Emaar buys $400m land in Istanbul

Emaar Turkey, the country-subsidiary of Emaar Properties, has signed an agreement with Turkey's Toprak Holding to purchase 73,571 square metres of prime land worth $400m in Istanbul, reported Gulf News. The land is ideal for a mixed-use development with residential, commercial and tourism components. The land is also in close proximity to the proposed metro rail tunnel under the Bosphorus strait linking Asia and Europe. The metro line is scheduled to be operational in 2009.