Emlak Konut

EMLAK KONUT GYO Message Of General Director

Dear esteemed investors, stakeholders, and employees,

Carrying out its activities successfully, Emlak Konut REIC has served as the growth engine of the Turkish real estate industry during the first nine months of 2017. Serving Turkey for many years now, our company has instilled a perception of trustworthiness and quality in people’s minds with its track record, reputation, and brand value. Continuing its journey with a positive outlook, Emlak Konut will keep building modern and environment-friendly cities with residential projects that deliver comfort to its customers.

During this period, our housing sales performance has been largely in line with our targets. We reached our nine-month targets of 5.21 billion Turkish lira and 814,000 square meters of saleable area, together with the targeted 1.9 billion Turkish lira sales value and 295,000 square meters of saleable area for the third quarter. These results have provided us with further motivation and determination to achieve our year-end goals. As well, we expect to achieve a net income over 1.8 billion by the end of the fiscal year 2017 on the back of a profit of 1.07 billion TL in the first nine months.

The total business volume from 49 projects, along with ongoing infrastructure projects, urban parks, social facilities, schools, mosques and health facilities, helps us maintain our leading position in Turkey while enabling us to compete with other global players in terms of capacity. The company has seen a busy nine months, thanks to its rapidly completed projects. In addition to the purchase of seven lands worth 1 billion Turkish lira from TOKI in the first half of the year, we have added the Bakırköy Şenlik parcel, which is adjacent to the Galatasaray parcel, to our portfolio.

With this acquisition, we have gained a greater land area that will enable us to produce a more extensive project. In addition, we have created funds for the acquisition of new land in which we can conclude investments faster in the short term by selling the Ankara Balıkuyumcu, İzmir Urla, and Yalova Çiftlikköy parcels, which were included in the long-term investment policies with a total area of approximately three million square meters. Unrivaled in Turkey thanks to its land size inventory, Real Konut REIC continues to transform these lands into projects in the most efficient manner.

Emlak Konut REIC has set an excellent record, with revenue of 12.7 billion Turkish lira and a guaranteed company share of 3.8 billion Turkish lira from the eight tenders invited in the recent period. In the rest of the year, the company agenda will feature the tender of various Emlak Kount REIC lands at Istanbul’s central points.

We signed contracts in our nine new revenue-sharing projects during the first nine months of 2017, and our contractors have already started working. We will sign contracts for other tendered projects, and we will commence our activities throughout the rest of the year.

We are all aware of the value added by Emlak Konut REIC projects to our cities. Accordingly, we have started to announce our new projects. One of the two most important projects represents Istanbul’s first example of neighborhood concept as we know from our childhood. Rising on a one-million square meter area in Küçükçekmece, a portion of which has been tendered recently, the project will feature outstanding qualities. The other is the Kuzey Yaka project, which includes a range of construction concepts from a zoo to offices, and a congress center to a hotel and city park, as seen in global metropolises.

I would like to express my warmest thanks to the Board of Directors and all our employees for their invaluable contributions to Emlak Konut REIC’s journey, as well as its future vision. As we create added value for all our stakeholders, we will continue to add new success stories, grow our company, and make the most worthwhile investments in the right areas.

Yours Sincerely, 

 

Murat Kurum

General Director of Emlak Konut REIT Inc.