Two new malls that have just begun construction in Turkey will help the local residents have access to better stores and increase the attractiveness of the country for international real estate investors. These new retail centers are being developed by Multi Turkmall, a company which entered the country in 2004 and has since been aggressively building new malls around the country.
The two malls will be located in Istanbul and Aydin. Istanbul is the country’s largest city and spans two continents, while Aydin is one of the largest cities along the Aegean coast, not far from popular destinations such as Izmir, Kusadesi and Milas. The company is also planning several additional malls throughout the country, including in the popular resort and destination areas of Antalya and Kayseri as well as the capital city of Ankara.
The Forum TEM project in Istanbul is located next to the TEM highway in the Gaziosmanpaþa district. It will have 72,000 square meters of retail space and services in an enclosed shopping area, a new concept for Turkey. The project will also help promote local urban development in the surrounding district, as it will have a DIY store as well as an office tower. Groundbreaking on this new mall was held September 11th and is expected to open in the spring of 2009.
Forum Aydin is located in one of the largest cities along the Aegean region of the country, and will feature local architecture in an open-air format. The 30,000 square meter center will have a multi-screen cinema, department stores and retail stores from local and international businesses. Forum Aydin is intended to be a major draw to this city and offer amenities for the region’s residents. Groundbreaking was held on September 6th and the mall is expected to open in mid 2008.
Istanbul is also the place for a new off plan development called Astrum Towers this select development will offer 1285 apartments set in a secure community and offers a higher quality of property than is currently available to the local emerging middle classes.
