Prime Development, Istanbul-based mall developer owned and run by German investors, just opened the biggest mall in southeastern Turkey. Prime Mall had an investment of USD $150 million and was open 90% pre-let.
The new mall impresses with its size, as there are 169 shops, located on four retail levels. This is not the first mall in the city. Gaziantep already has two malls and another one is set to open on September 20. An important thing to note is that the city had a boom in industry and trade in recent years.
“We are aware of the importance the malls hold in this region other than just being a shopping center, it also becomes home for a type of living, cultural activities, educational seminars and etc.,” said the CEO of Prime Development Turkey Artuğ Çetin, quoted by Hurriyet daily news.
The developer isn’t threatened by the vicinity with Siria (Gaziantep is located near the Syrian border). In fact,
“When the borders [between Syria and Turkey] opened three years ago, everybody thought we were very far-sighted. But the latest incidents would prove the contrary. But the Syria issue didn’t change our plans.
“Even if would exit the country by selling our stakes, this investment would stay, as a value of Gaziantep and as an employment source. We can’t carry it on our shoulders,” Çetin added.
Prime Development has two other shopping centers in the Hatay region, in Iskenderun and Antakya.
“With our three shopping centers we are the dominating market player in the region”, explains Carsten Probst, Co-founder and Shareholder of Prime Development, quoted by Turkey Real Estate.