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CumberlandCumberland PropertiesPropertiesCumberlandCumberland PropertiesPropertiesProperties in Turkey

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.. is a real estate agent and property .. is a real estate agent and property developer developer in Turkey, specialising in building in Turkey, specialising in building property for property for sale or rent in Bodrum and Kalkansale or rent in Bodrum and Kalkan

..c..created a well-known brand in the United reated a well-known brand in the United Kingdom and in other European Kingdom and in other European countries countries

with with offices all across Europeoffices all across Europe

....works with works with its own its own locallocal construction construction companies and architects (including world-companies and architects (including world-renowned Turkish architectrenowned Turkish architect Deniz Kutay) and Deniz Kutay) and offers full after-sales servicesoffers full after-sales services to its clientsto its clients

....has received numerous accolades and is has received numerous accolades and is frequently recognized for itsfrequently recognized for its leadership in the leadership in the Turkish marketTurkish market

.. is a real estate agent and property .. is a real estate agent and property developer developer in Turkey, specialising in building in Turkey, specialising in building property for property for sale or rent in Bodrum and Kalkansale or rent in Bodrum and Kalkan

..c..created a well-known brand in the United reated a well-known brand in the United Kingdom and in other European Kingdom and in other European countries countries

with with offices all across Europeoffices all across Europe

....works with works with its own its own locallocal construction construction companies and architects (including world-companies and architects (including world-renowned Turkish architectrenowned Turkish architect Deniz Kutay) and Deniz Kutay) and offers full after-sales servicesoffers full after-sales services to its clientsto its clients

....has received numerous accolades and is has received numerous accolades and is frequently recognized for itsfrequently recognized for its leadership in the leadership in the Turkish marketTurkish market

CumberlandCumberland Properties..Properties..CumberlandCumberland Properties..Properties..

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CumberlandCumberland Properties..Properties..

..currently holds in excess of 500 properties in the range of ..currently holds in excess of 500 properties in the range of US$105,000-1,000,000 and is in the developing five sites, US$105,000-1,000,000 and is in the developing five sites, with its own construction companywith its own construction company

..Since 2003 the company has sold properties worth US$ ..Since 2003 the company has sold properties worth US$ 41m, generating US$ 18.6m of net profit. 41m, generating US$ 18.6m of net profit.

..aims to achieve a 50-70% profit margin, backed up with ..aims to achieve a 50-70% profit margin, backed up with strong cash flows and liquidity.strong cash flows and liquidity.

..is expecting the inflow of tourists to increase further the ..is expecting the inflow of tourists to increase further the company’s product demandcompany’s product demand

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TurkeyTurkeyTurkeyTurkey5th largest population in the OECD with 71.2 million people, 5th largest population in the OECD with 71.2 million people, ahead of UK, France and Italyahead of UK, France and Italy

Political stability with sPolitical stability with single party governmentingle party government

Economical reforms assisted by the IMFEconomical reforms assisted by the IMF and c and continued ontinued cooperation with EUcooperation with EU will will further improve the economical further improve the economical and social and social integration of Turkey.integration of Turkey.

GDP grew more than GDP grew more than 55% in 200% in 20055 and the CPI diminished to and the CPI diminished to single digits single digits in the last 2 years and still continueing.in the last 2 years and still continueing.

Residental real estate demand will be increased by a Residental real estate demand will be increased by a mmortgage system ortgage system which will be introduced in Turkey in which will be introduced in Turkey in 20072007

5th largest population in the OECD with 71.2 million people, 5th largest population in the OECD with 71.2 million people, ahead of UK, France and Italyahead of UK, France and Italy

Political stability with sPolitical stability with single party governmentingle party government

Economical reforms assisted by the IMFEconomical reforms assisted by the IMF and c and continued ontinued cooperation with EUcooperation with EU will will further improve the economical further improve the economical and social and social integration of Turkey.integration of Turkey.

GDP grew more than GDP grew more than 55% in 200% in 20055 and the CPI diminished to and the CPI diminished to single digits single digits in the last 2 years and still continueing.in the last 2 years and still continueing.

Residental real estate demand will be increased by a Residental real estate demand will be increased by a mmortgage system ortgage system which will be introduced in Turkey in which will be introduced in Turkey in 20072007

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Turkey: Macro ForecastsTurkey: Macro ForecastsTurkey: Macro ForecastsTurkey: Macro Forecasts  20042004 20052005 2006E2006E 2007E2007E 2008E2008E

GNP (constant prices y-o-y, %) 9,9 7,6 5,6 5,6 6

GNP (US$ bn) 300,1 362,1 386,2 438,4 509,9

GNP per capita (US $) 4,177 4,963 5,215 5,831 6,685

Consolidated Budget Balance/ GDP (%) -7,1 -2,0 -0,5 -1 -1

CPI (annual average, y-o-y, %) 8,6 8,2 9,4 8,5 6,4

CPI (year end, y-o-y, %) 9,4 7,7 9,6 7,9 5

Unemployment rate (%) 10,3 10,2 9,5 9,5 9

CB O/N rate % (simple ann.) end-year 18,00 13,50 18,25 15,00 13,00

10Y Bond yield (in US$) 6,8 6,4 7,1 6,6 6

US$/TRL end-year (TRL as of 2005) 1,343,500 1,35 1,48 1,44 1,39

€ / TRL end-year (TRL as of 2005) 1,821,249 1,60 1,95 1,90 1,78

US$/TRL avg (TRL as of 2005) 1,429,275 1,34 1,45 1,45 1,40

€ / TRL avg (TRL as of 2005) 1,778,333 1,66 1,83 1,93 1,81

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Turkish Real Estate MarketTurkish Real Estate MarketTurkish Real Estate MarketTurkish Real Estate MarketLast three yearsLast three years saw a big rise in the demand saw a big rise in the demand in all segments of real in all segments of real estate investments.estate investments.

Nearly all segments saw a rise in rents and sales rates varying Nearly all segments saw a rise in rents and sales rates varying between 10 between 10 andand 50 % 50 %

Key factorsKey factors:: Growth in demand, stabilization of the economy, Growth in demand, stabilization of the economy, lack of lack of quality supply, depreciation of the dollar, future quality supply, depreciation of the dollar, future developments in EU developments in EU accessionaccession

Desire to enter the market through acquiring ‘cash flow real estate’Desire to enter the market through acquiring ‘cash flow real estate’

The flow of foreign direct investment (FDI) to Turkey next year will The flow of foreign direct investment (FDI) to Turkey next year will double this year's amount to almost $20 billion, of this amount double this year's amount to almost $20 billion, of this amount approximately $4 billion will flow into the attractive real estate approximately $4 billion will flow into the attractive real estate marketmarket

The introduction of the mortgage system will take Turkey’s real The introduction of the mortgage system will take Turkey’s real estate market into a new dimensionestate market into a new dimension

Last three yearsLast three years saw a big rise in the demand saw a big rise in the demand in all segments of real in all segments of real estate investments.estate investments.

Nearly all segments saw a rise in rents and sales rates varying Nearly all segments saw a rise in rents and sales rates varying between 10 between 10 andand 50 % 50 %

Key factorsKey factors:: Growth in demand, stabilization of the economy, Growth in demand, stabilization of the economy, lack of lack of quality supply, depreciation of the dollar, future quality supply, depreciation of the dollar, future developments in EU developments in EU accessionaccession

Desire to enter the market through acquiring ‘cash flow real estate’Desire to enter the market through acquiring ‘cash flow real estate’

The flow of foreign direct investment (FDI) to Turkey next year will The flow of foreign direct investment (FDI) to Turkey next year will double this year's amount to almost $20 billion, of this amount double this year's amount to almost $20 billion, of this amount approximately $4 billion will flow into the attractive real estate approximately $4 billion will flow into the attractive real estate marketmarket

The introduction of the mortgage system will take Turkey’s real The introduction of the mortgage system will take Turkey’s real estate market into a new dimensionestate market into a new dimension

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Turkish Real Estate MarketTurkish Real Estate MarketTurkish Real Estate MarketTurkish Real Estate Market

The Holiday Homes marketThe Holiday Homes market

The Residential MarketThe Residential Market

Retail Market and Shopping CentersRetail Market and Shopping Centers

Office MarketOffice Market

The Holiday Homes marketThe Holiday Homes market

The Residential MarketThe Residential Market

Retail Market and Shopping CentersRetail Market and Shopping Centers

Office MarketOffice Market

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The Holiday Homes MarketThe Holiday Homes MarketThe Holiday Homes MarketThe Holiday Homes Market

Tourism is a key industry in Turkey, with foreign visitors bringing in Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9 billion (€10.85 billion) last year. US$13.9 billion (€10.85 billion) last year.

Five years ago, Turkey allowed foreigners to buy property.Five years ago, Turkey allowed foreigners to buy property. Recent Recent publication of statistics showed until 7 july 2006, 61803 foreigners took publication of statistics showed until 7 july 2006, 61803 foreigners took this opportunity and purchased 56953 properties in Turkey.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, properties, up from just 2420 in 2003. up from just 2420 in 2003. The Tourism Industry in Turkey The Tourism Industry in Turkey boomedboomed 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 There is more space for real estate developments and prices are relatively relatively lower than other holiday markets such as Spain and Italy. According lower than other holiday markets such as Spain and Italy. According to DTZ to DTZ high quality houses in Turkey’s south/sout west area cost about US$ high quality houses in Turkey’s south/sout west area cost about US$ 1,074 per1,074 per sqm. (Spain’s Costa del Sol prices are above US$ 4,200) sqm. (Spain’s Costa del Sol prices are above US$ 4,200)

Cumberland Properties expects the prices in Turkey to increase by Cumberland Properties expects the prices in Turkey to increase by 60%-80% in 60%-80% in the next two years.the next two years.

Tourism is a key industry in Turkey, with foreign visitors bringing in Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9 billion (€10.85 billion) last year. US$13.9 billion (€10.85 billion) last year.

Five years ago, Turkey allowed foreigners to buy property.Five years ago, Turkey allowed foreigners to buy property. Recent Recent publication of statistics showed until 7 july 2006, 61803 foreigners took publication of statistics showed until 7 july 2006, 61803 foreigners took this opportunity and purchased 56953 properties in Turkey.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, properties, up from just 2420 in 2003. up from just 2420 in 2003. The Tourism Industry in Turkey The Tourism Industry in Turkey boomedboomed 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 There is more space for real estate developments and prices are relatively relatively lower than other holiday markets such as Spain and Italy. According lower than other holiday markets such as Spain and Italy. According to DTZ to DTZ high quality houses in Turkey’s south/sout west area cost about US$ high quality houses in Turkey’s south/sout west area cost about US$ 1,074 per1,074 per sqm. (Spain’s Costa del Sol prices are above US$ 4,200) sqm. (Spain’s Costa del Sol prices are above US$ 4,200)

Cumberland Properties expects the prices in Turkey to increase by Cumberland Properties expects the prices in Turkey to increase by 60%-80% in 60%-80% in the next two years.the next two years.

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In the first 7 months of 2006 a total of 6053 sales has been 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 established in Turkey to foreigners. In this period the total sold

property area reached to 800.000m2:property area reached to 800.000m2:

In the first 7 months of 2006 a total of 6053 sales has been 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 established in Turkey to foreigners. In this period the total sold

property area reached to 800.000m2:property area reached to 800.000m2:

Origin of foreign purchasers of total real estate in Turkey

14456

14382

13905

14210

13600 13800 14000 14200 14400 14600

United Kingdom

Germany

Greece

Other countries

Origin of foreign purchasers of total real estate in Turkey

14456

14382

13905

14210

13600 13800 14000 14200 14400 14600

United Kingdom

Germany

Greece

Other countries

Source: Alanya Chamber of Commerce report August 2006

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Origin of Foreigners buying Turkish Real Estate

357296

749801

18761708

90176

United KingkomIrelandGermanyHollandNorwayBelgiumGreeceOther

Origin of Foreigners buying Turkish Real Estate

357296

749801

18761708

90176

United KingkomIrelandGermanyHollandNorwayBelgiumGreeceOther

As shown above page the origin of the majority of foreigners is As shown above page the origin of the majority of foreigners is European.European. Most purchases were done in Istanbul, for commercial purposes. Most purchases were done in Istanbul, for commercial purposes.

The most popular locations for The most popular locations for holiday home holiday home buyers are Bodrum buyers are Bodrum andand FethiyeFethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir , followed by Antalya area (Kemer, Side, Alanya), Izmir region region (with(with Kuşadası)Kuşadası) and Aydın and Aydın (Altınkum)(Altınkum)..

Like many countries that are becoming the focus of Like many countries that are becoming the focus of ((most Britishmost British)) residentialresidential investors, growth is estimated at anywhere from 10 to 40 per cent investors, growth is estimated at anywhere from 10 to 40 per cent a year.a year.[1][1] Source: Colliers CRE United KingdomSource: Colliers CRE United Kingdom

As shown above page the origin of the majority of foreigners is As shown above page the origin of the majority of foreigners is European.European. Most purchases were done in Istanbul, for commercial purposes. Most purchases were done in Istanbul, for commercial purposes.

The most popular locations for The most popular locations for holiday home holiday home buyers are Bodrum buyers are Bodrum andand FethiyeFethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir , followed by Antalya area (Kemer, Side, Alanya), Izmir region region (with(with Kuşadası)Kuşadası) and Aydın and Aydın (Altınkum)(Altınkum)..

Like many countries that are becoming the focus of Like many countries that are becoming the focus of ((most Britishmost British)) residentialresidential investors, growth is estimated at anywhere from 10 to 40 per cent investors, growth is estimated at anywhere from 10 to 40 per cent a year.a year.[1][1] Source: Colliers CRE United KingdomSource: Colliers CRE United Kingdom

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Forecast on Turkey’s Holiday Forecast on Turkey’s Holiday Home MarketHome Market

Forecast on Turkey’s Holiday Forecast on Turkey’s Holiday Home MarketHome Market

The transformation will be dramatic with the introduction of a The transformation will be dramatic with the introduction of a mortgage system in 2007. It will stimulate demand for mortgage system in 2007. It will stimulate demand for domestic housing and drive prices up. domestic housing and drive prices up.

There's been a liberalisation of foreign property-ownership There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment. Helped by the accession has increased foreign investment. Helped by the fact that all property is freehold and eligible for inheritance by fact that all property is freehold and eligible for inheritance by spouses or offspring.**spouses or offspring.**

Recent events such as the bombattacks last summer Recent events such as the bombattacks last summer have not have not had much of an immediate impact. The attacks were fairly had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling large or dramatic enough to shock people into not traveling toto,, or buying property inor buying property inTurkey.  Turkey.  

The transformation will be dramatic with the introduction of a The transformation will be dramatic with the introduction of a mortgage system in 2007. It will stimulate demand for mortgage system in 2007. It will stimulate demand for domestic housing and drive prices up. domestic housing and drive prices up.

There's been a liberalisation of foreign property-ownership There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment. Helped by the accession has increased foreign investment. Helped by the fact that all property is freehold and eligible for inheritance by fact that all property is freehold and eligible for inheritance by spouses or offspring.**spouses or offspring.**

Recent events such as the bombattacks last summer Recent events such as the bombattacks last summer have not have not had much of an immediate impact. The attacks were fairly had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling large or dramatic enough to shock people into not traveling toto,, or buying property inor buying property inTurkey.  Turkey.  

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The Residential MarketThe Residential MarketThe Residential MarketThe Residential Market

The residential market continued being very active both The residential market continued being very active both on the demand and supply side in 2006on the demand and supply side in 2006

Due to population growth “the need for new housing” will Due to population growth “the need for new housing” will remain.remain.

Migration of people to suburban areas caused by Migration of people to suburban areas caused by movement of industrial sectormovement of industrial sector

Holiday home trend in Turkey’s coast areasHoliday home trend in Turkey’s coast areas

Upgrading and investment purposes for buyingUpgrading and investment purposes for buying

The residential market continued being very active both The residential market continued being very active both on the demand and supply side in 2006on the demand and supply side in 2006

Due to population growth “the need for new housing” will Due to population growth “the need for new housing” will remain.remain.

Migration of people to suburban areas caused by Migration of people to suburban areas caused by movement of industrial sectormovement of industrial sector

Holiday home trend in Turkey’s coast areasHoliday home trend in Turkey’s coast areas

Upgrading and investment purposes for buyingUpgrading and investment purposes for buying

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Istanbul Residential MapIstanbul Residential MapIstanbul Residential MapIstanbul Residential Map

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Retail Market and Shopping Retail Market and Shopping Centers in IstanbulCenters in Istanbul

Retail Market and Shopping Retail Market and Shopping Centers in IstanbulCenters in Istanbul

High demand for shopping centers and high street retail, High demand for shopping centers and high street retail, Turkey is still in the first stages of shopping center Turkey is still in the first stages of shopping center development with 26.8 sq.m. per thousand peopledevelopment with 26.8 sq.m. per thousand people

Total GLA of the shopping centers is around 8Total GLA of the shopping centers is around 80000,,000 sq.m.000 sq.m. and approximately 400and approximately 400,,000 of sq.m. under construction000 of sq.m. under construction

Average occupancy rates Average occupancy rates varyvary from 90% from 90% to to 100%100%

The yieldsThe yields currently stand at currently stand at 1313% for % for retail propertiesretail properties

Average rents in shopping centers Average rents in shopping centers vary vary between $30 – between $30 – $180$180//sq.m.sq.m./month/month

Average rents in high street retail Average rents in high street retail varyvary between $60 – between $60 – $150$150/ / sq.m.sq.m./month/month

High demand for shopping centers and high street retail, High demand for shopping centers and high street retail, Turkey is still in the first stages of shopping center Turkey is still in the first stages of shopping center development with 26.8 sq.m. per thousand peopledevelopment with 26.8 sq.m. per thousand people

Total GLA of the shopping centers is around 8Total GLA of the shopping centers is around 80000,,000 sq.m.000 sq.m. and approximately 400and approximately 400,,000 of sq.m. under construction000 of sq.m. under construction

Average occupancy rates Average occupancy rates varyvary from 90% from 90% to to 100%100%

The yieldsThe yields currently stand at currently stand at 1313% for % for retail propertiesretail properties

Average rents in shopping centers Average rents in shopping centers vary vary between $30 – between $30 – $180$180//sq.m.sq.m./month/month

Average rents in high street retail Average rents in high street retail varyvary between $60 – between $60 – $150$150/ / sq.m.sq.m./month/month

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Retail Market MapRetail Market Map

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Office Market in IstanbulOffice Market in IstanbulOffice Market in IstanbulOffice Market in Istanbul

There is a high demand for, but a limited supply of Class A There is a high demand for, but a limited supply of Class A office buildings on the European side.office buildings on the European side.

Rents vary between $12 and $25 per sq.m. for Class A Rents vary between $12 and $25 per sq.m. for Class A

The yieldsThe yields currently stand at currently stand at 10% 10%

Occupancy rate average is about 90% Occupancy rate average is about 90%

““Build-to-suit” investment model and Build-to-suit” investment model and Office Park Office Park projects are becoming popularprojects are becoming popular

There is a high demand for, but a limited supply of Class A There is a high demand for, but a limited supply of Class A office buildings on the European side.office buildings on the European side.

Rents vary between $12 and $25 per sq.m. for Class A Rents vary between $12 and $25 per sq.m. for Class A

The yieldsThe yields currently stand at currently stand at 10% 10%

Occupancy rate average is about 90% Occupancy rate average is about 90%

““Build-to-suit” investment model and Build-to-suit” investment model and Office Park Office Park projects are becoming popularprojects are becoming popular

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Central Business Districts Central Business Districts of Istanbulof Istanbul

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CumberlandCumberland Properties..Properties..

..recently signed an agreement with Meditinvest, Landmark ..recently signed an agreement with Meditinvest, Landmark Property Management SA and CA IB Corporate Finance, to Property Management SA and CA IB Corporate Finance, to invest in real estate and residential/commercial property invest in real estate and residential/commercial property development in Turkeydevelopment in Turkey

Meditinvest has acquired four sites on the Bodrum Meditinvest has acquired four sites on the Bodrum Peninsula, with a total area of approx. 40,500 sqm, as well Peninsula, with a total area of approx. 40,500 sqm, as well as an exclusive site of 405 sqm in Istanbul, on the as an exclusive site of 405 sqm in Istanbul, on the Bosphorus waterfront.Bosphorus waterfront.

Construction and off-plan sales have commenced on all Construction and off-plan sales have commenced on all sites. The owners intend to convert Meditinvest into Real sites. The owners intend to convert Meditinvest into Real Estate Investment Company and to pursue a public listing Estate Investment Company and to pursue a public listing on the Istanbul Stock Exchange within 12 monthson the Istanbul Stock Exchange within 12 months

..recently signed an agreement with Meditinvest, Landmark ..recently signed an agreement with Meditinvest, Landmark Property Management SA and CA IB Corporate Finance, to Property Management SA and CA IB Corporate Finance, to invest in real estate and residential/commercial property invest in real estate and residential/commercial property development in Turkeydevelopment in Turkey

Meditinvest has acquired four sites on the Bodrum Meditinvest has acquired four sites on the Bodrum Peninsula, with a total area of approx. 40,500 sqm, as well Peninsula, with a total area of approx. 40,500 sqm, as well as an exclusive site of 405 sqm in Istanbul, on the as an exclusive site of 405 sqm in Istanbul, on the Bosphorus waterfront.Bosphorus waterfront.

Construction and off-plan sales have commenced on all Construction and off-plan sales have commenced on all sites. The owners intend to convert Meditinvest into Real sites. The owners intend to convert Meditinvest into Real Estate Investment Company and to pursue a public listing Estate Investment Company and to pursue a public listing on the Istanbul Stock Exchange within 12 monthson the Istanbul Stock Exchange within 12 months

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Current ProjectsCurrent Projects

Seaview Regency Prestige 19 Seaview Regency Prestige 19 villasvillas

Gökçebel Project – 18 villasGökçebel Project – 18 villas

Konacık Project – 78 villasKonacık Project – 78 villas

Gerişaltı Project – 5 villasGerişaltı Project – 5 villas

Yalı Project – PalaceYalı Project – Palace

Seaview Regency Prestige 19 Seaview Regency Prestige 19 villasvillas

Gökçebel Project – 18 villasGökçebel Project – 18 villas

Konacık Project – 78 villasKonacık Project – 78 villas

Gerişaltı Project – 5 villasGerişaltı Project – 5 villas

Yalı Project – PalaceYalı Project – Palace

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Seaview Regency PrestigeSeaview Regency PrestigeSeaview Regency PrestigeSeaview Regency Prestige

TThis his projectproject offers a great seaview and close proximity to a offers a great seaview and close proximity to a very nice little sandy beach. very nice little sandy beach.

TThe architect of he architect of the project is Deniz Kutay. He the project is Deniz Kutay. He got the got the award of one of the ten best architects of the world by award of one of the ten best architects of the world by Homes Overseas magazineHomes Overseas magazine..

TThehe project offers 13 detached 3+1 villas with en-suite project offers 13 detached 3+1 villas with en-suite bathrooms and 6 semi detached villas bathrooms and 6 semi detached villas withwith the option of the option of their own private swimming pool in the front garden.their own private swimming pool in the front garden.

GündoganGündogan,, which is one of the many towns around the which is one of the many towns around the peninsula with lots of facilitiespeninsula with lots of facilities, is at 10 minutes walking , is at 10 minutes walking from Seaview Regency Prestige. from Seaview Regency Prestige.

TThis his projectproject offers a great seaview and close proximity to a offers a great seaview and close proximity to a very nice little sandy beach. very nice little sandy beach.

TThe architect of he architect of the project is Deniz Kutay. He the project is Deniz Kutay. He got the got the award of one of the ten best architects of the world by award of one of the ten best architects of the world by Homes Overseas magazineHomes Overseas magazine..

TThehe project offers 13 detached 3+1 villas with en-suite project offers 13 detached 3+1 villas with en-suite bathrooms and 6 semi detached villas bathrooms and 6 semi detached villas withwith the option of the option of their own private swimming pool in the front garden.their own private swimming pool in the front garden.

GündoganGündogan,, which is one of the many towns around the which is one of the many towns around the peninsula with lots of facilitiespeninsula with lots of facilities, is at 10 minutes walking , is at 10 minutes walking from Seaview Regency Prestige. from Seaview Regency Prestige.

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Seaview Seaview Regency Regency PrestigePrestige

Seaview Seaview Regency Regency PrestigePrestige

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Seaview Regency Prestige Seaview Regency Prestige BodrumBodrum

Seaview Regency Prestige Seaview Regency Prestige BodrumBodrum

Total RevenueTotal Revenue € € 5,045,0005,045,000

Total InvestmentTotal Investment € € 3,679,0003,679,000

Net ProfitNet Profit € € 1,366,0001,366,000

ROIROI 37.1 %37.1 %

IRRIRR 81.8 %81.8 %

NPVNPV € € 991,956991,956

Financial ProjectionFinancial ProjectionFinancial ProjectionFinancial Projection

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Gökçebel Project, BodrumGökçebel Project, BodrumGökçebel Project, BodrumGökçebel Project, Bodrum

Our development will be 1Our development will be 188 prestigious apartments with prestigious apartments with garden and roof terrace offering seaview. garden and roof terrace offering seaview.

Gokcebel land is in a very popular area within walking Gokcebel land is in a very popular area within walking distance to the beachdistance to the beach, , 4 star hotels4 star hotels and all facilities. and all facilities.

Target group isTarget group is young families looking for the facilities of a young families looking for the facilities of a town but within walking distance to the beach. town but within walking distance to the beach.

The best feature regarding The best feature regarding this projectthis project is its seaview and is its seaview and surrounding mountains. Its location is a plus giving this land surrounding mountains. Its location is a plus giving this land the ability to draw investors due to its high earning the ability to draw investors due to its high earning potential.potential.

Our development will be 1Our development will be 188 prestigious apartments with prestigious apartments with garden and roof terrace offering seaview. garden and roof terrace offering seaview.

Gokcebel land is in a very popular area within walking Gokcebel land is in a very popular area within walking distance to the beachdistance to the beach, , 4 star hotels4 star hotels and all facilities. and all facilities.

Target group isTarget group is young families looking for the facilities of a young families looking for the facilities of a town but within walking distance to the beach. town but within walking distance to the beach.

The best feature regarding The best feature regarding this projectthis project is its seaview and is its seaview and surrounding mountains. Its location is a plus giving this land surrounding mountains. Its location is a plus giving this land the ability to draw investors due to its high earning the ability to draw investors due to its high earning potential.potential.

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Gökçebel Gökçebel Project, Project, BodrumBodrum

Gökçebel Gökçebel Project, Project, BodrumBodrum

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Gökçebel Project, Gökçebel Project, BodrumBodrum

Total RevenueTotal Revenue € € 3.560.0003.560.000

Total InvestmentTotal Investment € € 2.678.4792.678.479

Net ProfitNet Profit € € 881.521881.521

ROIROI 32,9%32,9%

IRRIRR 81,0%81,0%

NPVNPV € € 657.052657.052

Financial ProjectionFinancial Projection

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Woodland Regency Woodland Regency Konacık BodrumKonacık Bodrum

Woodland Regency Woodland Regency Konacık BodrumKonacık 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.

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Architectural impressions Architectural impressions Woodland RegencyWoodland Regency

Architectural impressions Architectural impressions Woodland RegencyWoodland Regency

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Woodland Regency Woodland Regency Konacık BodrumKonacık Bodrum

Total RevenueTotal Revenue € € 9,750,0009,750,000

Total InvestmentTotal Investment € € 7,279,8267,279,826

Net ProfitNet Profit € € 2,470,1742,470,174

ROIROI 33.9 %33.9 %

IRRIRR 38.8 %38.8 %

NPVNPV € € 1,219,6281,219,628

Financial ProjectionFinancial Projection

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Gerişaltı Project, BodrumGerişaltı Project, BodrumGerişaltı Project, BodrumGerişaltı Project, Bodrum

In a very exclusive neighbourhood with full view over sea In a very exclusive neighbourhood with full view over sea and Yalikavak Marina, we offer the and Yalikavak Marina, we offer the option option ofof 5 detached 5 detached villas with private pools and landscaped gardens. villas with private pools and landscaped gardens.

The demand for these properties would not only interest The demand for these properties would not only interest foreign buyers but Turkish investors too. This unspoilt area foreign buyers but Turkish investors too. This unspoilt area is 10 minutes by car to Yalikavak marina which is stylish is 10 minutes by car to Yalikavak marina which is stylish and open 12 months and open 12 months aa year. year.

The land is an unusual findThe land is an unusual find,, as buying in such a sought after as buying in such a sought after area can be rare.area can be rare.

In a very exclusive neighbourhood with full view over sea In a very exclusive neighbourhood with full view over sea and Yalikavak Marina, we offer the and Yalikavak Marina, we offer the option option ofof 5 detached 5 detached villas with private pools and landscaped gardens. villas with private pools and landscaped gardens.

The demand for these properties would not only interest The demand for these properties would not only interest foreign buyers but Turkish investors too. This unspoilt area foreign buyers but Turkish investors too. This unspoilt area is 10 minutes by car to Yalikavak marina which is stylish is 10 minutes by car to Yalikavak marina which is stylish and open 12 months and open 12 months aa year. year.

The land is an unusual findThe land is an unusual find,, as buying in such a sought after as buying in such a sought after area can be rare.area can be rare.

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Gerişaltı Gerişaltı Project, Project, BodrumBodrum

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Gerişaltı Project BodrumGerişaltı Project Bodrum

Total RevenueTotal Revenue € € 1,165,0001,165,000

Total InvestmentTotal Investment € € 852,122852,122

Net ProfitNet Profit € € 312,878312,878

ROIROI 36.7 %36.7 %

IRRIRR 140.8 %140.8 %

NPVNPV € € 268,514268,514

Financial ProjectionFinancial Projection

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Recontruction and rebuilding of an old historical palace, Recontruction and rebuilding of an old historical palace, thethe Yalı. With preservation of original architecture the Yalı Yalı. With preservation of original architecture the Yalı will be a 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 Located in Bosphorus which has the highest property prices inprices in IstanbulIstanbul

The advantage of limited property supply in Bosphorus. The advantage of limited property supply in Bosphorus. Only Only 360 plots on the bosphorus shore.360 plots on the bosphorus shore.

Recontruction and rebuilding of an old historical palace, Recontruction and rebuilding of an old historical palace, thethe Yalı. With preservation of original architecture the Yalı Yalı. With preservation of original architecture the Yalı will be a 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 Located in Bosphorus which has the highest property prices inprices in IstanbulIstanbul

The advantage of limited property supply in Bosphorus. The advantage of limited property supply in Bosphorus. Only Only 360 plots on the bosphorus shore.360 plots on the bosphorus shore.

SeaSeaside side RResidenceesidence Project ProjectSeaSeaside side RResidenceesidence Project ProjectYalı Bosphorus, IstanbulYalı Bosphorus, Istanbul

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Seaside Residence IstanbulSeaside Residence IstanbulSeaside Residence IstanbulSeaside Residence Istanbul

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Total RevenueTotal Revenue € € 4,300,0004,300,000

Total InvestmentTotal Investment € € 3,550,6093,550,609

Net ProfitNet Profit € € 749,391749,391

ROIROI 21.1 %21.1 %

IRRIRR 140.8 %140.8 %

NPVNPV € € 488,291488,291

Financial ProjectionFinancial Projection

Seaside Residence IstanbulSeaside Residence IstanbulSeaside Residence IstanbulSeaside Residence Istanbul

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Future ProjectsFuture ProjectsFuture ProjectsFuture Projects

Bodrum: Iasos Golf ProjectBodrum: Iasos Golf Project

Istanbul: Bahçeşehir Mixed-use Istanbul: Bahçeşehir Mixed-use ProjectProject

Çerkezköy Retail ProjectÇerkezköy Retail Project

Bodrum: Iasos Golf ProjectBodrum: Iasos Golf Project

Istanbul: Bahçeşehir Mixed-use Istanbul: Bahçeşehir Mixed-use ProjectProject

Çerkezköy Retail ProjectÇerkezköy Retail Project

36

Iasos Golf ProjectIasos Golf ProjectThis unspoilt bay with private beach This unspoilt bay with private beach front has vast scope for a holiday front has vast scope for a holiday villagevillage which which appeals to investors and appeals to investors and singular buyerssingular buyers

Increased desirability of this Increased desirability of this development could include a 9 hole development could include a 9 hole golf coursegolf course with restaurants, small with restaurants, small marina for sailing boats and other marina for sailing boats and other facilitiesfacilities

The project The project offerofferss in the form of one in the form of one and two bedroom apartments with full and two bedroom apartments with full sea viewssea views

This unspoilt bay with private beach This unspoilt bay with private beach front has vast scope for a holiday front has vast scope for a holiday villagevillage which which appeals to investors and appeals to investors and singular buyerssingular buyers

Increased desirability of this Increased desirability of this development could include a 9 hole development could include a 9 hole golf coursegolf course with restaurants, small with restaurants, small marina for sailing boats and other marina for sailing boats and other facilitiesfacilities

The project The project offerofferss in the form of one in the form of one and two bedroom apartments with full and two bedroom apartments with full sea viewssea views

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Iasos Golf ProjectIasos Golf ProjectIasos Golf ProjectIasos Golf ProjectLand Area:Land Area: 900,000m2900,000m2

Location:Location: Iasos, MilasIasos, Milas

Beach Front:Beach Front: 800 metres800 metres

Distance from Airport:Distance from Airport: 15-25 minutes15-25 minutes

Distance from Bodrum:Distance from Bodrum: 45 minutes45 minutes

Distance from Iasos village:Distance from Iasos village: 4km4km

Distance from Gulluk:Distance from Gulluk: 10 minutes by boat10 minutes by boat

Price:Price: €€ 30 30,000,000,000,000

Building licence:Building licence: 30%30%

Type of building licence:Type of building licence: Residential TResidential Title-deeditle-deed

Number of units possible:Number of units possible: 2500 (100m2 per2500 (100m2 per unit)unit)

Construction Cost:Construction Cost: €120 per sqm from€120 per sqm from la landnd

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Bahçeşehir Mixed-use Bahçeşehir Mixed-use ProjectProjectBahçeşehir Mixed-use Bahçeşehir Mixed-use ProjectProject This project offers a total of 790 This project offers a total of 790

residential units and a shopping mall to residential units and a shopping mall to be completed in two phases in be completed in two phases in Bahçeşehir.Bahçeşehir.

Total land area for these phases is Total land area for these phases is around 72,000 sq.m with over 127,000 around 72,000 sq.m with over 127,000 sq.m of construction area.sq.m of construction area.

Total cost for this project is estimated Total cost for this project is estimated at $30.000.000at $30.000.000

This project offers a total of 790 This project offers a total of 790 residential units and a shopping mall to residential units and a shopping mall to be completed in two phases in be completed in two phases in Bahçeşehir.Bahçeşehir.

Total land area for these phases is Total land area for these phases is around 72,000 sq.m with over 127,000 around 72,000 sq.m with over 127,000 sq.m of construction area.sq.m of construction area.

Total cost for this project is estimated Total cost for this project is estimated at $30.000.000at $30.000.000

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Land areaLand area 4141,,909909 sqmsqm

Shopping Mall Gross AreaShopping Mall Gross Area 88,,735735

Small&medium shops leasable areaSmall&medium shops leasable area 22,,296296

Anchors leasable areaAnchors leasable area 11,,628628

Foodcourt AreaFoodcourt Area 373711

Cinema AreaCinema Area 11,,168168

Circulation areaCirculation area 33,,269269

Office Gross AreaOffice Gross Area 1111,,671671

Office leasable areaOffice leasable area 88,,443443

Common areasCommon areas 33,,228228

Sports areaSports area 11,,693693

Land areaLand area 4141,,909909 sqmsqm

Shopping Mall Gross AreaShopping Mall Gross Area 88,,735735

Small&medium shops leasable areaSmall&medium shops leasable area 22,,296296

Anchors leasable areaAnchors leasable area 11,,628628

Foodcourt AreaFoodcourt Area 373711

Cinema AreaCinema Area 11,,168168

Circulation areaCirculation area 33,,269269

Office Gross AreaOffice Gross Area 1111,,671671

Office leasable areaOffice leasable area 88,,443443

Common areasCommon areas 33,,228228

Sports areaSports area 11,,693693

Bahçeşehir Mixed-use Bahçeşehir Mixed-use ProjectProject

Bahçeşehir Mixed-use Bahçeşehir Mixed-use ProjectProject

Shopping Center InformationShopping Center Information

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Shopping Center InformationShopping Center Information

Land areaLand area 44,900 ,900 sqmsqm

Shopping Mall Gross AreaShopping Mall Gross Area 10,300 10,300

Small&medium shops leasable areaSmall&medium shops leasable area 3,660 3,660

Anchors leasable areaAnchors leasable area 1,570 1,570

Foodcourt AreaFoodcourt Area 1,2401,240

Cinema AreaCinema Area 11,,1150 50

Circulation areaCirculation area 2,7002,700

The shopping mall is developed for 60 small&medium shop units, 4 The shopping mall is developed for 60 small&medium shop units, 4 cinema salons and 1 anchor hypermarketcinema salons and 1 anchor hypermarket

Total cost for this project is estimated at $8,000,000Total cost for this project is estimated at $8,000,000

Shopping Center InformationShopping Center Information

Land areaLand area 44,900 ,900 sqmsqm

Shopping Mall Gross AreaShopping Mall Gross Area 10,300 10,300

Small&medium shops leasable areaSmall&medium shops leasable area 3,660 3,660

Anchors leasable areaAnchors leasable area 1,570 1,570

Foodcourt AreaFoodcourt Area 1,2401,240

Cinema AreaCinema Area 11,,1150 50

Circulation areaCirculation area 2,7002,700

The shopping mall is developed for 60 small&medium shop units, 4 The shopping mall is developed for 60 small&medium shop units, 4 cinema salons and 1 anchor hypermarketcinema salons and 1 anchor hypermarket

Total cost for this project is estimated at $8,000,000Total cost for this project is estimated at $8,000,000

Çerkezköy Community Center Çerkezköy Community Center ProjectProject

Çerkezköy Community Center Çerkezköy Community Center ProjectProject

41

Çerkezköy Community Center ProjectÇerkezköy Community Center ProjectÇerkezköy Community Center ProjectÇerkezköy Community Center Project