustainability. İstanbul could rank only 24th in sustainability, 15th in environmental performance, 22nd in economic performance. While in social performance it could only rank just ahead of Ağrı which was the last. The Telegraph's Recommendation of Altınkum and Istanbul According to the newspaper The Telegraph, in the list prepared with the recommendations of real estate agencies and real estate market analysts, Altınkum in Aydın and Istanbul are among the 10 best overseas places for real estate investment. In the list, Como Lake in Italy, the states of Atlanta and Florida in the USA, the Tarn region in France, places such as Berlin in Germany and Malta are found. In the news recommending that courageous investors might pay 150 thousand Pounds (375 thousand TRY) for apartment flats in Istanbul with the expectation that Turkey would join the European Union, cheap flats at prices starting from 25 thousand pounds (62 thousand TRY) were available in Altınkum were mentioned. Bursa Çelik Palas Reopens We Would Like To Share A Legend The Story of Water in Istanbul Water Supply of the City in History and Pipelines Istanbul is one of the oldest cities of the World established B.C. 658 in Sarayburnu and the periphery is also a very important settlement place from the geopolitical perspective as well. The need for water of the city at its foundation phase was met from underwater resources. The first important water facilities have been built during the time of the Roman Emperors. Records indicate that a waterway has been built in the second century from the resource outside the city walls to the outskirts of Haliç and that in the fourth century; water has been brought from nearby Halkalı up to Beyazıt by aqueducts which have been built. It is also known that with reservoirs constructed in the Forests of Belgrade, the waters of the Kağıthane River have been collected in grids and pools and these waters brought to the city. In the following centuries, in order to meet increased demand for water and as a measure against the likelihood of drought and wars, open and covered cisterns have been built in the city. The most famous covered cisterns are; The Basilica Cistern with 336 columns (Yerebatan Palace), and the Philoxenus Cistern (Binbirdirek) with 224 columns. While water facilities built by the Roman emperors have been subsequently repaired and expanded to a certain extent by the Byzantine Emperors, they have become derelict and on the verge of depletion in the last periods of Byzance. From these facilities, Mazul and Valens (Bozdoğan) Aqueducts have been excellently repaired by the Ottomans and have been saved from demolition. Ottoman Era Turks, opening a new era with the conquest of Istanbul, have developed a good system according to the conditions in these days. With the increase in the population of the city after the conquest, existing water facilities became insufficient. Fatih Sultan Mehmet has improved water facilities which have been constructed before him. The historical Çelik Palas Hotel of Bursa has been renovated by MSN Yapı Yatırımları A.Ş. and reopened. Çelik Palas Hotel had been acquired by MSN Yapı Yatırımları A.Ş. at the price of 38,9 million Dollars in a privatization tender in August 2007. The facility is said to be renovated with a budget of 55 million Dollars. A Room in Istanbul is More Expensive than in Europe Istanbul became one of the cities experiencing the highest increase in the European Hotel Price Indexes. While average room prices in Europe were around 120 Euros, prices in Istanbul have been 144 Euros in April. In April, Istanbul had its share from the hotel price increases throughout Europe. At the Hotel Price Index surveying hotel prices in European cities, Istanbul was among the cities experiencing the highest with 29 percent increase. While room prices throughout Europe remained around 120 Euros, in Istanbul the average room price has been 144 Euros in April, leaving the average Europe price behind. Compared to April 2010, in Istanbul, the hotel price change materialized as 14 percent. Istanbul, with this price increase takes its place among the most expensive 10 cities in Europe. Tourism officials advocate that the price increase was the result of Istanbul's being an attraction center in tourism as well as from the benefit created by the activities which have been carried out. According to the explanation made, there is a price increase between last year and this year on the basis of room prices. We think that increased numbers of international flights of Turkish Airlines have greatly contributed to that. We certainly think that when the beauty of our city is united with resources, everything develops more positively. February 2011 Turnovers Increased by 17% Compared to February 2010... February results of the Shopping Center Index prepared jointly by the Shopping Center Investors Association and Akademetre Research have been announced. Published regularly each month, data show that an increase of 17% was experienced in the turnover index of February 2011 with 108 points in comparison to February 2010 index. A decline of 4 points was observed in the turnover index of February when compared to the previous month. An increase of 4% occurred in Shopping center visits in February 2011 when compared to February of last year. Whereas in comparison to the month of January 2011 the Shopping Center Visitors Index declined to 97 points from 99 with a 2% fall. When compared to the month of February of last year, this year increases by 19% in clothing and accessories turnovers, by 23% in shoes and bag category turnovers, by 9% in hypermarket, supermarket and charcuterie turnovers, by 23% in food and beverage areas of shopping centers turnovers and by 22% in the turnovers of technology market and electrical appliances have been observed. An increase of 13% has experienced in the other stores within the shopping centers compared to February of last year and reached 108 points. In the light of the data announced we can say that the turnover has increased despite a decrease in the number of visitors. In other words the number of average sales slips increased in comparison to last year. MAY NEWS Bombed HSBC building opened as “Edition Hotel” Later many Sultans and High State Officials have added to the Water Facilities Complex of the Marmara Region new branches fed by several sources around Halkalı Village and named Halkalı Waters. When water shortage was once more observed with the increase of population in time, the sovereign Kanuni Sultan Süleyman has appointed Mimar Sinan to solve this problem. Thus, the construction of Kırkçeşme Water Facilities has started in 1555. Waters collected from the watercourses of Alibey and Kağıthane Rivers have been collected in pools and brought to Eğrikapı then brought to the city from there. As pipes resistant to excess pressure did not exist in those times, aqueducts have been built in the valleys letting waters flow through them to carry water from one place to the other. It is observed that the fine calculations and measurements made in the construction of watercourses are as reliable and accurate as the calculations made today with modern tools. In fact today some of the aqueducts still continue to exist. On the other hand, various source waters have been connected to fountains with water pipelines to meet the needs of the population. The water problem of Beyoğlu district of Istanbul was initially resolved in 1732 with the water facilities of Taksim. Water collected in the vicinity of Bahçeköy has been brought with a water pipeline of 20 km to a reservoir in “Taksim” and from there to Fountains, Water Dispensers and Sadirvans. In fact, the name of the district Taksim comes from being the center where waters are divided. Period of French Water Companies In order to meet the need for water which was insufficient and to provide pressurized water to newly built modern buildings in Istanbul which was one of the most important cities worldwide a concession has been given to the French Company in 1868 by Sultan Abdulaziz and the company "Dersaadet Anonim Su Şirketi" (Terkos Company) has been founded. Thus, the collection by this company of waters from sources, rivers and underground and their allocation as well as conveyance to the city after treatment of the water to be taken from Lake Terkos and its distribution has been accepted. The former Head Office building of HSBC which left its mark in our memory because of the bombing had been bought by Palmali Group of Companies at 93 million TRY from the Saving Deposit Insurance Fund (SDIF) in 2007. The building, after becoming "The İstanbul Edition" with an investment of 150 million dollars, is being operated by Marriott International. The building belonging to the hotel which was opened on the 3rd of May belonged to Demirbank in the past. The building had been transferred to SDIF after the takeover of the bank by BRSA, in 2002 was leased to HSBC which had bought Demirbank in 2003; it had been targeted by a terrorist attack. Projects Expected to Boost the Economy Prime Minister Erdoğan announced the “Crazy Project“. It has been announced that the project whose details are not exactly known is an approximately 50 kilometers long canal in European Side to link the Black Sea to the Sea of Marmara. It is said that with this canal, an island shall be formed on the European Side and that feasibility studies will last 2 years. Time will show whether the project shall be realized or not. Crown Plaza Returns to Bakırköy Managed by the sons of the ex Prime Minister Tansu Çiller, Berk and Mert Uçuran Çiller, Marsan Marmara Holding is making a hotel investment. Owner of Pera Rose, Pera Tulip and Pera City in Tepebaşı, the Group has recently leased for 12 years the operation of the hotel constructed by Astemya İnşaat right opposite to Titanic Port Hotel operating in Bakırköy. It is being said that the hotel which has cost 15 million dollars is planned to start operating in July. The brand of Holiday Inn Crown Plaza from the Intercontinental Group brands which had been in service on the coast of Bakırköy since 1990 had become Sheraton in 2009. Akfen GYO in Public Offering 29.1 Percent shares of Akfen GYO which is a GYO company focused in city hotel business is being offered to the public. Having delivered 10 hotels to Accor group with a framework agreement of 5 years concluded in 2005, Akfen GYO, with the agreement renewed for 5 years in 2010 shall develop and deliver at least eight hotels in Turkey. Having also investments in Russia in addition to Turkey, the constructions for İbis Hotel in Samara and Yaroslavl by Akfen are about to be completed. The first facility which has been constructed was the Elevation Center at Terkos lakeside in 1883. The Junction raising the lake periphery was realized in 1888. The first Water Purification Plant has been constructed in 1926 on the hills of Kağıthane and the water, after being treated and chlorinated, has been transmitted to the city. On the other hand, in order to meet the increased demand of the constantly developing Anatolian Side, the Water Company of Üsküdar - Kadıköy established in 1888 has constructed the 1st Elmalı Dam in 1893 on the Elmalı River, laid water supply network on the area from Anadoluhisarı to Bostancı. Later a Water Treatment facility to purify the water of Elmalı Dam, an Elevation Center, Water Distribution Pipeline to Bağlarbaşı and the Water reservoir of Bağlarbaşı have also been constructed by the company. Historical Samsun Tobacco Factory Becomes a Shopping Center The Period of Istanbul Water Administration (İ.S.İ) Having stepped into the city hotel business with Swissotel Grand Efes İzmir in 2005, Murat Vargı's MV Holding has purchased an old building in Taksim Tünel. It is expected to turn the building into a boutique hotel with 33 rooms. The real estate named as Çubuklu Building is said to be an old commercial building. When Concession companies took the maximum from their rights and avoided to fulfill their responsibilities, it was decided that the issue of water could not be solved through these companies and Terkos Company has been bought in 1932 and Üsküdar Kadıköy Water Company in 1937 and have been transferred to İstanbul Water Administration (İ.S.İ.). International Meeting in the Sector with GYODER Today, Istanbul Water and Sewerage Administration Era (İSKİ) However, the population of Istanbul has increased with individuals migrating in large numbers and bringing service to the neighborhoods has become increasingly difficult. When the capacity of İ.S.İ. could not meet the increasing population's need for water and sewerage, the need for establishing a new administration with larger authority and means has emerged. As a consequence, Istanbul Water and Sewerage Administration (İSKİ) was founded in 1981 under the supervision of Istanbul Governorship and with a law enacted in 1984 was taken into the organization of the Metropolitan Municipality of Istanbul. With the new law entering into force in 2005 the service area of İSKİ General Directorate has been expanded. Source: İSKİ internet site www.iski.gov.tr Samsun Tobacco Factory which had been in an idle state is being brought back to the economy under the name of Bulvar Samsun project developed jointly by Torunlar GYO and Turkmall, two very important Shopping Center investors of Turkey. In the scope of the project the old Tobacco Factory buildings shall be evaluated as stores, restaurants, cafes, offices and culture center, the project of 50 million Euros under restoration in conformity to the original is expected to be completed in 2012. Realized on a surface area of 17.400 square meters in total, the Bulvar Samsun project has a leasable area of 16 thousand square meters. In the project, an area of 11.600 square meters is available for the stores, of 2.400 square meters for restaurants and cafes, of 2.000 square meters for offices and then 20.000 square meters for parking garage. Vargı's Company has purchased a Building to Construct a Hotel in Tünel “ISTANBUL REstate” bringing together the real estate summit and exhibition organized by the Association of Real Estate Investment Companies (GYODER) was held between the dates of 17-18 May at Lütfi Kırdar International Convention and Exhibition Center. In the summit participated by 100 speakers with 25 of them being from abroad, the subject of “Real Estate Market from Sociological Perspective” was approached for the first time. Companies participated with 62 stands in total to the Real Estate Exhibition organized by GYODER with the event organizer company Reed Exhibitions. GYODER Summit, having displayed projects of 18 billion dollars, has this year also felt the pulse of the sector. The General Manager of our Company and member of the Management Board of GYODER Cansel Turgut Yazıcı presided a panel held at the exhibition on the “Effects of the Crisis on the Real Estate Value, Changing Rules of the Game”. Investments in the Real Estate Sector shall continue According to the report Real Estate Sector in Turkey – review of the first six months of 2011 prepared by Colliers International Turkey, real estate investments are foreseen to continue with the favorable atmosphere in this year's economy as well as with the strong domestic demand. As the largest market for offices, Istanbul has a modern office space of 1.810.570 square meters. Due to the limited stock of quality offices on the European Side and the high rents, the demand for A type office aimed at new business areas is increasing at the Anatolian Side. Torunlar GYO Paid Dividends Latest on Bank Credits Mortgage Credits Interest Rates (%) Torunlar GYO, as the most valuable second Real Estate Investment Trust (GYO) traded in the ISE with its portfolio size and market value, has organized its initial general assembly in 25 May after the public offering phase. In this initial General Assembly, the company took decision to totally distribute its distributable profit related to 2010. According to this decision Torunlar GYO, shall share with its investors its total distributable profit of 12,6 million TRY as dividend. Furthermore, Torunlar GYO took decision in the General Assembly to continue with the existing management. Torunlar GYO has closed the year of 2010 with 2.5 billion TRY net asset value, 3.1 billion TRY portfolio value and 1.4 billion TRY market value. Real Estate Stock Has Increased Mortgage Volume 2009-2011 (% Rate of Change in Previous Months) Consumer Credits in Collection The report "Real Estate Sector in the Emerging Countries and Turkey; Evaluation and Forecasts” has been presented at ISTANBUL REstate by Dr. Can Fuat Gürlesel in the session ”Rising Countries in Post Global Crisis”. According to the report, regarding economic growth, Turkey is behind Qatar, India, China and Indonesia. While the housing development area in Turkey is in the middle segment, housing finance system is developing; the market for luxury houses and residences displays a stable growth. Istanbul ranks at 27th in the global positioning of cities, ranks at 71st among global financial centers. Istanbul shows also a stable growth in the office market. While, in the hotel market there is an increase in the revenues per room. According to the report, looking at the development forecasts for the investable real estate stock, the real estate stock in Turkey increased in 2010 and reached 239 billion dollars. It is foreseen that this stock shall reach 582 billion dollars in 2020. Finally One Part of Izmir has its Zoning Plan Development in Consumer Credits The application zoning plans in the scale of 1/1000 remaining in the boundaries of Konak of the Metropolitan Municipality of Izmir was accepted unanimously by the Council of the Metropolitan Municipality. The new city center, with the construction foreseen, shall resemble Manhattan District in New York of United States, famous with its skyscrapers. The plans had been cancelled twice previously by decision of the court. However last March, the application zoning plan covering 315 hectares of the area has been approved with the votes of the members of the Municipal Council of Konak. Thus, after an intermission of 8 years, the way was cleared for the investors who foresaw an investment of approximately 50 billion dollars for the area. We are pleased for Izmir, after having its way obstructed for so many years for lack of plans. Turkmall has Added MallAssist to its Companies The real estate development and investment company Turkmall has established a company named "MallAssist" with a purpose to serve projects outside its investments. MallAssist, which shall provide service in leasing, construction, shopping center management and asset management, is being managed by a team equipped with international knowledge and experience accumulated through many years. News from Our Company The “Analysis of Shopping Centers Potential in Turkey” has been prepared by Eva Real Estate Consultancy Company and Akademetre Research & Planning Company The result of a joint study conducted by our company EVA Real Estate and Akademetre, Turkey's largest research company with domestic capital was presented under the name of “Analysis of Shopping Centers Potential in Turkey”. According to the report resulting from the studies, Turkey still needs shopping centers. However, as the investments are not all made to the right places, difficult days may be ahead of investors in the forthcoming period. The study has been conducted with the aim of examining the Shopping Center sector, of putting forth the real accumulation and potential, of determining potential investment areas in Turkey and of presenting needed types and sizes of Shopping centers. It the study determining the Shopping Center Map of Turkey; shopping centers in 81 provinces and more than one EVA Real Estate has prepared “Istanbul Residential Market Research Report” EVA has prepared a detailed market research report of 428 projects we may define as “branded” located in Istanbul in the scope of Istanbul Residential Market Research Report. The number of housings studied in the report is above 280 thousand and the report has been prepared to include detailed records of the residential projects. The report consists of 450 pages including annexes. In the study, the current situation of the residential market in Istanbul has been studied and analyzed, at the same time, with a perspective of 5-10-15 years, the districts representing a development potential for the future are announced with the basis. Denizli Shopping Center AVM on Sale by the Savings Deposit Insurance Fund The Savings Deposit Insurance Fund (SDIF) has put up for sale Denizli Shopping Center Commercial and Economic Complex (Denizli Alışveriş Merkezi Ticari ve İktisadi Bütünlüğü) in exchange for the debts of EGS Real Estate Investment Company. The tender of the commercial and economic complex with estimated price of 50 million dollars has been made in May 3rd, 2011. The commercial and economic complex is formed by the movable and immovable properties necessary for the continuation of the operations of EGS Park Denizli Shopping Center belonging to EGYO A.Ş as well as all the goods, rights and assets arising from the contracts of these assets. As a buyer could not be found in the tender made in the 3rd of May, it seems that the property shall be put to tender once more. Trabzon Cevahir Shopping Center was opened Trabzon Cevahir Shopping Center opened its doors on May 14th with 95 percent full capacity excluding entertainment areas. The Shopping center planned to provide employment to approximately 800 persons and to create a commercial volume above 20 million Euros has a total construction area of 33 thousand square meters and 20 thousand square meters of leasable surface area. 18 Facilities from Turkey are among the “Top 100 Hotels”of TUI The largest tour operator of the world, TUI has determined the top 100 hotels worldwide in a survey study based on “Customer Satisfaction” made with 35 million tourists who have travelled with its brand for more than 10 thousand hotels. In the "2011 TUI Holly" contest 18 hotels from Turkey have succeeded to be among the 100 hotels determined worldwide. Last year in the same study 20 hotels from Turkey were among the top 100 hotels. JUNE NEWS TerraCity Shopping Center was opened “TerraCity" realized with an investment of 220 million dollars under the partnership of Premerica Real Estate and Eria Partners opened its doors on June 1st, in the Lara district of Antalya. In the shopping center to bring together 180 brands consisting of 150 stores, 30 cafes and restaurants, there is a parking area available for 1400 vehicles. Operating in accordance to green principles with a special system taking care to prevent wastage of energy, TerraCity has a gross leasable area of 48 thousand square meters. TerraCity creating employment for approximately 1500 persons in Antalya is expected to be visited more than 12 million people per year. EVA Real Estate prepared “Turkey Hotel Sector Market Research Report” EVA, in the scope of “Turkey Hotel Sector market Research” has prepared a detailed market analysis report related to hotels throughout 81 provinces with their locations, prices and much other information. In the indexation study conducted by taking to account the occupancies, the development potential of the city and hotel prices, which cities needed hotels of 3, 4 and 5 Star categories to be opened and which pricing would bring success were calculated. All three reports can be obtained from EVA Real Estate Appraisal Company against payment. EVA Real Estate participated with a Stand to Istanbul REstate and GYODER Real Estate Summit EVA Real Estate Appraisal Consultancy has participated with a stand to the exhibition held between the dates of 17-18 May 2011 at Lütfü Kırdar Convention and Exhibition Center. Furthermore, the General Manager of our Company and member of the Management Board of GYODER Cansel Turgut Yazıcı presided a panel held at the exhibition on the “Effects of the Crisis on the Real Estate Value, Changing Rules of the Game”. Opening of 3 Shopping Centers realized in 8 Days KDM Shopping Centers Leasing and Management Consultancy Center realized the opening of 3 shopping centers in 8 days. According to the written announcement made by KDM Consultancy, the 3 shopping centers have a total area of 123 bins 500 square meters. Margi Outlet costing 30 million dollars in Edirne was opened in May 28th, Sarar Outlet Shopping Center costing 50 million dollars, on the 3rd of June, İnegöl Shopping Center costing 28 million dollars on the 4th of June. While Edirne Margi Outlet was an open concept shopping center, İnegöl Shopping Center is characterized as the shopping center with the largest plaza in Turkey. Galleria Renovated at 17 Million Dollars, Leasable Space Increased by 3.000 m² Having a separate importance in the sector as the first shopping center in Turkey, Galleria has been renovated with an investment of 17 million dollars for the first time since its establishment in 1988. Having its internal space renovated by Dati Yatırım Holding which also has Ataköy Marina, Ataköy Marina Hotel, Galleria and Sheraton İstanbul Ataköy Hotel within its organization, the second phase of the investment in Galleria was to the external spaces. In the scope of the renovation, the brands in Galleria were renewed; technical arrangements were made in the internal spaces. Thus, 3 thousand square meters were added to the leasable space of 44 thousand 500 square meters of the shopping center and 6 cafes were opened. With the renovation made, the number of visitors of Galleria is expected to reach 20-25 thousand per day. Rixos to Operate the Hotel of Sinpaş Sinpaş, in the real estate project it is realizing in Marmaris has come to agreement with FTG Real Estate and FINE Hotel Turizm İşletmeleri from Rixos Group of Companies. In the project formed by hotel, residences and villas that Sinpaş will realize in Marmaris, it was announced that the brands of Sinpaş and Rixos would be used. Sinpaş shall complete within three years the construction of a hotel complex with at least 140 rooms. The property was bought by Sinpaş from Hema Holding in 2009. Construction Cost per Square Meter Increased The Turkish Statistical Institute (TURKSTAT) has declared the “Construction Permits Statistics Results of the 1st Period of 2011”. According to that, construction costs “excluding land share” of buildings receiving building utilization permit from the municipalities has been 607,2 Liras in the first quarter of this year. Therefore construction costs per square meter in the first quarter increased by 7.4 percent compared to the same period of last year and the figure went up to 607,2 liras. The construction cost per square meter was determined as 565,2 liras in the same period of last year. AMPD Awards 2010-2011 Shopping Center of the year Awards..... Awards.... (Larger than 50 thousand square meters) Honorable Mention - Kent Park Shopping Center of the year (Smaller than 50 thousand square meters) Award - Kozzy AVM Award - Malatya Park AVM Shopping Center of the year (Outlet) Award - Optimum Outlet İstanbul Retail Company of the Year (Supermarket Category) Award - Migros Honorable Mention - BİM Retail Company of the Year (Chain Store Category) Award - Kiğılı Marketing Campaign of the Year (Shopping Center Category) Honorable Mention - Korupark Shopping Center ("Korupark 1000 Basar" Project) Marketing Campaign of the Year (In Retail Sector) Award - YKM ("YKM Kampus Kart" Project) Creative Retail Concept of the Year Award - Mudo Customer Satisfaction Project of the Year (In Retail Sector) Award- Migros (Money Club Project) Technology application of the Year in Retail Honorable Mention - Global Blue ("Instant tax refund project in Shopping Centers") Honorable Mention- Kiğılı (Corporate Automation Module) Human Resources Application of the Year Award - YKM (YKM Career Management System and Store Career Maps) Honorable Mention - Sanko Park (Sanko Park Akademi) Civil Society Initiative of the Year Award - Teknosa ("Nadir Eserler (Rare Works of Art)" Project) Honorable Mention - Boyner Holding ("Nar Taneleri (Pomegranate Arils)" Project) Awards Bestowed by ICSC 2011to Shopping Centers in Turkey ICSC (International Council of Shopping Centers) has announced the winners of 2011 ICSC Solal Marketing Award (AB) subsequent to the European Marketing Conference held in The Marmara Taksim Hotel in Istanbul between 6 and 8 April 2011. There were many Shopping Centers from Turkey among 177 finalists from 22 countries for 2011. From 7 golden and 21 silver awards 7 categories, FORUM İSTANBUL Shopping Center won one gold and KANYON Shopping Center won one gold and one silver, AKMERKEZ Shopping Center won one silver award and made our country take the first place in awards. Established in 1957, with its 60.000 members in more than 80 countries, ICSC (International Council of Shopping Centers) is the global trade association of the shopping center sector. Award for Kozzy Shopping Center at the 2011 ICSC European Shopping Center Awards 11 shopping centers from Austria, Belgium, Bosnia-Herzegovina, France, Germany, Russia, Sweden, Turkey and Great Britain succeeded in receiving awards. ICSC European Shopping centers Awards as the most reputable awards in the field of Commercial real estate brings international credibility to all finalists and winners. Kozzy Shopping Center developed by Rönesans Real Estate Investment Company and designed by Fehmi Kobal Architecture and 5+ Design has won an award. Jury's Special Award in the “Project of the Future” Category given to Mall of Istanbul "Mall of İstanbul" of Torunlar Real Estate Company prepared to become the largest mixed project of Turkey with its concept formed by Residence, Shopping Center and hotel, received Jury's Special Award "Highly Recommended Project" in the category Project of the Future at Global RLI Awards in 2011 organized by the magazine of the retail and entertainment sector Retail&Leisure. The Global RLI Awards are given each year to projects with innovative thought and approaches worldwide. “Certificate of Excellence” for Novatel and İbis Hotels Novotel İstanbul, Ibis Hotel İstanbul and Novotel Trabzon developed by Akfen Real REIT and operated by chain hotel group Accor S.A. received the “Certificate of excellence” by “Excellence Award 2011”. The Excellence Award 2011 is prepared by Tripadvisor.com, one of leisure and travel sites, taking into consideration the results of the customer satisfaction surveys. As a result of evaluations by customers worldwide, hotels receiving 4,5 points over 5 are deemed suitable to receive this award. QUOTE OF THE DAY “An investment in knowledge always pays the best interest.” (Benjamin Franklin) Düşündüren CONTACT US Contact us to share your views, comments, suggestions or any questions or advise regarding real estate. Published By: EVA Real Estate Appraisal Consultancy Company Bostancı E5 Kavşağı, Şebnem Sokak Tavukçuoğlu İş Merkezi No:10 K:5 34742 Bostancı-Kadıköy/İSTANBUL Tel: 0 216 361 57 57 http://www.evagyd.com [email protected] News were selected, organized and comment by EVA Real Estate Appraisal and Consultancy Company from various news organizations. “Periskop is an ISI Emerging Markets content partnership publication” www.securities.com