Emaar Turkey, the wholly-owned subsidiary of Dubai-based Emaar Properties, has launched The Address Residence In Istanbul, a collection of five star serviced residences in the Turkish city.
Part of the Emaar Square integrated community in Turkey, it marks the first full fledged hotel and residence project of The Address Hotels and Resorts brand in the international market.
The 197 residences in the project are fully furnished and are part of the luxury collection of serviced apartments, the developer said in a statement.
Overlooking the Marmara Sea, Princess Islands and Bosphorus Strait, the serviced residences are located on levels 12 to 29 of The Address Istanbul, a 49-storey building in Emaar Square.
The hotel rooms and suites are located in the first nine levels, and the building also includes a range of restaurants, a spa, pools and health club.
“The global launch of The Address Residence Istanbul in Dubai highlights the strong interest among UAE investors in Turkey’s property sector led by the bilateral trade relations and strong tourism growth,” said Ahmad Matrooshi, managing director of Emaar Properties.
“Turkey is today the most preferred European holiday destination for UAE residents according to reports, which makes the premium serviced residences desirable as second homes or long-term investments. With the project, we are also highlighting the competencies of The Address Hotels + Resorts in Turkey, the first international market for the hotel brand.”
The Address Residence Istanbul is being designed by Foster + Partners while the interiors are done by HBA, the statement said.
Last year, Emaar Turkey unveiled The Address Residences Emaar Square, Istanbul, which is also managed by The Address Hotels + Resorts. A mid-rise development, the serviced residence project has 73 homes and received strong investor response during its GCC launch, according to Emaar.
Emaar Square is the second integrated development by Emaar in Turkey after the launch of Tuscan Valley, which is currently a fully functional community that also features the Tuscan Shopping Arcade and the Dolce Vita Club.
In total, Emaar Square will comprise over 1,000 luxury homes and 40,000 square metres of office space, accommodating around 5,000 professionals. It will also consist of The Emaar Square Shopping Mall, which will have a total rentable space of over 150,000 square metres, featuring high-end brands.
It will feature leisure attractions such as entertainment centres, an ice rink, a 2,400 seat mega movie theatre complex and underwater zoo, similar to Emaar’s flagship retail asset, The Dubai Mall.
Emaar, Dubai’s biggest property developer, has grown strongly in tandem with the emirate’s property sector over the last two years. It has also expanded its international operations with real estate projects across India, the US, Egypt, Morocco, Pakistan, Saudi Arabia, Lebanon, Jordan and Syria.