Real Estate Leaders – Selçuk ALTEN

How do you expect the recent macro-economic developments in Turkey and the world will affect the real estate industry in Turkey?

Real estate industry in Turkey in general and especially in big cities like İstanbul, Ankara, İzmir, Antalya is currently experiencing high velocity construction activities conducted under particular approaches. Undoubtedly İstanbul needs to be evaluated beyond the general status in Turkey, due to certain specific circumstances when compared to other cities of our country.

Such rapid change brought questions like “… who will live in these residences, who will work in these office towers, how many shopping centers more will be constructed; the city not saturated with shopping malls yet?...”. A reasonable explanation is not possible only under a simple approach considering residences as residences, offices as offices and shopping centers as shopping centers with their sole functions; because these have become investment tools beyond their functions, far beyond being our homes, or spaces to run our businesses.

What is the most important development for the sector in the last year? What sort of impact do you expect this development will have today and in the future?

Real estate investment trusts have entered among essential components of our finance world. Such institutions, shares of which are issued in the stock exchange market, give their services to not only local investors but to foreign investors at a great extent as well.

Such dramatic change we are experiencing in the real estate world gains meaning only after considering the new circumstances produced by the new world order shaped by globalization. In our days we are yet familiar to rapid money movements in the finance markets. It is an obvious fact that the total amount of money flowing through notably stock markets, banks and also the virtual world via secondary finance markets is far beyond being normal.

Consideration of real estate market under similar approach, will possibly offer an insight into the present conditions. And real estate investment trusts emerge as establishments integrating such investment tools into the global finance world.

What will be the new trends for the real estate market in the upcoming period?

If we keep our approach towards real estate market under such comparative perspective, distinctive characteristics of the investment tool and the quality of relevant information gain importance.

Every finance institution having depth is at the tendency of knowing the real value of the stocks presented and assuring their customers for keeping them away from speculative risks. It is inevitable for notable real estate investment trusts or large scale building contractors as well as the banking sector, to follow similar approach for buildings treated as a trade tool.

Considering all of the above, signs of which we already can realize, construction methods of real estate investments in Turkey will rapidly get closer to the global examples and Project Management Services will be given the required importance.

How would you summarize the yearly performance of the corporation you are in charge of? Did 2015 meet your expectations? What are your goals considering 2016?

Pro^GE, one of the oldest Project Management establishments in the sector having completed 15 years, has entered into a new structuring during last five years as conscious of the above mentioned course; for accommodating to such inevitable change.

Clarifying our above expression; we have concentrated our services on two main focuses highly influential on the trade tools like residences, hotels, offices, shopping centers produced by the construction sector; as construction quality and cost, constituting the value of the building.

In other words, while enhancing the sense of quality conditions that will increase the value of the building, we improved our “Design Management” and “Construction Management” abilities aiming to minimize the waste of resources and brought forward the contemporary norms comprising energy saving, operational convenience, quality increasing technological innovations.

On the other hand through focusing on “design management” activities, we put into practice cost decreasing approaches by eliminating factors which actually do not practically have any contribution to the value of the building. Because we already know that Project Management cannot be performed only relying on technical precision.

Within this context, Pro^GE carries on performing feasibility and cost modeling services in international projects as the Turkish affiliate of RLB Euro Alliance, an international institution with their head office based in London.