Sinpaş GYO Responds to Recent Media Reports
Sinpaş Gayrimenkul Yatırım Ortaklığı (SNGYO) published a statement to provide accurate information following news circulating in the public domain. The company shared details regarding a project being carried out in the property area of its subsidiary Kızılbük GYO (KZBGY), which has been subject to urban planning since approximately 40 years ago in Marmaris İcmeler. It was noted that within the framework of this project, 555 residential units (subject to timeshare rights) and a 206-room hotel have been constructed and that building usage permits have been obtained for the first phase. Information was also provided that the independent sections with residential functions of the project have been opened for use.
For the ongoing second and third phases, a total of 754 residential units are planned. In the second phase, it was stated that 92% of the 203 units to be ready for use next season have been completed, and that 73% of the remaining units (excluding phase 3) have been finished. It was emphasized that all constructions aim to be completed by the end of 2025 and that the activities are conducted within the framework of permits compliant with the relevant urban planning legislation. After the completion of the works, it was shared that applications for occupancy permits would be made.
Sinpaş GYO to Appeal the Decision In the statement, it was pointed out that despite an ongoing lawsuit regarding building permits, these permits do not cover current construction activities and do not materially affect the works on-site. Sinpaş GYO announced that they plan to appeal the decision to higher judicial authorities, believing that the ruling is not in accordance with the law. It was expressed that these processes do not hinder their ability to continue progressing with their investments and projects. Sinpaş GYO reiterated that they would continue to carry out their activities concerning the project as planned.
What Happened? The major construction project initiated by Sinpaş Kızılbük Gayrimenkul Yatırım Ortaklığı in the Kızılkum area of Marmaris has sparked various discussions since its inception. The lawsuit against the Marmaris Kızılbük Resort Hotel and Timeshare Project was heard in the Muğla 3rd Administrative Court. The court unanimously ruled to annul 17 permits and status documents issued by the district municipality. The court stated that the building permits and zoning documents granted under the project were inconsistent with the urban plan and status documents.
In the first phase, it was determined that the second basement floor, block lengths, and the number of floors were in violation of the urban plan, while in the second phase, violations were found with the second and third basement floors. Additionally, it was established that some blocks exceeded the permitted building heights and that multiple basement floors were in contrary to the urban plan and plan notes. For these reasons, it was concluded that the building permits were not compliant with urban regulations.