Kuwait’s Al Mazaya Holding has announced that it is to build a six-tower mixed use development in Istanbul with its Turkish joint venture partners.
The company also announced that it had changed the name of the joint venture from Mazaya Turkey for Real Estate Investment Company to Ritim Istanbul Company, a company on which it holds equal shares with the Turkish property developer Dumankaya Construction.
The development will share the company name, Ritim Istanbul, and is valued at $326 million (AED1.2 billion) and will comprise 863 residential units, 363 office spaces and around 150 retail outlets, reported Construction Week Online.
It will be built on a prime spot of land adjacent to one of the bridges linking the city’s Asian and European sides.
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