La NovaS a p a n c a V i l l a s

SANTRAL PAZARLAMA DIŞ TİC. VE İNŞAAT SAN. LTD. ŞTİ.Şair Nigar Sok. No. 72/ 3 - 4 Osmanbey 34363 / Şişli / İSTANbuL - TüRkIyET: +90 212 234 07 77 F: +90 212 232 36 75E. info@santral-group.com

www.santral-group.com

indexOVERVIEW VI

MACRO ECONOMIC DATA 1

GROWTH IN REAL ESTATE INDUSTRY 3

HOUSING PRICE INDEX IN TURKEY 5

TOTAL HOUSE SALES IN TURKEY 6

TOTAL HOUSE SALES TO FOREIGNER 7

HOUSING PRICE INDEX IN SAKARYA 9

TOTAL HOUSE SALES IN SAKARYA 10

TOTAL HOUSE SALES TO FOREIGNER IN SAKARYA 11

SAPANCA 14

SAPANCA’S LOCATION 17

FEASIBILITY OF KURTKOY PROJECT 26

LA NOVA 32

EXTERIOR VIEW 33

INTERIOR DESIGN VIEW 37

VILLA PLANS 39

GENERAL PLAN 41

VI

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Santral-GroupSince its establishment, Santral Group aims at preserving its values by committing to its clients,

by working hard to serve them in order to achieve their goals and desires with high quality standards and by respecting their requirements. Thus, we gained their trust and satisfaction with God's blessing. Our permanent presence in Turkey and the Middle East allowed us to closely observe the job opportunities, business and investment which was the key to our

success and expansion with time. This increased our sense of responsibility and commitment to develop trade between the Arab world and Turkey. Based on the experience we acquired

for 25 years in the Arab and Turkish markets, the group gained the trust of the companies, investors, businessmen and people looking for investments and agencies. Since the beginning,

our plans were to guide the businessman in the right way to reach the right sources in the markets. We believe that we are not the only ones in the market but we aim at being the best.

Last but not least, we are proud to have served the Arab tradesman, businessman and investor for the past 25 years in the Turkish markets and we are very positive concerning the

future. We expect to increase our presence in the Arab markets in the coming years and preserve the good reputation of the company specially that it is one of the oldest Arab

companies in Turkey.President of the Board of Directors,

Gazwan Messriwww.santral-group.com

““

OVERVIEW

TURKEY, A SAFE HARBOUR FOR INVESTMENTREAL ESTATE, A SAFE

INDUSTRY IN THE HARBOUR

As Turkey maintains its growing and stable economy with its progress in the last 15 years, reforms and experiences as well , thanks to its international expansion policies and strategies practiced in the global crisis, geographical locations, demographic factors, infrastructure, production and employment potential, strategic attitude and also its huge projects such as the third bridge, the third airport and Canal İstanbul Project. Also it offers important opportunities for international investors to make investments in Turkey. Turkey has separated positively from the other countries in terms of macro economic data. It is among the first three countries which have been making the greatest progresses in recent years when GDP growth rates are compared. When compared to Europe, it is not surprising that Turkey is one of the leading countries in investment as it is a safe harbour and besides, has a clear legal framework.

MACRO ECONOMIC DATA

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Chart 2 – Grows Rate of GDP, Real Estate and Construction (TurkStat 2015)

GROWTH IN REAL ESTATE INDUSTRY Turkey reaches these promising growth figures, construction sector has received lion’s share and in recent years Turkey’s economy has grown resulting from investments in construction sector, opportunities and developments in the field. Analyzing Turkey’s GDP growth rate, indicator of the development of construction and real estate sectors of Turkey, one can easily see the real estate sector has been the least affected industry with 4.4% in the aftermath of global crisis in 2008. The fact that construction sector and real estate sector have made more progress than GDP growth rate in 2003, clearly indicates a growth on construction and real estate investments. When sector shares of construction sector and real estate industry are compared to GDP, it is also seen real estate industry increased in line with GDP even in global crisis period which affected the whole world in 2008. It is seen that this increase stems from the fact that investors trust more in real estate investments and consumer confidence index of the sector is optimistic.

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Chart 2 – Grows Rate of GDP, Real Estate and Construction (TurkStat 2015

Chart 3 – Sectore Share of Construction and Real Estate (TurkStat 2015)4

As seen from the Chart 4 there is an increasing tendency in demand for houses that steadily pushes the price index upwards last years.

HOUSING PRICE INDEX IN TURKEY

Chart 4 - Turkey Housing Price Index (CBRT 2015)

Total house sales in Turkey have shown 172.8% increase rate from 2008 to 2014 and 29.9% increase rate even after global crisis in 2009. In 2012 and 2013, total house sales in Turkey has increased to 1,157,190 from 701,621 with 64.9% increase rate, even there was an economic crisis in Europe. As consequences investors coming from Gulf, Middle East and Europe preferred Turkey and real estate industry. Total house sales in Turkey have shown 172.8% increase rate from 2008 to 2014 and 29.9% increase rate even after global crisis in 2009. In 2012 and 2013, total house sales in Turkey has increased to 1,157,190 from 701,621 with 64.9% increase rate, even there was an economic crisis in Europe. As consequences investors coming from Gulf, Middle East and Europe preferred Turkey and real estate industry.

TOTAL HOUSE SALES IN TURKEY

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Chart 3 – Sectore Share of Construction and Real Estate (TurkStat 2015)

Chart 7 - House Sales Numbers to Foreigner in 2013 (TurkStat 2015) Chart 8 - House Sales Number to Foreigners in 2014 (TurkStat 2015)

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The total number of property sales to foreigners across Turkey has increased by 55.6% from 2013 to 2014 and reached 18.959 from 12.181. Sakarya has been the most progressive city in the number of property sales to foreigners between 2013 and 2014 which has risen to 8th position from 10th . Other cities which made progress have been Bursa, rising to 5th position from 6th and Trabzon, rising to 10th position

TOTAL HOUSE SALES TO FOREIGNER

Distribution of property sales by cities are seen in Charts 7 and 8. The cities which have the most foreign-owned houses in 2013 were relatively;

1. Antalya2. Istanbul3. Aydın4. Mugla5. Mersin6. Bursa7. Yalova8. Izmir9. Ankara10. Sakarya

While in 2014, it has been;

1. Antalya2. Istanbul3. Aydın4. Mugla5. Bursa6. Mersin7. Yalova8. Sakarya

12 181Sales(2013)18 959

Sales(2014)

Chart 6 – House Sales to Foreigners in Turkey (TurkStat 2015)

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Chart 10 – House Sales in Sakarya (TurkStat 2015)Chart 10 – House Sales in Sakarya (TurkStat 2015)

As seen from the Chart 9 there is an increasing tendency in demand for houses that steadily pushes the price index upwards last years.

HOUSING PRICE INDEX IN SAKARYA

Chart 4 - Turkey Housing Price Index (CBRT 2015)

Similar to the developments in total house sales throughout Turkey, house sales in Sakarya also reached to 19.441 from 3.113 with 524.5% increase from 2008 to 2014. While it increased by 50.9% in global crisis period, it also increased by 118% in 2012 and 2013. As is seen in Chart 11 the ranking of house sales in Sakarya in sales throughout Turkey has increased every year.

TOTAL HOUSE SALES IN SAKARYA

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When it comes to house sales to foreigners in Sakarya, the number reached to 512 in 2014 with 397% increase rate, which were 103 in 2013. As is seen in Chart 13, it is observed that the ranking of house sales to foreigners in sales throughout Turkey in January has increased. While Sakarya ranked as 10th in house sales to foreigners in Turkey in 2013, it ranked as 8th in 2014 and as 6th in January 2015.”

TOTAL HOUSE SALES TO FOREIGNER IN SAKARYA

Chart 12 - Total House Sales to Foreigners in Sakarya (TurkStat 2015)

Chart 13 – Rank of House Sales to Foreigners in Sakarya (2013-2015) (TurkStat

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““ SAPANCA

Having hospitable people, viable climate, touristic places, closeness to main centers,

easy transport access and hidden beauties, Sapanca is an inviting place which is also one of the rare points at which Ankara-İstanbul high-speed trains stop. Besides,

it is an important center as an accessible settlement next to E-6 highway.

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Sapanca promises relaxing and oxygen-filled days with its beautiful nature where water, soil and forests exist together and

green embraces blue. A heaven in which every season has its specific beauties

waits for you.

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Sabiha Gökçen Airport :45 minsCenter of Istanbul :75 minsLake Abant :90 mins

SAPANCA’S LOCATION

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KUZULUK THERMAL SPRING

Being close to Sapanca, Lake Sunnet is a lake and another picnic area formed as a consequence of landslide in the forest.

Nature walk, handline fishing, picnic, various activities in the lake and bicycle tours among the activities you can do around the lake. It is also possible to find traditional food in the places near Lake Sunnet. Besides, some salmon farms are located around the lake.

Having a splendid view and tranquility, Sapanca Lake is one of the first places that come to the mind when someone talks about Sapanca. One loses track of time when watching the

peaceful view of the lake. Various places around the lake offer an opportunity to spend time with your family and bicycle tours are held through which guests discover new beauties. Water ski, wakeboard, kneeboard, catamaran, canoe and windsurfing are

among the sports which you can do in the lake. In addition to these opportunities and natural beauties, the area in which Lake

Sapanca is located is also rich in cultural heritage. Tombs and sepulchral monuments belonging to Byzantines, RUSTEM Pasa

Mosque, Rahime Sultan Mosque, Hasan Fehmi Pasa Mosque and Cedid Mosque are located in the area.

LAKE SAPANCA

LAKE SUNNET

Being famous for its miraculous water, Kuzuluk thermal springs is good for a range variety of diseases from rheumatism to arthritis. You can

find many opportunities ranging from massage to salt ponds in Kuzuluk. You can also benefit

from thermal pools, sauna and massage around the hot springs which consists of two

separate parts as women and men.

KARTEPE

Being one of the most popular winter tourism centers of Turkey with its facilities built on the height

of about 1500 meters, Kartepe is 24 km far away from Sapanca. It is possible to go to Kartepe, an

important ski center, in 15 minutes. You can spend time with ski, snowboard and horseback riding

while enjoying snow to the full.

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AKCAKOCA

MASUKIYE

Surrounded with Lake Sapanca, Sunnet and Abant, Akcakoca has a large and beautiful beach located in

Black Sea shoreline which is 35-kilometer-long. Akcakoca is 127 kilometers from Sapanca which takes about one hour

and 33 minutes. Its 3-hour-distance to metropolitans such as Ankara and İstanbul has made the sea and its neighborhood

a touristic place. Especially Cınar Street, which is closed to traffic in summer nights, is one of the ideal places to spend a joyous summer evening with your family. Merkez Mosque in

Akcakoca is worth seeing for having a different architecture which reminds of Far East architecture.

Masukiye is the place of the lovers which is 13km away from Sapanca. The place

is ideal for the passionate visitors who are looking restful place for a nice breakfast

with a beautiful unforgettable green scene.

SABIHA GOKCEN AIRPORT

ADAPAZARI-İSTANBUL HIGH-SPEED TRAIN

Adapazarı-İstanbul high-speed train was introduced on January 5, 2015. Passengers, who

reside in Sapanca, can use Ada Ekspres trains between Arifiye and Pendik. High-speed train from Sapanca to Istanbul takes 1 hour and 10 minutes. Ada Ekspres trains serve at Pendik, Gebze, İzmit ,

Sapanca and Arifiye stations.

It takes only 45 minutes from Sabiha Gökcen International Airport in İstanbul to Sapanca. The airport performs service on Asian Side and has become famous for its increasing popularity.

İstanbul-Ankara highway interconnects with this 99-kilometer distance which is a pleasant distance with beautiful nature and important city centers.

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Richmond Nua Wellness Spa is a hotel close to Lake Sapanca with glorious view of forest

and lake. It has fully-equipped spa and steam room. Rooms also have luxurious

balcony, TV and bathroom. You can enjoy unique Turkish and world cuisine in chic

atmosphere of the hotel. Richmond Nua Wellness Spa is one-hour away from İstanbul by car and 100 kilometers away from Sabiha

Gökcen International Airport.

NG Sapanca Wellness & Convention

Richmond Nua Wellness Spa

Sapanca Hills Residence is designed for demands of times share vacation customers. A mini shopping mall, spa & wellness, sport centers along with social facilities, VIP services and Convention

& Wedding center are among the services you can benefit from in the hotel. Construction of Sapanca Hills Residence project still

continues, which is located next to our Kurtköy Villa projec

Sapanca Hills Residence

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“ “FEASIBILITYof

KURTKOY PROJECT

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TEM Highway :5 minsLAKE SAPANCA :6 mins

KURTKOY VILLA PROJECT’S LOCATION

I. EXPENSE ACCOUNTS ANALYSIS1. TOTAL SQUARE METER OF LAND AND BUILDING PERMIT RIGHTS (PRECEDENT)

a. 11270 SQUARE METER TOTAL LAND AREAb. 9500 SQUARE METER NET LAND AFTER ABANDONMENT c. 20 PERCENT BASED ON PRECEDENT TOTAL CONSTRUCTION SITE 1900 SQUARE METER d. AREAS NOT INCLUDED IN THE PRECEDENT

- STAIRS- BASEMENT- ENTRY GARDEN- COMMON AREAS

e. GROSS SQUARE METER AFTER ADDING AREAS OUT OF PRECEDENT 185 SQUARE METERS PER VILLA

2. CONSTRUCTION EXPENSESa. 119.4 SQUARE METER ENTRY AND FIRST FLOOR b. 44.8 SQUARE METER BASEMENT c. 7,95 SQUARE METER GROUND FLOOR STAIRWELLd. 5,38 SQUARE METER FIRST FLOOR STAIRWELLe. 8 SQUARE METER BALCONY

3. COST CALCULATION3-A CONSTRUCTION COST

a. 185 square meter gross (per villa)x 26 villas(13 twin villas) b. 4.810squaremeter(Gross)x450$=2.164.500$(ConstructionSite,commonpool,socialspace,roadandfacilities)c. TOTAL CONSTRUCTION COSTS = $2.164.500

3-B. COMMITMENT COST Constructioncosts+Commitmentcosts=2.164.500$+%20CommitmentCostsi. 2.164.500$(TotalConstructionCosts)ii. 432.900$(20%CommitmentCosts)iii. 2.597.400$(TotalCostAfterCommitmentCosts(Constructioncosts+Commitmentcosts))

3-C. TOTAL COST CALCULATION AFTER LAND COSTa.Construction+CommitmentCost =2.597.400$b. Land Cost =11.270m2x 350TL = 1.531.785 $ (with updated prices)*c.TotalCost(Construction+Commitment+Land) =4.129.185$(TotalCost)

3-D. COST CALCULATION PER VILLAa. 26 villas 185 square meter gross use area 4.129.185 $ /26 villas= 158.814 $

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II. INCOME ANALYSIS AND SCENARIOS Scenario A

a. Each villa = 185 square meter (Gross)x 1.500 $ = 277.500 $b. 277.500 $ x 26 villas= 7.410.000 $c. Incomeaftersale=7.410.000$d. ProfitCalculation=7.410.000$-4.129.185$=3.280.815$e. TotalProfit=3.280.815$

Scenario Ba. Each villa = 185 square meter (Gross)x 1.500 $ = 277.500 $ (First sales)b. 277.500 $ x 13 villas= 3.705.000 $c. Each villa = 185 square meter (Gross)x 2.000 $= 370.000 $ (Second sales)d. 370.000 $ x 13 villas= 4.810.000 $e. Incomeaftersale=3.705.000$+4.810.000$=8.515.000$f. ProfitCalculation=8.515.000$-4.129.185$=4.385.815$g. TotalProfit=4.385.815$

Scenario Ca. Each villa = 185 square meter (Gross)x 2.000 $= 370.000 $b. 370.000 $ x 26 villas= 9.620.000 $c. Incomeaftersale=9.620.000$d. ProfitCalculation=9.620.000$-4.129.185$=5.490.815$e. TotalProfit=5.490.815$

Scenario Da. Each villa = 185 square meter (Gross)x 2.250 $= 416.250 $b. 416.250 $ x 18 villas= 10.822.500 $c. Incomeaftersale=10.822.500$d. ProfitCalculation=10.822.500$-4.129.185$=6.693.315$e. TotalProfit=6.693.315$

III. PROJECT PROFITABILITY ANALYSIS*SCENARIO A SCENARIO B SCENARIO C SCENARIO D

CONSTRUCTION COST 3.330 sq meter (Gross) x 450$ = 1.498.500 $

3.330 sq meter (Gross) x 450$ = 1.498.500 $

3.330 sq meter (Gross) x 450$ = 1.498.500 $

3.330 sq meter (Gross) x 450$ = 1.498.500 $

COMMITMENTCOST(%20) 432.900 $ 432.900 $ 432.900 $ 432.900 $

LAND COST 1.531.785 $ 1.531.785 $ 1.531.785 $ 1.531.785 $

TOTAL COST 4.129.185 $ 4.129.185 $ 4.129.185 $ 4.129.185 $

VILLA SALES 185 sq meter (Gross)x 1.500 $ = 277.500 $

185 sq meter (Gross)x 1.500 $ = 277.500 $

185 m2 (Brüt)x 2.000$= 370.000$185 sq meter (Gross)x 2.000 $= 370.000 $

185 sq meter (Gross)x 2.250 $=

416.250 $

NUMBER OF VILLAS 26 villas

(First Sales)

277.500 $ x 13 villas= 3.705.000$

(Second Sales)

370.000 $ x 13 villas= 4.810.000$

3.705.000$+4.810.000$=8.515.000$

26 villas

26 villas

TOTAL INCOME 7.410.000 $ 8.515.000 $ 9.620.000 $ 10.822.500 $

TOTAL PROFIT 7.410.000 $ -4.129.185 $= 3.280.815 $ 8.515.000 $ - 4.129.185 $= 4.385.815 $ 9.620.000 $ -4.129.185 $= 5.490.815 $ 10.822.500 $ -4.129.185 $=

6.693.315 $

PROJECT PROFITABILITY RATE 50% 75% 100% 125%

“ “La Nova

EXTERIORVIEW

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EXTERIORVIEW

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INTERIORDESIGN VIEW

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VAZİYET PLANIVilla PlansLiving Room 25 m2

Servant Room 12 m2

Toilet Odası 1.5 m2

Store Room 3 m2

41.5 m2TOTAL

BASEMENT

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Parent's Bedroom 15 m2

Personal Toilet 2.1 m2

Balcony 3 m2

Bedroom 1 12 m2

Bedroom 2 12 m2

Toilet 2 2.1 m2

46.2 m2TOTAL

FIRST FLOORLiving Room 33 m2

Kitchen 15 m2

Toilet 2.1 m2

Guestroom 13 m2

Hall 2 m2

65.1 m2TOTAL

GROUNDFLOOR

General Plan

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Sapanca adress:...................................................................................................................

www.santral-group.com

La Nova Villas