ASTAŞ Holding has announced its collaboration with Mandarin Oriental Hotel Group, one of the world’s most prestigious luxury hotel groups, for the branding and operation of The Residences at Mandarin Oriental, Bodrum.

Valued at €600 million ($700 million), the 102-key Mandarin Oriental, Bodrum and The Residences at Mandarin Oriental, Bodrum comprises of 98 villas and 116 residences set on 600,000 sq m site at Cennet Bay.

The project is scheduled to be completed in 2013 with a targeted opening date of the first half of 2014. It will be the first property in Turkey to be managed and branded by Mandarin Oriental Hotel Group. 

Additionally, The Residences at Mandarin Oriental, Bodrum is the most ambitious project in the Mediterranean basin and aims to elevate Bodrum to the top of the luxury resort destination list, especially amongst visitors from the Gulf States.  In May 2012, the Turkish government took the step of dropping the existing law of reciprocity relating to foreign purchase of property.  This opened up the market to allow foreign buyers from new countries, notably the UAE and Gulf, to acquire unique and luxurious Turkish property for the first time.

Vedat Aşçı, chairman of the Board of Astaş Holding, said: “Turkey ranks among the top ten in the world’s tourism industry in terms of revenues and number of foreign visitors and the industry has quadrupled its share in national income over the last 20 years making it one of the fastest growing markets in the world.

“These factors indicate that Turkey is a rising star in its region’s tourism industry. We, as Astaş Holding, believe that our project with Mandarin Oriental Hotel Group will add outstanding value to Bodrum and Turkey. The project will set a benchmark for other international brands as the most luxurious resort and residence project in Europe and the Mediterranean Region. Our goal is to support Bodrum in its mission to become the leading resort destination of Europe’s south coast, where people can relax, entertain and revitalise, in a luxurious hideaway environment,” he added.