Opus Land Development spends first EUR 80 mln on Cosmopolis

Opus Land Development said it had sold an average of 100 apartments monthly, and for the next two months the company plans to spend around EUR 9 million on road and utilities infrastructure works.
Recently, the Turkish developer has increased the EUR 30 million credit line it opened at Garanti Bank by EUR 50 million. According to the company, the money will be used to finance the development of the first two stages of Cosmopolis, works on which started in September 2007. Ahmet Buyukhanli, president of Cosmopolis, said that the next development stages of the project would be financed from apartment sales. The entire project will be developed in seven construction stages until 2014, when it will deliver over 1 million built sqm, of which 665,000 will be residential developments of 6,000 units and 220,000 will be commercial. According to the developer, from the entire investment, the infrastructure works in the area will require EUR 60 million.
Magda Purice