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1 Cumberland Properties Properties in Turkey. 2.. is a real estate agent and property developer in Turkey, specialising in building property for sale.

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Presentation on theme: "1 Cumberland Properties Properties in Turkey. 2.. is a real estate agent and property developer in Turkey, specialising in building property for sale."— Presentation transcript:

1 1 Cumberland Properties Properties in Turkey

2 2.. is a real estate agent and property developer in Turkey, specialising in building property for sale or rent in Bodrum and Kalkan..created a well-known brand in the United Kingdom and in other European countries with offices all across Europe..works with its own local construction companies and architects (including world- renowned Turkish architect Deniz Kutay) and offers full after-sales services to its clients..has received numerous accolades and is frequently recognized for its leadership in the Turkish market.. is a real estate agent and property developer in Turkey, specialising in building property for sale or rent in Bodrum and Kalkan..created a well-known brand in the United Kingdom and in other European countries with offices all across Europe..works with its own local construction companies and architects (including world- renowned Turkish architect Deniz Kutay) and offers full after-sales services to its clients..has received numerous accolades and is frequently recognized for its leadership in the Turkish market Cumberland Properties.. Cumberland Properties..

3 3..currently holds in excess of 500 properties in the range of US$105,000-1,000,000 and is in the developing five sites, with its own construction company..Since 2003 the company has sold properties worth US$ 41m, generating US$ 18.6m of net profit...aims to achieve a 50-70% profit margin, backed up with strong cash flows and liquidity...is expecting the inflow of tourists to increase further the companys product demand

4 4 TurkeyTurkey 5th largest population in the OECD with 71.2 million people, ahead of UK, France and Italy Political stability with single party government Economical reforms assisted by the IMF and continued cooperation with EU will further improve the economical and social integration of Turkey. GDP grew more than 5% in 2005 and the CPI diminished to single digits in the last 2 years and still continueing. Residental real estate demand will be increased by a mortgage system which will be introduced in Turkey in 2007 5th largest population in the OECD with 71.2 million people, ahead of UK, France and Italy Political stability with single party government Economical reforms assisted by the IMF and continued cooperation with EU will further improve the economical and social integration of Turkey. GDP grew more than 5% in 2005 and the CPI diminished to single digits in the last 2 years and still continueing. Residental real estate demand will be increased by a mortgage system which will be introduced in Turkey in 2007

5 5 Turkey: Macro Forecasts 200420052006E2007E2008E GNP (constant prices y-o-y, %) 9,97,65,6 6 GNP (US$ bn) 300,1362,1386,2438,4509,9 GNP per capita (US $) 4,1774,9635,2155,8316,685 Consolidated Budget Balance/ GDP (%) -7,1-2,0-0,5 CPI (annual average, y-o-y, %) 8,68,29,48,56,4 CPI (year end, y-o-y, %) 9,47,79,67,95 Unemployment rate (%) 10,310,29,5 9 CB O/N rate % (simple ann.) end-year 18,0013,5018,2515,0013,00 10Y Bond yield (in US$) 6,86,47,16,66 US$/TRL end-year (TRL as of 2005) 1,343,5001,351,481,441,39 / TRL end-year (TRL as of 2005) 1,821,2491,601,951,901,78 US$/TRL avg (TRL as of 2005) 1,429,2751,341,45 1,40 / TRL avg (TRL as of 2005) 1,778,3331,661,831,931,81

6 6 Turkish Real Estate Market Last three years saw a big rise in the demand in all segments of real estate investments. Nearly all segments saw a rise in rents and sales rates varying between 10 and 50 % Key factors: Growth in demand, stabilization of the economy, lack of quality supply, depreciation of the dollar, future developments in EU accession Desire to enter the market through acquiring cash flow real estate The flow of foreign direct investment (FDI) to Turkey next year will double this year's amount to almost $20 billion, of this amount approximately $4 billion will flow into the attractive real estate market The introduction of the mortgage system will take Turkeys real estate market into a new dimension Last three years saw a big rise in the demand in all segments of real estate investments. Nearly all segments saw a rise in rents and sales rates varying between 10 and 50 % Key factors: Growth in demand, stabilization of the economy, lack of quality supply, depreciation of the dollar, future developments in EU accession Desire to enter the market through acquiring cash flow real estate The flow of foreign direct investment (FDI) to Turkey next year will double this year's amount to almost $20 billion, of this amount approximately $4 billion will flow into the attractive real estate market The introduction of the mortgage system will take Turkeys real estate market into a new dimension

7 7 Turkish Real Estate Market The Holiday Homes market The Residential Market Retail Market and Shopping Centers Office Market The Holiday Homes market The Residential Market Retail Market and Shopping Centers Office Market

8 8 The Holiday Homes Market Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9 billion (10.85 billion) last year. Five years ago, Turkey allowed foreigners to buy property. Recent publication of statistics showed until 7 july 2006, 61803 foreigners took this opportunity and purchased 56953 properties in Turkey. The United Kingdom provides the largest group of buyers, with 14456 The United Kingdom provides the largest group of buyers, with 14456 properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed in the past years and the trend is expected to continue. in the past years and the trend is expected to continue. There is more space for real estate developments and prices are relatively There is more space for real estate developments and prices are relatively lower than other holiday markets such as Spain and Italy. According to DTZ lower than other holiday markets such as Spain and Italy. According to DTZ high quality houses in Turkeys south/sout west area cost about US$ 1,074 per high quality houses in Turkeys south/sout west area cost about US$ 1,074 per sqm. (Spains Costa del Sol prices are above US$ 4,200) sqm. (Spains Costa del Sol prices are above US$ 4,200) Cumberland Properties expects the prices in Turkey to increase by 60%-80% in Cumberland Properties expects the prices in Turkey to increase by 60%-80% in the next two years. the next two years. Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9 billion (10.85 billion) last year. Five years ago, Turkey allowed foreigners to buy property. Recent publication of statistics showed until 7 july 2006, 61803 foreigners took this opportunity and purchased 56953 properties in Turkey. The United Kingdom provides the largest group of buyers, with 14456 The United Kingdom provides the largest group of buyers, with 14456 properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed in the past years and the trend is expected to continue. in the past years and the trend is expected to continue. There is more space for real estate developments and prices are relatively There is more space for real estate developments and prices are relatively lower than other holiday markets such as Spain and Italy. According to DTZ lower than other holiday markets such as Spain and Italy. According to DTZ high quality houses in Turkeys south/sout west area cost about US$ 1,074 per high quality houses in Turkeys south/sout west area cost about US$ 1,074 per sqm. (Spains Costa del Sol prices are above US$ 4,200) sqm. (Spains Costa del Sol prices are above US$ 4,200) Cumberland Properties expects the prices in Turkey to increase by 60%-80% in Cumberland Properties expects the prices in Turkey to increase by 60%-80% in the next two years. the next two years.

9 9 In the first 7 months of 2006 a total of 6053 sales has been established in Turkey to foreigners. In this period the total sold property area reached to 800.000m2: Source: Alanya Chamber of Commerce report August 2006

10 10 As shown above page the origin of the majority of foreigners is European. As shown above page the origin of the majority of foreigners is European. Most purchases were done in Istanbul, for commercial purposes. Most purchases were done in Istanbul, for commercial purposes. The most popular locations for holiday home buyers are Bodrum and The most popular locations for holiday home buyers are Bodrum and Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with Kuşadası) and Aydın (Altınkum). Kuşadası) and Aydın (Altınkum). Like many countries that are becoming the focus of (most British) residential Like many countries that are becoming the focus of (most British) residential investors, growth is estimated at anywhere from 10 to 40 per cent a year.[1] investors, growth is estimated at anywhere from 10 to 40 per cent a year.[1][1] [1] Source: Colliers CRE United Kingdom [1] As shown above page the origin of the majority of foreigners is European. As shown above page the origin of the majority of foreigners is European. Most purchases were done in Istanbul, for commercial purposes. Most purchases were done in Istanbul, for commercial purposes. The most popular locations for holiday home buyers are Bodrum and The most popular locations for holiday home buyers are Bodrum and Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with Kuşadası) and Aydın (Altınkum). Kuşadası) and Aydın (Altınkum). Like many countries that are becoming the focus of (most British) residential Like many countries that are becoming the focus of (most British) residential investors, growth is estimated at anywhere from 10 to 40 per cent a year.[1] investors, growth is estimated at anywhere from 10 to 40 per cent a year.[1][1] [1] Source: Colliers CRE United Kingdom [1]

11 11 Forecast on Turkeys Holiday Home Market The transformation will be dramatic with the introduction of a mortgage system in 2007. It will stimulate demand for domestic housing and drive prices up. There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment. Helped by the fact that all property is freehold and eligible for inheritance by spouses or offspring.** Recent events such as the bombattacks last summer have not had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling to, or buying property inTurkey. Recent events such as the bombattacks last summer have not had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling to, or buying property inTurkey. The transformation will be dramatic with the introduction of a mortgage system in 2007. It will stimulate demand for domestic housing and drive prices up. There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment. Helped by the fact that all property is freehold and eligible for inheritance by spouses or offspring.** Recent events such as the bombattacks last summer have not had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling to, or buying property inTurkey. Recent events such as the bombattacks last summer have not had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling to, or buying property inTurkey.

12 12 The Residential Market The residential market continued being very active both on the demand and supply side in 2006 Due to population growth the need for new housing will remain. Migration of people to suburban areas caused by movement of industrial sector Holiday home trend in Turkeys coast areas Upgrading and investment purposes for buying The residential market continued being very active both on the demand and supply side in 2006 Due to population growth the need for new housing will remain. Migration of people to suburban areas caused by movement of industrial sector Holiday home trend in Turkeys coast areas Upgrading and investment purposes for buying

13 13 Istanbul Residential Map

14 14 Retail Market and Shopping Centers in Istanbul High demand for shopping centers and high street retail, Turkey is still in the first stages of shopping center development with 26.8 sq.m. per thousand people Total GLA of the shopping centers is around 800,000 sq.m. and approximately 400,000 of sq.m. under construction Average occupancy rates vary from 90% to 100% The yields currently stand at 13% for retail properties Average rents in shopping centers vary between $30 – $180/sq.m./month Average rents in high street retail vary between $60 – $150/ sq.m./month High demand for shopping centers and high street retail, Turkey is still in the first stages of shopping center development with 26.8 sq.m. per thousand people Total GLA of the shopping centers is around 800,000 sq.m. and approximately 400,000 of sq.m. under construction Average occupancy rates vary from 90% to 100% The yields currently stand at 13% for retail properties Average rents in shopping centers vary between $30 – $180/sq.m./month Average rents in high street retail vary between $60 – $150/ sq.m./month

15 15 Retail Market Map

16 16 Office Market in Istanbul There is a high demand for, but a limited supply of Class A office buildings on the European side. Rents vary between $12 and $25 per sq.m. for Class A The yields currently stand at 10% Occupancy rate average is about 90% Build-to-suit investment model and Office Park projects are becoming popular There is a high demand for, but a limited supply of Class A office buildings on the European side. Rents vary between $12 and $25 per sq.m. for Class A The yields currently stand at 10% Occupancy rate average is about 90% Build-to-suit investment model and Office Park projects are becoming popular

17 17 Central Business Districts of Istanbul

18 18 Cumberland Properties....recently signed an agreement with Meditinvest, Landmark Property Management SA and CA IB Corporate Finance, to invest in real estate and residential/commercial property development in Turkey Meditinvest has acquired four sites on the Bodrum Peninsula, with a total area of approx. 40,500 sqm, as well as an exclusive site of 405 sqm in Istanbul, on the Bosphorus waterfront. Construction and off-plan sales have commenced on all sites. The owners intend to convert Meditinvest into Real Estate Investment Company and to pursue a public listing on the Istanbul Stock Exchange within 12 months..recently signed an agreement with Meditinvest, Landmark Property Management SA and CA IB Corporate Finance, to invest in real estate and residential/commercial property development in Turkey Meditinvest has acquired four sites on the Bodrum Peninsula, with a total area of approx. 40,500 sqm, as well as an exclusive site of 405 sqm in Istanbul, on the Bosphorus waterfront. Construction and off-plan sales have commenced on all sites. The owners intend to convert Meditinvest into Real Estate Investment Company and to pursue a public listing on the Istanbul Stock Exchange within 12 months

19 19 Current Projects Seaview Regency Prestige 19 villas Gökçebel Project – 18 villas Konacık Project – 78 villas Gerişaltı Project – 5 villas Yalı Project – Palace Seaview Regency Prestige 19 villas Gökçebel Project – 18 villas Konacık Project – 78 villas Gerişaltı Project – 5 villas Yalı Project – Palace

20 20 Seaview Regency Prestige This project offers a great seaview and close proximity to a very nice little sandy beach. The architect of the project is Deniz Kutay. He got the award of one of the ten best architects of the world by Homes Overseas magazine. The project offers 13 detached 3+1 villas with en-suite bathrooms and 6 semi detached villas with the option of their own private swimming pool in the front garden. Gündogan, which is one of the many towns around the peninsula with lots of facilities, is at 10 minutes walking from Seaview Regency Prestige. This project offers a great seaview and close proximity to a very nice little sandy beach. The architect of the project is Deniz Kutay. He got the award of one of the ten best architects of the world by Homes Overseas magazine. The project offers 13 detached 3+1 villas with en-suite bathrooms and 6 semi detached villas with the option of their own private swimming pool in the front garden. Gündogan, which is one of the many towns around the peninsula with lots of facilities, is at 10 minutes walking from Seaview Regency Prestige.

21 21 Seaview Regency Prestige

22 22 Seaview Regency Prestige Bodrum Total Revenue 5,045,000 5,045,000 Total Investment 3,679,000 3,679,000 Net Profit 1,366,000 1,366,000 ROI 37.1 % IRR 81.8 % NPV 991,956 991,956 Financial Projection

23 23 Gökçebel Project, Bodrum Our development will be 18 prestigious apartments with garden and roof terrace offering seaview. Gokcebel land is in a very popular area within walking distance to the beach, 4 star hotels and all facilities. Target group is young families looking for the facilities of a town but within walking distance to the beach. The best feature regarding this project is its seaview and surrounding mountains. Its location is a plus giving this land the ability to draw investors due to its high earning potential. Our development will be 18 prestigious apartments with garden and roof terrace offering seaview. Gokcebel land is in a very popular area within walking distance to the beach, 4 star hotels and all facilities. Target group is young families looking for the facilities of a town but within walking distance to the beach. The best feature regarding this project is its seaview and surrounding mountains. Its location is a plus giving this land the ability to draw investors due to its high earning potential.

24 24 Gökçebel Project, Bodrum

25 25 Gökçebel Project, Bodrum Total Revenue 3.560.000 3.560.000 Total Investment 2.678.479 2.678.479 Net Profit 881.521 881.521 ROI32,9% IRR81,0% NPV 657.052 657.052 Financial Projection

26 26 Woodland Regency Konacık Bodrum This project is in the centre which gives easy access to all facilities, e.g. 10 minutes drive from Bodrum and 40 minutes from the airport. Woodland Regency offers 56 chic apartments and villas devided in 4 sectıons. The different types of villas furfill every individual need of the target group: 6 one-bedroom apartments are for the young professional 32 two- bedroom apartments for families with young child(ren) 16 semi detached three-bedroom villas suited for families, full time living and elderly. All property is built in high quality standards and contains first class supllies and design. This project is in the centre which gives easy access to all facilities, e.g. 10 minutes drive from Bodrum and 40 minutes from the airport. Woodland Regency offers 56 chic apartments and villas devided in 4 sectıons. The different types of villas furfill every individual need of the target group: 6 one-bedroom apartments are for the young professional 32 two- bedroom apartments for families with young child(ren) 16 semi detached three-bedroom villas suited for families, full time living and elderly. All property is built in high quality standards and contains first class supllies and design.

27 27 Architectural impressions Woodland Regency

28 28 Woodland Regency Konacık Bodrum Total Revenue 9,750,000 9,750,000 Total Investment 7,279,826 7,279,826 Net Profit 2,470,174 2,470,174 ROI 33.9 % IRR 38.8 % NPV 1,219,628 1,219,628 Financial Projection

29 29 Gerişaltı Project, Bodrum In a very exclusive neighbourhood with full view over sea and Yalikavak Marina, we offer the option of 5 detached villas with private pools and landscaped gardens. The demand for these properties would not only interest foreign buyers but Turkish investors too. This unspoilt area is 10 minutes by car to Yalikavak marina which is stylish and open 12 months a year. The land is an unusual find, as buying in such a sought after area can be rare. In a very exclusive neighbourhood with full view over sea and Yalikavak Marina, we offer the option of 5 detached villas with private pools and landscaped gardens. The demand for these properties would not only interest foreign buyers but Turkish investors too. This unspoilt area is 10 minutes by car to Yalikavak marina which is stylish and open 12 months a year. The land is an unusual find, as buying in such a sought after area can be rare.

30 30 Gerişaltı Project, Bodrum

31 31 Gerişaltı Project Bodrum Total Revenue 1,165,000 1,165,000 Total Investment 852,122 852,122 Net Profit 312,878 312,878 ROI 36.7 % IRR 140.8 % NPV 268,514 268,514 Financial Projection

32 32 Recontruction and rebuilding of an old historical palace, the Recontruction and rebuilding of an old historical palace, the Yalı. With preservation of original architecture the Yalı will be a Yalı. With preservation of original architecture the Yalı will be a phenomenal luxurious villa. phenomenal luxurious villa. Central Location and Easy Accessibility Central Location and Easy Accessibility Panoramic Bosphorus view Panoramic Bosphorus view Located in Bosphorus which has the highest property prices in Located in Bosphorus which has the highest property prices in Istanbul Istanbul The advantage of limited property supply in Bosphorus. Only The advantage of limited property supply in Bosphorus. Only 360 plots on the bosphorus shore. 360 plots on the bosphorus shore. Recontruction and rebuilding of an old historical palace, the Recontruction and rebuilding of an old historical palace, the Yalı. With preservation of original architecture the Yalı will be a Yalı. With preservation of original architecture the Yalı will be a phenomenal luxurious villa. phenomenal luxurious villa. Central Location and Easy Accessibility Central Location and Easy Accessibility Panoramic Bosphorus view Panoramic Bosphorus view Located in Bosphorus which has the highest property prices in Located in Bosphorus which has the highest property prices in Istanbul Istanbul The advantage of limited property supply in Bosphorus. Only The advantage of limited property supply in Bosphorus. Only 360 plots on the bosphorus shore. 360 plots on the bosphorus shore. Seaside Residence Project Yalı Bosphorus, Istanbul

33 33 Seaside Residence Istanbul

34 34 Total Revenue 4,300,000 4,300,000 Total Investment 3,550,609 3,550,609 Net Profit 749,391 749,391 ROI 21.1 % IRR 140.8 % NPV 488,291 488,291 Financial Projection Seaside Residence Istanbul

35 35 Future Projects Bodrum: Iasos Golf Project Istanbul: Bahçeşehir Mixed-use Project Çerkezköy Retail Project Bodrum: Iasos Golf Project Istanbul: Bahçeşehir Mixed-use Project Çerkezköy Retail Project

36 36 Iasos Golf Project This unspoilt bay with private beach front has vast scope for a holiday village which appeals to investors and singular buyers Increased desirability of this development could include a 9 hole golf course with restaurants, small marina for sailing boats and other facilities The project offers in the form of one and two bedroom apartments with full sea views This unspoilt bay with private beach front has vast scope for a holiday village which appeals to investors and singular buyers Increased desirability of this development could include a 9 hole golf course with restaurants, small marina for sailing boats and other facilities The project offers in the form of one and two bedroom apartments with full sea views

37 37 Iasos Golf Project Land Area:900,000m2 Location:Iasos, Milas Beach Front:800 metres Distance from Airport:15-25 minutes Distance from Bodrum:45 minutes Distance from Iasos village:4km Distance from Gulluk:10 minutes by boat Price: 30,000,000 Building licence:30% Type of building licence:Residential Title-deed Number of units possible:2500 (100m2 per unit) Construction Cost:120 per sqm from land

38 38 Bahçeşehir Mixed-use Project This project offers a total of 790 residential units and a shopping mall to be completed in two phases in Bahçeşehir. Total land area for these phases is around 72,000 sq.m with over 127,000 sq.m of construction area. Total cost for this project is estimated at $30.000.000 This project offers a total of 790 residential units and a shopping mall to be completed in two phases in Bahçeşehir. Total land area for these phases is around 72,000 sq.m with over 127,000 sq.m of construction area. Total cost for this project is estimated at $30.000.000

39 39 Land area41,909 sqm Shopping Mall Gross Area8,735 Small&medium shops leasable area2,296 Anchors leasable area1,628 Foodcourt Area371 Cinema Area1,168 Circulation area3,269 Office Gross Area11,671 Office leasable area8,443 Common areas3,228 Sports area1,693 Land area41,909 sqm Shopping Mall Gross Area8,735 Small&medium shops leasable area2,296 Anchors leasable area1,628 Foodcourt Area371 Cinema Area1,168 Circulation area3,269 Office Gross Area11,671 Office leasable area8,443 Common areas3,228 Sports area1,693 Bahçeşehir Mixed-use Project Shopping Center Information

40 40 Shopping Center Information Land area 4,900 sqm Shopping Mall Gross Area10,300 Small&medium shops leasable area3,660 Anchors leasable area1,570 Foodcourt Area1,240 Cinema Area1,150 Circulation area2,700 The shopping mall is developed for 60 small&medium shop units, 4 cinema salons and 1 anchor hypermarket Total cost for this project is estimated at $8,000,000 Shopping Center Information Land area 4,900 sqm Shopping Mall Gross Area10,300 Small&medium shops leasable area3,660 Anchors leasable area1,570 Foodcourt Area1,240 Cinema Area1,150 Circulation area2,700 The shopping mall is developed for 60 small&medium shop units, 4 cinema salons and 1 anchor hypermarket Total cost for this project is estimated at $8,000,000 Çerkezköy Community Center Project

41 41 Çerkezköy Community Center Project


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