Istanbul Finance Center building project awarded to pro-gov't firm in closed-doors arrangement

Duvar English

The construction project for the general directorate building of the Turkish Central Bank's Istanbul Finance Center was awarded to the pro-government Limak Holding company in a closed-doors agreement, according to a report on the daily Sözcü on June 2.

Limak Holding, which reportedly submitted the lowest building price offer, has been known to receive lucrative contracts for major projects, and it was involved in the consortium that built Istanbul's massive new airport.

Central Bank authorities declined to respond to questions from Sözcü concerning other firms that offered bids or the amount of other offers. The finalization of the process is expected to be completed within a week.

A decision made by President Recep Tayyip Erdoğan that was published in the Official Gazette in February of this year enabled the Central Bank to solicit contracts and invite certain companies to submit offers, while public announcements regarding the contracts are not made and uninvited firms cannot participate in the bidding.

The zoning plan for the building in question, which will be funded by the Central Bank, covers an area just under 16,000 square feet, though it could pave the way for construction on an area of up to 258,000 square meters, including a shopping mall, residential housing projects, a hotel, theater, nightclub, market, private hospital and education facilities.