www.visitedeurope.com Istanbul Sapphire, the 261-meter high skyscraper, will be the tallest residential building in Europe once completed in late 2009. The skyscraper in Istanbul’s 4. Levent district will become the symbol of the city similar to the Empire State Building in New York City, says Nahit Kiler, the chairman of Kiler Holding
Istanbul Sapphire, the tallest residential skyscraper in Europe once complete, is scheduled to finish by the end of 2009. The construction by Kiler Holding in Istanbul's 4. Levent district started three years ago and recently reached the height of 261 meters. At present the tallest residential building in Europe is the 190-metres high Turning Torso in Malmö, Sweden.
“We want Istanbul Sapphire to become a symbol of Istanbul, the Empire State Building of this city, where tourists and residents alike can come and admire Istanbul's skyline,” Nahit Kiler, chairman of Kiler Holding, told reporters yesterday.
Immune to crisisOnce complete, the skyscraper will consist of 64 floors and 174 private residences of 22 different types of varying from 120 to 1,100 square meters. Since the launch of the project flat prices have gone up from the initial price of $550,000 to $4.5 million to $1 and $7.5 million. Kiler noted the total cost of the project currently stands at $200 million. Whilst some 60 percent of the project is financed by Kiler Holding's own resources, 40 percent of the project's budget comes from sales. Turkish investors make up roughly 85 percent of all buyers at present.
“Istanbul Sapphire has become a brand among international investors and we believe interest in Istanbul's real estate market will increase further. Although Istanbul is a world metropolis, square meter prices here are still lower than in other similar locations, making Istanbul an attractive target for international investors,” Kiler said.
Kiler noted that the crisis has not had any impact on the sales of the Sapphire flats. “So far we have sold some 40 percent of the whole project, and reached the sales target. […] In fact, right after the crisis escalated we sold units for $7.5 million. Istanbul Sapphire is an A+ category property so the crisis is not affecting our sales,” he added.