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.
New shopping centerIn addition to the private residences, the building will host a shopping center of 34,000 square meters, a golf course, a fitness center and spa with a swimming pool, and communal areas. “The concept of the shopping center will differ from the many new shopping centers that have opened in Istanbul in the past years. In order to maintain competition, we will disclose the details of the concept at a later date,” Kiler explained. The building will also host high-end restaurants and a scenery terrace on its uppermost floor, where visitors can enjoy a 360 degrees view over Istanbul and which will be served by two lifts from the shopping center downstairs. Environmental approachAll flats at Istanbul Sapphire have private gardens on their balconies with a view over Istanbul, protected by the double façade covering the building. Kiler noted the double façade consumes some 25 percent less of energy and enables residents to enjoy outdoors air regardless of the weather.
“Residential blocks these days do not have gardens or areas where children could enjoy outdoors. Gardens at each unit are our response to this,” Kiler said.Although ecological issues have been taken into account in the planning and construction of the skyscraper, Istanbul Sapphire does not yet have a certificate confirming its environmentally friendly architecture. “We have applied for the Building Research Establishment Environmental Assessment Method (BREEAM) rating, and are waiting for the outcome of our application,” Murat Tabanlıoğlu, architect of the project, confirmed to Hürriyet Daily News & Economic Review.