In a large-scale residential complex - almost a mini-city - overlooking the Istanbul Canal, the construction of which has been actively discussed in the Turkish media for the past year, it was decided to cancel the tender for the construction of the third stage for the time being. This was reported by the Department of Mass Housing Construction TOKI.
Perhaps the tender process will simply be postponed. It concerns 621 residential residences and 10 shops in Istanbul's Arnavutkey district, Baklaly quarter.
TOKI explains this decision by the fact that the current offer does not correspond to the financial costs planned for the work.
As for the other stages of construction of this giant complex almost next to the Istanbul Canal, the tender held on December 9 for the 1st stage of the project with 844 planned residences is currently under evaluation; a similar situation is with the tender proposals for the 5th stage (925 residences) and the 4th (from 826 residences). Proposals on them were accepted in November and October 2022, respectively.
So far, there is certainty only with the second stage: TOKI has already signed a contract for 716 residential lots and 10 stores. The winner of the tender, which was successfully held on September 13, 2022, was the developer Yılkanur Inşaat with a bid of 763 million Turkish lira (TL). But this tender was canceled – that is, in fact, postponed – several times in a row.
The cost of work on the Istanbul Canal project itself as a whole has already grown to $20 billion; the initially announced amount was more modest.