By Eliza Theiss, Associate Editor
Cairo—Developer of the Burj Khalifa, Emaar Properties PJSC has recently launched two ambitious projects: Boulevardi in Istanbul and the mixed-use Emaar Square in Uptown Cairo. Both projects were presented at Cityscape Global, the premier property exhibition that took place in Dubai earlier this month.
Emaar Turkey, a subsidiary of Emaar Properties, has announced the development of Boulevardi, a more than 721,000 square foot mixed-use project in Istanbul’s Anatolian side. Boulevardi will be Emaar’s second project in Turkey, following the success of the Tuscan Valley community, located just 45 minutes from Istanbul’s city center, featuring villas, villas suites, apartments, stunning views of the Marmara Sea and the Tuscan Shopping Arcade.
Similar to Tuscan Valley, Boulevardi will also feature a mix of residential and commercial elements, though a larger scale. The Boulevardi master-planned community will contain more than 1,000 luxury homes, a 190-key five star hotel and one of the largest shopping malls in Istanbul. The development will also have an office component and high-end leisure facilities.
The trophy asset of Boulevardi will be the mall component. The largest on the Asian side of the city, the mall will feature some 400 stores, a Discovery Centre & Underwater Zoo, a mega-movie theatre complex, ice skating rink, family entertainment center and diverse dining venues. The shopping center’s design will be reminiscent of The Dubai Mall.
The development’s architecture will be in congruence with Istanbul’s overall feel. Homes will feature elements inspired by the Ottoman architecture and will be surrounded by sprawling tree-lined streets. Neighborhood squares will dot the community.
Boulevardi is expected to be the next economic booster of the area, following the relocation of Turkey’s Central Bank to the area that is also a transportation hub.
The Dubai-based developer’s second project to be announced is Emaar Square, an ambitious mixed-use project to rise in Uptown Cairo, also developed under Emaar subsidiary Emaar Misr’s umbrella.
Emaar Square, a $0.5 billion (AED 1.8 billion or EG 3 billion) investment will occupy close to 2.7 million square feet. It will feature Egypt’s largest open mall, the luxurious The Address Hotel, serviced residences, office space all bounded by 1,200 luxury single-family homes with landscaped garden and tree-lined streets. The development is expected to generate thousands of new jobs.
Emaar Square’s open mall will feature three avenues of retail and lifestyle opportunities: The Main Boulevard, The Fashion Walk and Entertainment Avenue. To be located on Fashion Avenue, The Address Hotel will contain 250 rooms, as well as serviced residences.
Emaar Square will also feature a new business park. Superior quality office space will be located in buildings featuring a classical design and high-end business amenities. Luxurious restaurants, cafes and various leisure venues will surround the business hub.
Uptown Cairo is a 43 million square foot self-contained luxury development located at Cairo’s highest point, some 656 feet above sea level. It includes a business park, mall, resorts, spa, town center, villas, townhouses, apartments, villas, a world-class golf course and several other sports and leisure facilities, schools, healthcare facilities and places of worship. Uptown Cairo will be comprised of 11 villages. It has a price tag of $2.1 billion (AED 7.7 billion or EGP 12.8 billion).
Furthermore Emaar Properties has recently signed a Memorandum of Understanding with the Iraqi Ministry of Construction & Housing to jointly develop residential, tourism and commercial projects in Iraq. Emaar Properties, with its policy to increase its presence in emerging markets, will undertake commercial developments such as hospitality, shopping and retail projects, which will be finalized by the Iraqi Ministry of Construction. Moreover Emaar will also involve its wholly owned subsidiary Dawahi Development to realize value housing projects.
The Iraqi economy has a projected growth of 12 percent for the current year. Moreover the country’s capital budget is 35 per cent higher in 2012 that the previous year, while the Iraqi government is pushing for infrastructure projects, earmarking a third of the budget for capital project in a bid to attract foreign investments.