Astaş Holding to develop The Residences at Mandarin Oriental, Bodrum
The Residences at Mandarin Oriental, Bodrum - Ready for the UAE investors
Astaş Holding is pleased to announce its collaboration with Mandarin Oriental Hotel Group, one of the world’s most prestigious luxury hotel groups, for the branding and operation of The Residences at Mandarin Oriental, Bodrum. This collaboration with one of the world’s leading luxury hotel brands will bring an exciting new investment opportunity for potential real estate investors from the Gulf region.
The 102-key Mandarin Oriental, Bodrum and The Residences at Mandarin Oriental, Bodrum comprised of the 98 villas and 116 residences are beautifully set on a 600.000 m2 site at Cennet Bay which has two kilometers of coast line embracing three private bays, all offering breathtaking views of the Aegean Sea and redefining Mediterranean lifestyle throughout all seasons. The project is scheduled to be completed in 2013 with a targeted opening date of the first half of 2014. It will be the first property in Turkey to be managed and branded by Mandarin Oriental Hotel Group.
Additionally, The Residences at Mandarin Oriental, Bodrum is the most ambitious project in the Mediterranean basin and aims to elevate Bodrum to the top of the luxury resort destination list, especially amongst visitors from the Gulf States. In May 2012, the Turkish government took the step of dropping the existing law of reciprocity relating to foreign purchase of property. This opened up the market to allow foreign buyers from new countries, notably the UAE and Gulf, to acquire unique and luxurious Turkish property for the first time.
The Turkish Central Bank recently announced that there was an increase in the amount of property purchased in the first month after the law was published in May 2012. Overseas investors obtained around £706 million worth of real estate, which was four times the amount seen in 2011 indicating that the new law has already had a positive effect on the country. The move has also led to a strong increase in Arab tourism to Turkey.
Vedat Aşçı, Chairman of the Board of Astaş Holding, who collaborates with select international brands for the operation and design of his real estate developments and who is well-known for his branded projects, says:
“Turkey ranks among the top ten in the world’s tourism industry in terms of revenues and number of foreign visitors and the industry has quadrupled its share in national income over the last 20 years making it one of the fastest growing markets in the world. The number of visitors with high spending capacity coming to Turkey increases each year and the tourism revenues which were 18 million USD in 2011 are expected to increase up to 25 million USD in 2012. These factors indicate that Turkey is a rising star in its region's tourism industry. We, as Astaş Holding, believe that our project with Mandarin Oriental Hotel Group will add outstanding value to Bodrum and Turkey.
Mandarin Oriental, Bodrum and The Residences at Mandarin Oriental, Bodrum will set a benchmark for other international brands as the most luxurious resort and residence project in Europe and the Mediterranean Region. Our goal is to support Bodrum in its mission to become the leading resort destination of Europe’s south coast, where people can relax, entertain and revitalise, in a luxurious hideaway environment.”
Astaş Holding is paying great attention to detail in all of its projects and is developing this project at a value of 600 million Euros. Due to its prime location, the project comes with further advantages because it is onthe top of the world's agenda for its unique nature where green and blue meet at the intersection of Mediterranean and Aegean, where prevailing pine forests, and olive groves can be found along with stunning turquoise bays, warm and breezy climate throughout the year all going hand in hand with its elite visitors.
Astaş Holding, conducts all of its projects with a team that is comprised of the world’s leading hotel operators, architects, designers, engineers. The team for this project includes WATG-London, Antonio Citterio, Patricia Viel and Partners as well as Metex Design Group–Istanbul and GAD-Istanbul and Arup–Istanbul. Each one will ensure that Mandarin Oriental, Bodrum and The Residences at Mandarin Oriental, Bodrum are of unique design.
With an environmental mission, Astaş Holding is putting into practice a new environmentally friendly project with LEED Certificate. This project aims to set new standards in the tourism sector along with preserving the great natural beauty of the site. The site is being protected as a rehabilitation area where over 500,000 new plants and trees will be planted.
ABOUT ASTAŞ HOLDING
Astaş Holding was founded in 1983. Astaş Holding continues its activities on the field of luxurious real estate and hotel development along with many other areas of activity. With its Head Quarters in Istanbul, Astaş Holding provides employment to 2,000 people and it is planning to invest three billion USD within the next 5 years.
In addition to its tourism investment, Astaş Holding actively supports social responsibility projects especially in the area of education where it is at present, continuing to support the investments of many primary and high schools.
ABOUT MANDARIN ORIENTAL HOTEL GROUP
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. The Group now operates, or has under development, 45 hotels representing 11,000 rooms in 28 countries, with 19 hotels in Asia, 13 in The Americas and 13 in Europe, Middle East and North Africa. In addition, the Group operates, or has under development, 14 Residences at Mandarin Oriental connected to its properties.
The Residences at Mandarin Oriental, Bodrum (The Residences) are not developed, sponsored, offered or sold by Mandarin Oriental Hotel Group or any affiliate thereof (MOHG), and MOHG makes no representation, warranty or guaranty of any kind regarding The Residences. The developers and owners of The Residences use the Mandarin Oriental name and trademarks subject to the validity, terms and conditions of license