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EYG GYO Obtains Land Titles for Sancaktepe Project

EYG GYO announced a last-minute development regarding the Istanbul Sancaktepe Samandra project. Here are the details related to the EYG GYO Samandra project…

EYG Real Estate Investment Trust (GYO) made a disclosure on the Public Disclosure Platform (KAP) regarding a barter construction contract.

A last-minute development regarding the parcels subject to the contract signed on January 8, 2024, by EYG GYO to develop the project through a barter method on the lands located in Samandra Neighborhood of Sancaktepe District of Istanbul was shared.

It was stated that the land titles for the Istanbul Sancaktepe project were taken over by the company according to the proportions specified in the contract.

EYG GYO obtained the land titles for the Sancaktepe project

EYG GYO’s Sancaktepe project will be implemented in Osmangazi Neighborhood, Birikim Street, with parcels numbered 7574 Ada 1,2,3,5, 7575 Ada 1,2,3,4, and 7576 Ada 2,3,14. The total area of the parcels was announced as 15,968.85 square meters.

The current value of these 11 parcels, excluding VAT, is announced as 195 million TL, while the market value including VAT is 234 million TL.

In the immediate vicinity of the EYG GYO Sancaktepe project, there are ground floor shops on street fronts, 4-6 story buildings with upper floors partially residential and partially commercial, residential complexes, a few industrial buildings, and mostly residential apartment buildings with 4-6 stories built in detached layout.

Easy access to commercial units required by social life and to public institutions such as health center, school, children’s park, etc., is provided in the area where the density of construction is high.

Additionally, in the vicinity of the parcels; there are Meydan Park, TC Sancaktepe Municipality, Sancaktepe Square, Sinpaş Ege Boyu Site, and Sinpaş Metrolife Site.

The parcels have a slightly sloping and rugged topography and are in a rectangular or irregular trapezoid (amorphous) shape.

source: prepared by Melisa Beğiç

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