The first and most important investment by Kızılbük REIT Corporation is the Kızılbük Thermal Wellness Resort project in İçmeler, Marmaris which bridges the Aegean and Mediterranean seas and is among the most important holiday destinations of Turkey.
The mixed-use project on 173 decares of land contains time share properties in various sizes, a 5-star resort hotel with 205-room capacity, two special use and one main restaurants, Thermal SPA, shopping mall, indoor and outdoor Aquaparks, adventure park, conference and meeting rooms and a health centre. The project is designed to offer services all year round and without interruption.
The time share units in the project are put on sale for 48 weeks within a year. The parcels where the project is developed belong to Kızılbük Gayrimenkul Yatırım Ortaklığı A.Ş (Kızılbük REIT Corporation) Corporation while the property is transferred with a time share deed to those who purchase time share. The corporation plans to lease remaining time shares to customers on daily or weekly basis or with longer terms. Furthermore, the corporation also plans to put on sale the hotel, shopping mall, thermal SPA, aquaparks and other commercial areas which are being developed as part of the project. These areas will be maintained in the Kızılbük REIT portfolio in order to ensure leasing and operating incomes.
The chief strategy of Kızılbük REIT Corporation is to complete the development of Kızılbük Thermal Wellness Resort as the first project in place and to offer the project to use and operation in line with the schedule by achieving the plans as to time share sales and lease areas. In addition, the corporation will assign a subsidiary or a professional operation and management company to operate and manage the project so as to make is successful and sustainable.
The corporation designs to create a chain of the unique ‘Kızılbük’ concept in the middle- and long-terms and also believes that the concept will bring a sizable potential of time share customers all around Turkey. Kızılbük REIT Corporation designs to grow in the niche market with this mixed-use concept which consists of thermal, time share, hotel and thermal SPA facilities and create a chain of it with new investments in other thermal locations of Turkey. To this end, the priorities are Balıkesir, Bursa, Denizli, Bolu and Afyon cities of Turkey which distinguish with their thermal sources. In this sense, it is also designed to offer exchange programs to the customers of the “Kızılbük World” with the new facilities of the chain. This will ensure accommodation alternatives in varying facilities every year. The chain strategy has been adopted to maximize customer satisfaction on the one hand and ensure sustainable growth for Kızılbük REIT Corporation on the other.
Based on the long-term domestic chain potential of the ‘Kızılbük’ concept, Kızılbük Gayrimenkul Yatırım Ortaklığı A.Ş. (Kızılbük REIT Corporation) may choose to apply the experience across the world and think of introducing a similar concept in various areas around the globe.