Istanbul Canal provides rich pickings for Emlak Konut

Hazal Ocak
 
With work speeding up on the controversial Istanbul Canal project, the real estate sector has also moved into action before the project starts. Many companies have apparently been picking up plots in the area since the name of the Istanbul Canal project became known. Many residential project owners have also started to make reference to Istanbul Canal in their advertising. The most prominent announcement has come with the Emlak Konut Real Estate Investment Trust company, an affiliate of the Housing Development Administration of Turkey, making a map of its residential projects along the route of Istanbul Canal and posting it on its website. The Housing Development Administration of Turkey has 33 projects along the route.
 
First meeting on 27 March
 
The Environmental Impact Assessment of the Istanbul Canal project, which President Recep Tayyip Erdoğan proclaimed as a “crazy project” in 2011, was commenced on 27 February. The 45-kilometre long canal will pass through Küçükçekmece, Avcılar, Arnavutköy and Başakşehir sub-provinces. The canal will start from Küçükçekmece Lake and continue through the Sazlıdere Dam basin, pass Sazlıbosna village and stretch to the east of Dursunköy. Having passed Baklalı village, it will enter the Black Sea to the east of Terkos Lake. It has been stated in an announcement by the Ministry of the Environment and Urbanisation that the Environmental Impact Assessment process into the Istanbul Canal project (including coastal buildings, marinas, container ports and the logistics centre along with land reclamation from the sea, dredging and concrete plants) whose construction is planned by the Infrastructure General Directorate of the Ministry of Transport, Shipping and Communications has commenced, and the application file has been opened for public consideration. A “Public Participation Meeting” will be held on 27 March 2018 to inform the public about the project and to solicit its opinions and recommendations. It is noted that the venue and time for the Public Participation Meeting will be announced ten days prior to the meeting date as per regulations.
 
33 projects
 
Attention is courted by the press bulletin posted on 26 February on Emlak Konut’s official website. In the bulletin, appearing on the website before the Istanbul Canal project has even started, the following comments are attributed to Emlak Konut Real Estate Investment Trust CEO Murat Kurum: “It is inevitable for real estate and real estate projects in the area of influence of such mega projects as Istanbul Canal to increase in value. With Turkey taking sure strides towards the future as it maintains its growth with mega projects most notably the Istanbul Canal, the projects in our country are being followed not just locally but also by the entire world. With Emlak Konut having 33 projects along the route of the Istanbul Canal, a mega project that will greatly benefit not just Istanbul’s but the country’s economy, we are continuing our investments in the area along with our very significant plot portfolio.”
 
Emphasis on valuable projects
 
In the bulletin, in which it is remarked, “Emlak Konut is developing valuable projects along Canal Istanbul,” in summary the following is said, “Emlak Konut is aiming to contribute towards Canal Istanbul fusing into its environment in a more integrated manner with the projects it will develop with an exemplary approach to town planning in the Istanbul Canal area. In this context, Emlak Konut is developing projects in the Bahçekent area and the Bizim Mahalle and Ispartakule areas, apart from the North Coast. The Bahçekent area continues to grow as a self-contained living space with living areas, commercial areas, health complexes, educational institutions and expansive social facilities.”
 
Bridges in finished form
 
Shown on the map posted on Emlak Konut’s website are the company’s projects and, in finished form, the bridges that it is planned to construct within the Istanbul Canal project whose Environmental Impact Assessment process has not yet been completed.