It was built to be sold to Arabs! An American company has shown interest in the Castle Villas, which have been vacant for 13 years.

The project, which includes 732 villas, a shopping mall, a hotel, and 2 convention centers, started construction in Mudurnu in 2011. The rough construction of 580 castle-style villas has been completed. 350 of the villas were sold to customers in Qatar, Bahrain, Kuwait, Dubai, and Saudi Arabia. Due to the failure of Arab customers to pay installments on time and the problems the company faced in economic planning, Sarot Thermal Group, the owner of the project called 'Burj Al Babas', applied for concordat in June 2018.

Istanbul 3rd Commercial Court declared bankruptcy for 3 companies under Sarot Group in September 2018. The project, which attracts attention with its castle-like architecture, came to a halt. The project received numerous criticisms for not being suitable for the historical texture of Mudurnu, which has been awarded the title of Cittaslow (Slow City) and is a candidate for the UNESCO World Heritage List.

BANKRUPTCY AND CONCORDAT DECISION LIFTED

Later, Istanbul Regional Court of Justice 17th Civil Chamber lifted the bankruptcy decision given for 3 companies owned by Sarot Group last year. The company, for which the concordat application was also withdrawn in the ongoing legal process, was granted permission for sale.

"WILL BE CONTRIBUTED TO THE ECONOMY AND TURKISH TOURISM"

Nova Group Holding, based in the United States, made an initiative to become an investor in order to complete the unfinished Burj Al Babas. Representatives of Nova Group and Sarot Group had a meeting in Ankara for the completion of the project. Speaking to DHA, Nova Group Holding Turkey CEO Müjdat Güler said that there were no problems for the former owners of the project and the property buyers. Güler stated that the legal process regarding the sale is ongoing and said, "There is an investment here, it will be contributed to the economy and Turkish tourism again. There are some minor legal issues. It needs to be brought into the economy. Every day that passes without renovation, the structures are getting more damaged." Güler emphasized that they will make the necessary announcement after the process is completed.

"IN THE NEGOTIATION STAGE"

Mehmet Emin Yerdelen, Chairman of Sarot Group Board of Directors, stated that the process is ongoing and said, "We are currently in the negotiation stage regarding this matter. Hopefully, I will give good news."