Sinpas of Turkey Sales to Grow 22 Percent in 2012, CEO Says

Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO), a Turkish real estate developer, will increase sales 22 percent to 850 million liras ($473 million) this year, deputy chief executive officer Ozkan Ozturk said.

Sinpas plans to grow its sales with the help of two new projects in Ankara and Istanbul, as well as five on-going ones, Ozturk said at a news conference in Istanbul today.

The Turkish real estate market will expand between 5 percent and 7 percent in 2012, with residential prices rising about 10 percent, Ozturk said in an interview after the news conference.

”The market will not grow as much as last year in 2012, but I still expect positive growth,” he said. ”There’s slightly more demand than supply at the moment, with some small players having to pull out of a very competitive market.”

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Aydan Eksin at aeksin@bloomberg.net

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