Kuwait-based Al Mazaya Holding has launched a six-tower residential and office project, featuring recreational spaces and a shopping mall in Istanbul, Turkey, a report said.

The 39,000-sq-m Ritim Istanbul development is a joint venture between Al Mazaya and Dumankaya Construction, a Turkish property developer, added the Gulf Base report.

The project, valued at 800 million lira ($325 million), comprises 863 residential units, 363 office spaces and 147 retail outlets, according to the report.

“The investment percentage of Al Mazaya and its partners in the project is 50 per cent. The project is under way and progressing in full swing. The first phase of the project is completed and it is scheduled for delivery in 2016,” Rashid Al Nafisi, chairman of Al Mazaya Holding, was quoted as saying in the report.

According to Ugur Dumankaya, chairman of Dumankaya, 45 per cent of the project has been sold.