Emaar Turkey, that acquired Halis Toprak's land in Libadiye is planning to develop a mix-use property consisting of residences, a shopping center and a hotel on the acquired plot and the project is estimated to cost $1.2 billion once completed. Emaar Turkey acquired this 73,000 sqm land in Libadiye, Goztepe from Toprak for $402.7 million. Ozan Balaban, the CEO of Emaar Turkey said that the project is expected to begin within this year and the concept of the project will be one that will attract the tourists visiting Istanbul. 

Emaar plans to increase its investment total in Turkey to $3 billion until 2010 and to $5 billion until 2012. Balaban added that the global slow-down will only affect their investments positively and they will continue their investments as planned. Emaar plans to be ready with an extensive supply of properties once the slow-down is over and people start buying real estate again.