Construction

Dubai’s GVG Real Estate Development begins handover of units at long-delayed Pearl of Trabzon project in Turkey

Formerly known as Trabzon Valley, residential project saw construction operations suspended due to project management and contractor failures, prior to its purchase by GVG

GVG Real Estate Development, the Dubai-based firm, has said that it has begun a phased handover of units within its key project – Pearl of Trabzon, which is located in Yomra, a suburb of the Turkish city of Trabzon.

Once completed, the project will feature 11 buildings containing a total of 300 apartments, along with several modern facilities, the developer said in a statement.

Earlier known as Trabzon Valley, the project has seen several delays in construction due to project management and the contracting company’s failure to achieve the completion timelines that were set, which led to the suspension of construction operations. This affected the interests of investors most of whom are Gulf nationals.

This was followed by GVG Real Estate Development’s acquisition of the project earlier this year and renaming it to Pearl of Trabzon. Soon after that, the developer appointed a major contractor to complete the project’s construction operations and to inject the necessary funds to complete it, and expediate its delivery to investors.

A spokesman at GVG Real Estate Development said that the company recently succeeded in completion of three buildings within the project despite the COVID-19 crisis.

This includes 60 apartments located in buildings B2, B3 and B4, which are now being delivered to investors.

Giving a construction update, he said steady progress was being made on the project with 90% of the work already completed in four other buildings (A1, A2, A3 and A4) that include 108 apartments. It is due for handover in January 2021.

According to him, the total number of buildings to be delivered by GVG to investors in 2021 will rise to seven and will feature 168 apartments as part of the first phase.

The second phase includes four buildings with 132 apartments currently being constructed and the completion rate exceeds 70% with a huge interest from investors, he concluded.

 

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