Wealthy Turks and foreigners drawn to the idea of living in homes whose interiors are designed by Giorgio Armani have been lining up to pre-buy apartments in Istanbul’s exclusive Maçka neighborhood.
“Seventy percent of the apartments have already been sold. The other 30 percent will be sold by the end of the year,” said Vedat Aşçı, chairman of the Astaş Real Estate Investment and Tourism Incorporation, which is constructing the project in conjunction with Armani/Casa, interior design line of the Armani brand.
The project, “Maçka Residences, Interior Design by Armani/Casa,” is focusing on high-end and exclusive real estate residences.
The project was launched in May and is attracting keen interest from the wealthiest elements of society, desperate to live in a house designed by Armani.
Some 70 percent of the “Maçka Residences Interior Design by Armani/Casa” project has already been sold, with apartment prices varying between $800,000 and $6.5 million.
The project, to be completed by April 2012, will cost a total of $400 million, according to Aşçı.
The project consists of three buildings rising over the last empty land of Maçka, which sold four years ago for $40 million. Aşçı began the project in cooperation with Kempinski, one of the world’s largest hotels and residences group.
Armani, attracted by the historical fabric of the Maçka district, has accepted the invitation to join the project, Aşçı said.
Armani/Casa will add the Istanbul project to a list of already-completed residence projects in cities such as Tokyo, Dubai, Rome and New York.
Penthouses for $6.5 million
The overall project value of the new residences is $400 million, Aşçı said. Apartments will be delivered to customers by April 2012, he said.
The cost of residences will vary from between $10,000 and $16,000 per square meter, Aşçı said. “There are a total of 170 apartments and 28 penthouses in the project. We have sold 25 of a total 28 penthouses, priced up to $6.5 million in the last three months.”
Interest from the UK and Arabic countries
Foreigners have been particularly interested in the project, Aşçı said, adding that people from the United Kingdom and the Arab world will also join Turks in the Maçka Residences.
The sizes of the one-room apartments begin at 77 square meters and expand to 140, 200, 230, 260, 400 and 500 square meters.
“Our targeted group is the upper level of society. We appeal to people who love this area of Istanbul and who have lived in waterside houses before. People who will stay in these residences will have seven-star comfort,” Aşçı said.
“People buy these houses to live here, not as investments,” Aşçı said. “However, when the project is completed, the values of the properties will double. For this reason, there are some people who will buy two houses, one to live in and the other as an investment.”
Armani design attracts
The greatest reason to buy a house at the Maçka Residences is the Armani signature, Aşçı said.
People have been wearing Armani-branded clothes and bags for sometime now, Aşçı said. “Armani will create four different interior designs and the customers will be able to choose one of them.”
The price of an Armani/Casa design is two times more than the price of an apartment, Aşçı said, adding an Armani design covering one square meter costs 2,500 euros. “We attach a great importance to quality.”
“The opening of the Maçka Residences will be celebrated with a party attended by Giorgio Armani,” Aşçı said.
A total of 600 people are currently working on the project, Aşçı said. “However, this figure will increase to nearly 1,500 or 2,000 people in the future.”
When the project is completed the premises will accommodate a spa, fitness facilities, shops and restaurants. The residences will also have exclusive services such as concierge, valet parking and exclusive transportation facilities.
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