ECONOMY er-national

Varyap Meridian wins international award

ISTANBUL – Hürriyet Daily News | 8/19/2009 12:00:00 AM |

The environmentally friendly Varyap Meridian residential and commercial complex has been deemed worthy of the International Property Award for 'the best real-estate project' and 'the best high-rise building' in Europe. The complex, which is being built by Varyap property group in Ataşehir, on the Asian side of Istanbul, will be complete in 2011

The environmentally friendly Varyap Meridian residential and commercial complex has won the International Property Award for “the best real-estate project” and “the best high-rise building” in Europe.

The Varyap property group’s development is located in Ataşehir, on Istanbul’s Asian side, consists of 1,500 residential units, a five-star hotel and office, and commercial and common space. The complex has been designed to comply with the Leadership in Energy and Environmental Design, or LEED, criteria.

Once complete in 2011, the Varyap Meridian complex is expected to consume 40 percent less energy and water than an average residential project through the use of solar panels and rainwater collection, among other eco-friendly measures. Some 90 percent of the total area of the complex at Atasehir is made up of green space.

The International Property Awards are given to residential and commercial properties. Participants from five different geographic regions are judged by a team of professionals who span the entire range of property-related disciplines.

[HH] Energy efficiency to be the norm

Süleyman Varlıbaş, chairman of Varyap’s parent group, Varlıbaş Holding, said the Meridian complex is being built to be as energy efficient as possible. “Our eventual goal is to cut down on the consumption of energy even more, to construct buildings that will actually generate their own energy. With new technology, hopefully in the future this will be possible,” Varlıbaş said Tuesday.

The chairman said the building is likely to set an example for the entire Turkish construction sector in the future. “My estimate is that the energy-efficiency and general construction standards of Meridian will become the norm in Turkey in 50 years,” Varlıbaş said.

Erdinc Varlıbaş, the chief executive officer of Varyap, said the firm used the services of the engineering consultancy Buro Happold in order to ensure that Varyap Meridian would comply with LEED criteria.

“Buro Happold’s New York team consulted with us on the mechanical, electrical and structural engineering aspects of the complex,” he told the Hürriyet Daily News & Economic Review. “When you build a LEED-compliant building, you have to consider all aspects, from design to structure to the exterior and the facades. We now have a LEED application and we’ll hopefully get the certificate at the end of the process.”

[HH] The five-star hotel

Management of the five-star hotel in the Varyap Meridian complex will be contracted out to an international hotel chain. “We are currently negotiating with several international hotel chains that do not already have a presence in Turkey,” Süleyman Varlıbaş said.

The hotel will occupy 38 floors and will primarily focus on serving business travelers. Expected to open in 2011, it will initially have capacity for some 350 guests, which can be expanded over time.

The total revenue of the $250-million Turkish Liras project is expected to stand at $1.2 billion. Of the first phase of Varyap Meridian units, some 80 percent have already been sold.

“Our goal is to guarantee healthy returns for our buyers. It’s important for buyers make a profit from their investment,” Erdinc Varlıbaş said. “Today we estimate that those who have already bought their flats will see a premium of 100 percent within the first year.”

The prices of flats at Varyap Meridian range between 188,000 liras for studio units and 800,000 liras for a four-bedroom unit.

Varyap expects to start the second phase of sales for residential units a few weeks’ time, after which it will proceed with the sales of the office spaces.



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