World Bulletin / News Desk
The first tender for the recreational areas of a much-anticipated TL 4.5 billion project that aims to make İstanbul an International Financial Center (IFC), which was set to take place on Aug. 8, has been delayed to Aug. 31.
The reason given for the delay is that there have been changes to the tender requirements. The Emlak Konut real estate partnership is responsible for the assignment of the tender, and experts predict the tender will be contracted at a price between $800 million and $1 billion.
According to the Ministry of Environment and Urban Planning, which is overseeing the project, it will be completed in three-and-a-half years and consist of a congress center, trade centers, hotel and health center as well as a center for cultural activities. Project plans indicate revenues made from the sale of properties in the first two years will be used towards infrastructure expenses.