Dubai-based GVG Real Estate Development said it has begun a phased handover of units within its key project, Pearl of Trabzon, located in Yomra, a suburb in the Turkish city of Trabzon also known as The Bride of the Black Sea.
On completion, it will boast 11 buildings featuring 300 apartments along with several modern facilities.
The project, which was known earlier as Trabzon Valley, witnessed several delays in construction previously due to project management and the contracting company’s failure to adhere to the completion timelines that were set, which led to the suspension of construction operations and 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, it appointed one of the largest contractors to complete the project’s construction operations and inject the necessary funds to complete it and expedite 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 crisis.
It 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 4 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 7 featuring 168 apartments, as part of the first phase, while the second phase includes 4 buildings with 132 apartments currently being constructed and the completion rate exceeds 70% with a huge interest from investors.
"Pearl of Trabzon" residences are located at the top of the beautiful "Yomra", which combines the beauty of the sea and the greenery of mountains.
Residents at the project will enjoy uninterrupted views of the meadows, grasslands, valleys, which makes it a truly breathtaking landscape.-TradeArabia News Service