Green Light for New Residential Development on Istanbul's New Formula 1 Racing Circuit

Independent Financial Report States Purchasers Can Expect up to 25%
Capital Appreciation by Completion

A residential development of apartments and townhouses has been given the green light to be built on Turkey’s Formula1 race track in Istanbul. The development, called F2, has been designed by award winning Turkish architect Eren Talu and benefits from an independent financial report which states that purchasers could expect to benefit from 25% capital appreciation by the completion date of August 2009*. Select Property, the North West-based specialist provider of overseas investment property, has won the exclusive rights to market and sell all 322 properties.

Located in Akfirat, on the East side of Istanbul, F2 includes 2 bedroom penthouse duplexes from £120,210, 2 bedroom garden duplexes from £127,196, and 3 storey 4 bedroom townhouses from £159,940. Leisure facilities will include tennis courts, a fitness centre, swimming pool and restaurants. Select Property are offering a flexible payment plan whereby purchasers pay 20% on contract, 20% in February 2008, 20% in January 2009 and 40% on completion.

According to Mark Stott, Managing Director of Select Property, F2 ticks all the boxes as an attractive proposition for property investors. He commented:

“Istanbul was voted the number 1 city for development prospects in a recent Urban Land Institute and PricewaterhouseCoopers survey for best development prospects, beating 26 other European markets. It is also the European capital of culture for 2010 which will undoubtedly raise awareness and attract further investment.

“In terms of F2, while the West side of the city is already well-developed the East side isn’t. As a result property prices are currently 50% cheaper. But the area is definitely on the up. Multinational companies are moving in, there is superior urban planning, greater spaces, and better infrastructure since Turkish planners don’t want to repeat some of the mistakes made when developing the West side. All of which endorses the capital growth cited in the independent financial report carried out on F2.”

As well as high capital appreciation, Select Property is confident that its customers will benefit from a strong resale market since 70% of Istanbul’s population are young professionals (30years old) who work on the west side but can’t afford to buy there.


Stott commented: “Since F2 is only a 35minute commute to the West, and the property is cheaper, it will undoubtedly appeal to the young professional who cannot afford to buy in the West. Of course there is also the added attraction that they will be able to generate additional income by renting the property out for a few weeks every summer when Formula1 comes to town.”

F2 is being constructed by Turkish company CE Yapi.

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About Select Property
Select Property specialise in supplying overseas property for investment purposes. The company was formed in 2002 and has, to date, successful sold over £300 million worth of properties in Dubai, Spain, Bulgaria and Turkey. The company formerly traded under the name Dubai Select before consolidating its country-specific brands under the Select Property banner in January 2007.

Tel: 0870 111 000
www.selectproperty.com

About Eren Talu
In 1987 Eren, with his partner Suha Durukan, founded Eren Talu, with the simple vision of putting people at the centre of his designs. Some years later after creating many projects for blue chip companies such as Coca Cola, Microsoft and Turkish Bank Plc, Eren Talu is now regarded as the top architect and design company in Turkey.

Selective in his design projects, Eren Talu’s stunning tourist developments include the fabulous Adam & Eve Hotel in Antalya, Hillside Su Hotel in Antalya and Ev Turbuku in Bodrum, all encompassing stylish modern design that delivers a luxury living experience.

About CE Yapi
Ce Yapi was founded for the purpose of serving every kind of business construction development. With the incorporation of five business partners, the combination of expertise from each partner; gives outstanding skills in all areas of development.


*Vector – independent real estate appraisal

For more information please contact Helen White;
Email: Helen.white@selectproperty.com
Mobile: 07884 318 796



05/07/07