Major Turkish developer enters Ukrainian market: The first four residential complexes will appear in Kyiv’s center

Author

Lesia Solovchuk

Turkish developer Bosphorus Development JSC enters the real estate market in Ukraine.

In Istanbul, the company is known for building Istanbul Tower 205, Turkey's largest business center, two years ago. The 220-meter skyscraper was designed by the world famous company Skidmore, Owings & Merrill (SOM) that worked out the projects of Burj Khalifa in the UAE, One World Trade Center in New York, and Tianjin CTF financial center in China.

The developer enters the Ukrainian market with the first projects on the capital market, according to Mehmet Vahit Saçaklıoğlu, the company’s founder and Chairman of the Supervisory Board. In the first quarter of 2022, the company plans to start working on a large-scale project in the center of Kyiv.

"The construction of our first project will start in the first quarter of 2022. The second project, no less ambitious,—at the end of 2022," Saçaklıoğlu stated in an interview with Interfax-Ukraine.

The company keeps a secret in what locations the residential complex will be erected until the start of the construction work.

"I can only say that all sites are located in the capital’s central part," Saçaklıoğlu added.

The company is currently working on projects on four land plots in the center of Kyiv, the acquisition of another three remains under negotiation.

The first project will be a multifunctional residential complex with retail and social facilities. This refers to the business-class housing with original architectural solutions, the use of high-quality materials, and with a well-thought-out and useful infrastructure for the residents planned in harmony with the environment.

"The project has already been drafted by our architects in cooperation with Ukrainian colleagues," the head of Bosphorus Development explained.

According to Saçaklıoğlu, about 500 workers were required to implement initial projects in Ukraine. If necessary, the company can bring highly qualified personnel from Turkey, including management, engineers, architects, as well as builders.

"We are examone this issue in terms of the quality of the work and the professionalism of the local personnel," Mehmet Vahit Saçaklıoğlu said.

Reference: Bosphorus Development JSC was founded in Ukraine in 2019. The authorized capital is 125 million UAH. The company’s founder and Chairman of the Supervisory Board is Mehmet Vahit Saçaklıoğlu, a representative of the Turkish family business. In the 1930s, his family had a chain of shops and restaurants, was engaged in the furniture and textiles production, as well as gas supply and trade in petroleum products. Since 1970, the business has focused on constructing residential and commercial properties in Istanbul.

The company is one of the top 10 developers in the country. One of the most famous projects is Istanbul Aquarium (2011)—the world's largest themed aquarium with a total area of 23,000 square meters. Next to the aquarium, the company built a large SEC Aqua Florya Mall (2012) and the hotel Crowne Plaza Florya Istanbul (2015).