vitapark golf resort review 2011

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Vita Park Golf Resort

MAY 2011


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Table of Contents

Executive

Summary................................................................................................................

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Site

Overview................................................................................................................

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Project

Overview................................................................................................................

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Owners...................................................................................................................

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Highlights

Summary

Vita Park Golf Resort ("Vita Park") is an integrated resort developement project which will be constructed on a 2 million squaremeters site and entail:

a golf club that features two 18 hole golf courses – which will be developed on 1.5 million sqm site along with two club houses and two driving ranges.

a luxury hotel with a minimum of 180 rooms, built to the specifications of a 5-star hotel and a luxury boutique hotel with circa 45 rooms located within the second club house.

a small retail area comprising a market, dry cleaner, drug store and a strip of other convenience shops to service Vita Park

a residential community built on a 423,000 sqm site comprised of c. 1,000 units including villas and condominiums with a sellable area of approx. 160,750 sqm as well as beach and other recreational facilities on a 36,500 sqm site on Salih Island

The size and topography of the site allows for a flexible multi phased development

The investment for the development of the golf course has already been mostly complete by the current landlords, where the first 18 hole course has become operational in Q4 2008 and the second 18 hole course is in the process of development

Executive Summary

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Highlights

Prime Location

Vita Park is located near the ancient city of Milas, which is situated on the southern part of the Bodrum Peninsula, one of the most well known tourist destinations in Turkey.

Vita Park possesses unique golf tourism potential combined with proximity to cultural, historical destinations and its natural beauty and panoramic views

The Milas district boasts 27 different archaeological sites, a record among local districts in Turkey, and therefore a significant tourist attraction

The facility has high visibility from the Bodrum - Milas Highway

The site is 10 km away from the Bodrum - Milas international airport and is also in close proximity to the main connecting highway infrastructure

Unique Concept

Vita Park is the first of its kind in Turkey, integrating two golf courses with residences (villas and apartments, alongside a hotel and a beach club) on one private property

The golf component of the project is likely to attract homeowners and tourists throughout the year (summer and winter) as the climate enables the playing of golf in all seasons

A beach club and other social facilities will be constructed on the naturally beautiful coast of Salih Island, which will provide the homeowners and vacationers with easy access to the sea and further recreational services

Executive Summary

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Site Overview

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City of Mugla

Vitapark is in the city of Mugla, a city located in south-western Turkey with a population of over 766,000 people (based on 2007 census)

The city has a surface area of 13,388 sq km

Tourism and agriculture are the two main industries in the city

20% of the city’s provincial area consists of agricultural area where revenue is derived from arable field products and olive farming

Site Overview

Izmir

MuglaAntalya

Istanbul

Ankara

The city has a coastal line of 1,124 km on the Aegean Sea and tourism is the largest contributor to the city’s economy as Mugla comprises of some of the best known summer resort destinations, such as Bodrum, Datca, Fethiye and Marmaris

In addition, the city comprises several ancient ruins such as Phaselis, Mylasa, Halicarnassus, Theangela and Aperlai which attract tourists all year long

The tomb of Mausolus, one of the seven wonders of the ancient world, is located in Halicarnassus

There are two international airports in Mugla, Bodrum-Milas and Dalaman Airports, both of which provide direct international access to the city

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Bodrum Peninsula

Bodrum is a town within the territory of Mugla city, on the Aegean coast of Turkey. In the latest population count in 2007, Bodrum had approximately 106,000 citizens, most of whom work in the hotel and resort sector.

Bodrum was rumoured to be the site of one of the Seven Wonders of the Ancient World, the Mausoleum of Maussollos in Halicarnassus.

Other major tourist attractions are the Ancient Theatre with 13,000 seats, rock tombs from Hellenistic and Roman periods, the temple of Hecate, Cedrai Island with the Temple of Apollo, cisterns and mosques built by the Ottomans.

Site Overview

Bodrum Peninsula

District of Milas

Vitapark

Bodrum is also host to the Bodrum Cup, a luxury yacht regatta, and is a favoured anchorage on the traditional blue voyage route, passing through the Mediterranean and Aegean. Bodrum has more than 30 major coves on the large peninsula with varied attractions from seclusion to restaurants and nightclubs.

Bodrum is famous for its nightlife and seafood restaurants which attract not only international tourists but also many locals who have summer residences or yachts.

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District of Milas

Milas (ancient Mylasa) is a district of Mugla and a major tourist attraction as it was the ancient capital of Caria and comprises some of the oldest Greek civilization ruins. Iasos, the historical town in Milas district, traded with the Minoans and Mycenaeans and attracted settlers from Miletus and was involved in the Peloponnesian War.

Milas is 68 km away from the centre of Mugla and is easily accessible by road from Izmir, Mugla and Bodrum.

The population of the administrative district is 120,508 based on the 2007 census. There are 6 municipalities and 114 villages in the district.

Site Overview

The district of Milas is beginning to increase its share in the tourism industry with its natural beauty and scenic coastlines, following the example of nearby localities which have capitalized on the potential market. Bodrum-Milas Airport international terminal has a capacity of 2,000,000 passengers per year with the domestic terminal having a capacity of 600,000 passengers per year which has made access to this region easier for tourists.

Vitapark

Milas District

Tuzla Lake

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Location

Vita Park area is on the right hand side 10 km away from Bodrum – Milas airport on the way to Bodrum.

The land is surrounded by Tuzla Lake on the north and partial forest areas, empty arable fields on the south and Bodrum - Milas Highway.

Site Overview

Milas Airport

Bodrum Peninsula

Tuzla Lake

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Zoning

As per the current zoning plan, Vitapark is zoned as golf & tourism complex area

Site Overview

Within the scope of 1/5000 scale regulatory master plan and 1/1000 scale application zoning plan, the parcels where villas and condominiums can be built are clearly identified

Approximately 360,000 sqm of the Residential Project is zoned for villas, 63,000 sqm of land that is zoned for condominiums with a density of 0.30x and a height restriction of two floors

Furthermore, the zoning allows a division of freehold titles to the units

The hotel, golf and commercial areas are also zoned specifically for their purpose

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Project Overview

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Master Site Plan

The project includes Golf Course, Villas, Condominiums, Hotel, Club House, Sport Area

and Retail area.

Project Overview

Condominiums

Hotel, Apart Hotel Club House

Golf Course

Golf Course

Retail

Villas

Villas

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Golf Courses

Two 18-hole golf courses of a high standard that are to be designed by

Dr Gürol Büyük and his son, Mr Erol Büyük after consultation with

expert golf course designers.

Project Overview

The first official tournament of the region, the Kempinski Bodrum Aegean Cup, was held on 15/16 November 2008. Besides attracting the top Turkish golfers, Vita Park Golf Resort also welcomed Mike Adams, one of the worlds most famous golf instructors.

The Mike Adams Golf Academy is located in Vita Park Golf Resort and is the only one outside of the USA. The Academy offers personal instructions from Mike Adams, two or three times a year.

The opening ceremony was also honoured by the Sports Minister of Turkey, who stated in his opening speech that he will promote the golf with the intention to increase the number of players to 5 million.

These two courses are:

Milas, opened nine holes in July 2008 and extended to 18 holes in November 2008;

Halikarnas, which is due to open end of 2011 or summer of 2012.

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Villas & Condominiums

Approx. 1,000 housing units built in 7 phases over 8 years, consisting of apartments,

villas and townhouses, along with individual swimming pools for some of the properties

Project Overview

Five different unit types will be on offer, with

total sellable floor area ranging from 100

sqm to 300 sqm

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Villas & Condominiums

Project Overview

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Hotel

The proposed luxury hotel at Vita Park Golf Resort will have 180 guest rooms.

The main hotel building will contain the 120 rooms with the 60 bungalows to be spread over a hillside surrounding the main hotel building.

Project Overview

Hotel

Practice Range

Spa

Bungalows

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Hotel

In addition to guest rooms and facilities, the proposed hotel will have an outdoor swimming pool and access to a private beach club on Salih Island.

The resort will also have parking space for approximately 100 cars.

Project Overview

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Beach Club - Salih Island

The facility is located on the nearby Salih Island and will provide access to the sea for homeowners and hotel guests with a coast of approximately 450 meters.

Facilities will include a pier, dock, restaurant, locker-shower units, and a bar; sea access to Salih Island will be supplied by shuttles

Project Overview

Vitapark

Milas District

Tuzla Lake

Salih Island Land

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Retail & Club House

A commercial unit will serve Vita Park, including a supermarket, drug store and dry

cleaners

Project Overview

Golf Club House

Health Club

Restaurant

Entrance Plaza

Commercial Area

vitapark golf resort review 2011

Business

golf club

service vita park

golf component

playing of golf

sqm site

ancient city of milas

prime location vita

hole golf courses