Kempinski is set to cement its position as one of the leading hospitality companies in Istanbul after signing a new management contract for exclusive luxury residences in the affluent Balmumcu – Beşiktaş neighborhood. The property is set to welcome its first guests by early 2024.

Situated in the heart of an expansive 30,000-square-meter site in a green valley, most of which will be preserved as a park, Kempinski Residences Balmumcu, Istanbul, will be home to 155 residences spread across five buildings and 11 villas. The project will also bring a resident’s lounge, gym and outdoor pool.

“Demand for private branded residences that benefit from the management expertise of an established luxury hotel company has grown in recent years, demonstrating the appetite for dependable service and personal recognition among the world’s most discerning investors,” said Bernold Schroeder, CEO of Kempinski Group and chairman of the Management Board of Kempinski AG. “Kempinski has been present in Istanbul for more than 30 years and the city holds a special place in our hearts. Being appointed to manage this beautiful collection of luxury residences reflects the high regard with which Kempinski is held in Istanbul and the strength of our relationship with Astaş Holding, our long-term partner in the city and Yapı&Yapı, one of Turkey’s leading construction companies.”

Kempinski Residences Balmumcu will join three other Kempinski-managed branded residences already under operations in the city — Kempinski Residences Astoria, Kempinski Residences Bellevue and Macka Residences by Kempinski — all of which were developed by Astaş Holding, and the Çırağan Palace Kempinski Istanbul, a palatial urban resort on the banks of the Bosphorus.