Agaoglu Construction Group, offering 232,925,000 YTL to TOKI, won the bid opened for the plot in Seyrantepe that is both tourism and commercially zoned. The land is located adjacent to the new Galatasaray stadium that is built by the well-known architect Eren Talu.

During the first phase of the bid, Agaoglu offered the highest bid of 104.8 million YTL to TOKI.  In the second phase of the tender, Agaoglu projected a revenue total of 605 million YTL and accepted to commit 38.5% of the revenue to TOKI in exchange for the land. This amount is equal to 232,925,000 Turkish Liras.

The size of the plot is 46,000 square meters gross and net usable area is a 29,640 square meters. The allowed above ground construction area for the land is twice the gross plot size which is 92,000 square meters.

Ali Agaoglu, the chairman of the company, said that the preliminary project for the site was almost ready and will be announced to public soon. He also added that their plan is to build a shopping center along with other possible developments.

Related Article: The Auction for Seyrantepe