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Cumberland Properties
Properties in Turkey
1
Cumberland Properties..
.. 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
2
Cumberland Properties..
..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
company’s product demand
3
Turkey
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
4
Turkey: Macro Forecasts
2004 2005 2006E 2007E 2008E
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
5
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 Turkey’s real estate
market into a new dimension
6
Turkish Real Estate Market
The Holiday Homes market
The Residential Market
Retail Market and Shopping Centers
Office Market
7
The Holiday Homes Market
Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9
billion (€10.85 billion) last year.
Five years ago, Turkey allowed foreigners to buy property. Recent publication of
statistics showed until 7 july 2006, 61803 foreigners took this opportunity and
purchased 56953 properties in Turkey.
The United Kingdom provides the largest group of buyers, with 14456
properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed
in the past years and the trend is expected to continue.
There is more space for real estate developments and prices are relatively
lower than other holiday markets such as Spain and Italy. According to DTZ
high quality houses in Turkey’s south/sout west area cost about US$ 1,074 per
sqm. (Spain’s Costa del Sol prices are above US$ 4,200)
Cumberland Properties expects the prices in Turkey to increase by 60%-80% in
the next two years.
8
Origin of foreign purchasers of
total real estate in Turkey
Other countries 14210
Greece 13905
Germany 14382
United Kingdom 14456
13600 13800 14000 14200 14400 14600
Source: Alanya Chamber of Commerce report August 2006
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:
9
Origin of Foreigners buying Turkish Real Estate
1708 1876
United Kingkom
Ireland
90
176 Germany
Holland
296
801 Norway
357
749 Belgium
Greece
Other
As shown above page the origin of the majority of foreigners is European.
Most purchases were done in Istanbul, for commercial purposes.
The most popular locations for holiday home buyers are Bodrum and
Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with
Kuşadası) and Aydın (Altınkum).
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]
[1] Source: Colliers CRE United Kingdom
10
Forecast on Turkey’s 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.
11
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 Turkey’s coast areas
Upgrading and investment purposes for buying
12
Istanbul Residential Map
13
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
14
Retail Market Map
15
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
16
Central Business Districts
of Istanbul
17
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
18
Current Projects
Seaview Regency Prestige 19 villas
Gökçebel Project – 18 villas
Konacık Project – 78 villas
Gerişaltı Project – 5 villas
Yalı Project – Palace
19
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.
20
Seaview
Regency
Prestige
21
Seaview Regency Prestige
Bodrum
Financial Projection
Total Revenue € 5,045,000
Total Investment € 3,679,000
Net Profit € 1,366,000
ROI 37.1 %
IRR 81.8 %
NPV € 991,956
22
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.
23
Gökçebel
Project,
Bodrum
24
Gökçebel Project,
Bodrum
Financial Projection
Total Revenue € 3.560.000
Total Investment € 2.678.479
Net Profit € 881.521
ROI 32,9%
IRR 81,0%
NPV € 657.052
25
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.
26
Architectural impressions
Woodland Regency
27
Woodland Regency
Konacık Bodrum
Financial Projection
Total Revenue € 9,750,000
Total Investment € 7,279,826
Net Profit € 2,470,174
ROI 33.9 %
IRR 38.8 %
NPV € 1,219,628
28
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.
29
Gerişaltı
Project,
Bodrum
30
Gerişaltı Project Bodrum
Financial Projection
Total Revenue € 1,165,000
Total Investment € 852,122
Net Profit € 312,878
ROI 36.7 %
IRR 140.8 %
NPV € 268,514
31
Seaside Residence Project
Yalı Bosphorus,
Istanbul
Recontruction and rebuilding of an old historical palace, the
Yalı. With preservation of original architecture the Yalı will be a
phenomenal luxurious villa.
Central Location and Easy Accessibility
Panoramic Bosphorus view
Located in Bosphorus which has the highest property prices in
Istanbul
The advantage of limited property supply in Bosphorus. Only
360 plots on the bosphorus shore.
32
Seaside Residence Istanbul
33
Seaside Residence Istanbul
Financial Projection
Total Revenue € 4,300,000
Total Investment € 3,550,609
Net Profit € 749,391
ROI 21.1 %
IRR 140.8 %
NPV € 488,291
34
Future Projects
Bodrum: Iasos Golf Project
Istanbul: Bahçeşehir Mixed-use Project
Çerkezköy Retail Project
35
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
36
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
37
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
38
Bahçeşehir Mixed-use Project
Shopping Center Information
Land area 41,909 sqm
Shopping Mall Gross Area 8,735
Small&medium shops leasable area 2,296
Anchors leasable area 1,628
Foodcourt Area 371
Cinema Area 1,168
Circulation area 3,269
Office Gross Area 11,671
Office leasable area 8,443
Common areas 3,228
Sports area 1,693
39
Çerkezköy Community Center
Project
Shopping Center Information
Land area 4,900 sqm
Shopping Mall Gross Area 10,300
Small&medium shops leasable area 3,660
Anchors leasable area 1,570
Foodcourt Area 1,240
Cinema Area 1,150
Circulation area 2,700
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
40
Çerkezköy Community Center Project
41
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