Vesen Yapi, Which Entered The Sector With Tuzla Mansions , Establishes a REIT

Vesen Yapi, which set out with the aim of branding in the luxury housing sector and reached a 60 percent sales rate in its first project Mercan Tuzla Mansions, aims to be listed in the stock market by establishing a REIT.

Established with the motto of 'Structures focusing on you' in the fields of business development, project design and construction works of luxury housing and luxury tourism projects, Vesen Yapi will complete deliveries in its first project Mercan Tuzla Mansions in 2024. Targeting the upper income segment with its projects, the company will be listed in the stock exchange by establishing a real estate investment trust (REIT) by the end of 2023. Expressing that they aim to be one of the leading names in the real estate sector, Vesen Yapi Chairman Muhittin Palazoglu said that they went 3 months ahead of the schedule in Mercan Tuzla Yalilari, which was implemented with the assurance of the Bank of Provinces and Vesen Yapi's investments. Noting that they will start deliveries in March 2024, Palazoglu said, "Vesen Mansions, which was realised in Mercan, one of the most decent residential areas of Tuzla, is 3 months ahead of the planned schedule with the ongoing construction activities.” Stating that the rough construction of the mansion apartments has reached 90 per cent, Palazoglu noted that they want to open to the stock exchange as a REIT at the end of 2023. 60 per cent of 158 mansions have been sold The project, built on a total area of 40 thousand 795 square metres, includes 158 mansion apartments, all of which are luxury residences. Muhittin Palazoglu, who explained that the residences are completely for the needs of luxury life and square metre prices start from 5 thousand dollars, stated that 60 percent of 158 mansions have been sold. Stating that Mercan Tuzla Yalilari is the 'only' seafront project of the Anatolian side, Palazoglu said, "In the project, which has details such as high ceiling apartments with large usage areas, spacious balconies, private terraces and garden areas for apartments, large green areas, rich social facilities, smart home systems, there are mansion apartments of different types from 3.5+1 to 5.5+1. The blocks in the project, designed on a horizontal plane with a new lifestyle approach, consist of ground floor + 3 floors.” "We want to become a brand in the luxury area”

Stating that they want to be on the European side of Istanbul and that they have started their search, Palazoglu continued as follows: "We want to focus on 3 projects instead of 3-5 projects at the same time. For this purpose, we will continue to build luxury living spaces in various provinces, especially in Istanbul. Our goal is to become an established brand in luxury housing. Palazoglu said that they will then focus on foreign markets with the same concept. "Stocks will melt and house prices will increase again” Stating that the stocks will melt with the campaigns made in housing, Muhittin Palazoglu said: "Costs continue to increase. There will be a supply shortage with the melting of stocks. This will lead to an increase in house prices again.” New projects in Uskudar and Bodrum Vesen Yapi, which has new projects on the agenda in 2023 after its first project Tuzla Mansions, will build luxury residences in Uskudar Kisikli and Bodrum in the first stage. Muhittin Palazoglu, explaining that the land in Kisikli is certain and the development and searches are continuing in Bodrum, said, "Kisikli will be finalised in the first half of this year. We are also looking for a place suitable for our concept in Bodrum. Again, it will be for the upper income group, again in large square metres.”