Housing project to be built near Istanbul’s 3rd airport

National flag carrier Turkish Airlines and Emlak Konut, Turkey's largest real estate investment company, inked an agreement Tuesday on the construction of a new housing project near Istanbul's third airport for the airline's employees.

The project will be built on 350 hectares of land, located very close to Istanbul's new airport, which is planned to be open on October 29, a press release by the carrier's media relations said on Tuesday.

Speaking at the signing ceremony, İlker Aycı, the airline's chairman, said as of 29th of October 2018, one of the world's largest and most modern airports will be the new home for the carrier's air fleet.

"We are taking the first step today to build a modern and giant living space just like our new airport," he said.

Ayci said a survey of 12,500 employees suggested that there was a need for a residential and living area near the new airport.

For his part, Murat Kurum, general manager of Emlak Konut, said that 225,000 people will be employed directly or indirectly in this project.

"We are carrying out a significant partnership with the Turkish Airlines by transferring 50 percent of approximately 3.6 million square meters of land which is owned by our company," he told.

He also added that the new residential city will be the biggest project in terms of land area that Emlak Konut has developed up till now.

Within the scope of sustainability, the project aims to utilize renewable energy resources, rainwater and gray water recycling technology, the press release said.

Turkish Airlines, founded in 1933 with a fleet of five aircraft, currently has nearly 330 aircraft, including passenger and cargo planes, and flies to more than 300 destinations worldwide.

Emlak Konut, founded in 1953, is one of the largest companies in Turkey with its capital and value.