Luxury shopping mall in Istanbul to be demolished
Prestige Mall, which was established as a luxury shopping center in Başakşehir and closed its doors in August, is planned to be replaced by a large residential project. The Russian-capitalized company MSFD A.Ş. is considering putting the mall's land up for sale.
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Prestige Mall, established as the first luxury shopping center concept in Başakşehir and which ceased operations in August, marks the end of an era. While uncertainty persists regarding the future of the shopping center, new claims have emerged concerning the future of the land in question.
BUYER INTEREST GROWS, RESIDENTIAL PROJECT PLANNED
It has been stated that the owners of the shopping center land, MSFD A.Ş., which is operated with Russian capital, are open to putting the property up for sale. Rather than using the existing structure as a shopping center, there are plans to build a new residential project for the area. It is stated that buyers intend to transform the shopping center land into a large housing project.
TENANTS IN CLOSED MALL TAKE LEGAL ACTION
Despite the closure of Prestige Mall, some tenants are refusing to vacate the premises. The tenants, who have taken the matter to court, have requested that a court decision be awaited before the mall can be fully locked down. This process is delaying the complete closure of the shopping center.
SECTOR CHALLENGES REFLECTED IN SHOPPING MALLS
The shopping center sector across Turkey has taken a major hit due to high inflation and economic difficulties. Following the demolition of one of Istanbul's most established shopping centers, Profilo AVM, last year, plans were made to build a new residential project on its land.