What is the Relation Between Kelesoglu and Eston Yapi?
Deniz Istanbul is the most recent and by far the best project of Keleşoğlu Holding which is located right near to yacht marina in Beylikduzu, Istanbul. The project has more than 500 villas and 5.500 apartments upon 1.200.000 sqm land area that makes it one of the biggest house projects in Istanbul.
Even though the project is carried on by Keleşoğlu Holding, it is not started by the firm in the first place. Deniz Istanbul, in fact is a project of Eston Yapı that bankrupted in the first years of 2010s and all the assets of the firm was owned by the TMSF (Savings Deposit Insurance Fund). Before the default of Eston Yapı, the project was named as Eston Deniz, and the construction process had been completed by about 10%. Due to excessive debt burden of Eston Yapı, Keleşoğlu Holding buys the Eston Deniz Project for $75 million dollars through bid arranged by TMSF.
After getting the rights of ownership of the project, Keleşoğlu started projects construction again, and they are planning to invest more than $1 billion dollars into the project until it is finished when is determined as 2021. It is estimated that more than 15.000 people will live in Deniz Istanbul which is sort of a small town itself on by own.