Sinpas Gayrimenkul Yatirim Ortakligi AS

What Sinpas Gayrimenkul Yatirim Ortakligi AS does

Sinpaş Gayrimenkul Yatırım Ortaklığı A.Ş. (Sinpaş GYO) is Turkey's first publicly listed housing-focused real estate investment trust, trading on Borsa İstanbul under ticker SNGYO. Established on December 22, 2006 and completing its IPO on June 14-15, 2007, the company operates within Sinpaş Holding, a conglomerate founded by Dr. Avni Çelik in 1974 that encompasses 33 companies and over 2,000 employees across real estate, construction, energy, and industrial services. Sinpaş GYO's paid-in capital stands at 4 billion Turkish Lira (with a 20 billion TL registered ceiling) as of December 23, 2024, and the company is headquartered at Sinpaş Plaza in Beşiktaş, Istanbul.

The company's core product is residential real estate development. It develops, markets, and sells residential units across ongoing and completed projects concentrated in Istanbul (Ümraniye, Şişli, Sancaktepe, Küçükçekmece, Beykoz, Zeytinburnu, Sultanbeyli) and Ankara (Çankaya, Dikmen, Mühye), with historical projects also in Bursa and Tekirdağ. Active developments include Queen Bomonti (1,088 units, Bomonti/Şişli), Ege Vadisi (893 units, Çankaya), Boulevard Çankaya (364 units), Boulevard Finans Şehir (134 units adjacent to the Istanbul Financial Center), Koru Aura (221 units, Ümraniye), Saklı Koru (500 units, Küçükçekmece), Metrolife Premium (Sancaktepe), and Altınoran (Mühye/Çankaya). Over its 50-year corporate history under the Sinpaş brand, the company has delivered housing to approximately 80,000 households.

Sinpaş GYO generates revenue through one-time sales of residential units via direct sales channels, including four physical sales offices, project-specific websites, and a corporate investor relations function. The customer base is fragmented across individual middle to upper-middle class Turkish families (primary segment) and real estate investors (secondary segment). Pricing is project-specific, not standardized, with flexible payment plans (e.g., 24-month installments at Boulevard Finans Şehir, personalized plans at Queen Bomonti). Corporate governance includes a Chairman (Dr. Avni Çelik, founder and 32.75% shareholder), Vice Chairman (Ahmet Çelik), CEO/Board Member (Seba Gacemer, since 2014), and CFO (Dursun Yaşar Çamurali). Strategic corporate moves include the 2017-2018 full division merger of Sinpaş Yapı Endüstrisi A.Ş. into Sinpaş GYO, the 2020 spin-off of Kızılbük GYO, and the December 2024 bonus share capital increase.

Name

Sinpas Gayrimenkul Yatirim Ortakligi AS

Legal name

SİNPAŞ GAYRİMENKUL YATIRIM ORTAKLIĞI A.Ş.

Website

https://sinpasgyo.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Sinpaş GYO is Turkey's first publicly listed housing-focused real estate investment trust, developing and selling residential projects primarily in Istanbul and Ankara. It serves middle to upper-middle class Turkish families and has delivered over 80,000 homes across its 50-year operating history.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520)

akta.pro primary industry

Residential General Contracting (New Build) (IMAFAAAB)

Keywords

• Residential real estate development
• Real estate investment trust
• Housing development projects
• Residential property sales
• Urban residential construction

Headquarters

HQ city

Besiktas

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Marketing or Sales

Revenue model

1. Residential Property Sales: The company develops residential real estate projects and generates revenue through the sale of residential units. As a GYO (Real Estate Investment Trust), it invests in real estate, real estate projects, and rights based on real estate.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Sinpaş GYO is a publicly listed Turkish Real Estate Investment Trust (GYO) that develops and sells residential property projects. The company builds nature-integrated housing communities and mixed-use developments in prime urban locations, primarily across Istanbul and Ankara. It generates revenue through the sale of residential units (both pre-sale and ready-to-move-in) across branded projects such as Boulevard, Queen Bomonti, Ege Vadisi, Koru Aura, Metrolife, Saklı Koru, and Altınoran.

Product overview

Sinpaş Gayrimenkul Yatırım Ortaklığı A.Ş. (Sinpaş GYO) is Turkey's leading real estate investment trust, operating as a portfolio of residential and mixed-use property development projects. The company develops both ongoing projects across Istanbul and Ankara (including Boulevard Çankaya, Ege Vadisi, Boulevard Finans Şehir, Queen Bomonti, Tabiat Villaları, Koru Aura, Metrolife Premium, Saklı Koru Konakları, and Altınoran) and has completed numerous housing projects throughout Turkey (including Aqua City 2010, Bosphorus City, Bursa Modern, Metrolife, İstanbul Sarayları, Gökorman, İncek Blue/Green/Life, Sinpaş Country, Sinpaş Köyceğiz, and Sinpaş Lagün). The company has delivered approximately 80,000 homes over its half-century history and focuses on developing quality living spaces that are in harmony with nature and add value to their regions.

Differentiator

Problem solved

Functional benefit

Brands

• Boulevard: Residential project brand featuring multiple developments including Boulevard Çankaya, Boulevard Finans Şehir
• Queen Bomonti
• Ege Vadisi
• Koru Aura
• Metrolife
• Saklı Koru
• Tabiat Villaları
• Altınoran

Products and services

• Boulevard Çankaya A nature-integrated residential project in the center of Ankara Çankaya offering modern urban living with 364 units. The project features immediate delivery availability and includes a panorama block for sale.
• Ege Vadisi A residential project in Ankara Çankaya offering 893 units with 4-season pool and beach facilities. Delivery has begun, making units available for immediate occupancy.
• Boulevard Finans Şehir A 134-unit residential project in Ümraniye, Istanbul, located adjacent to the Financial Center and metro. Offers 24-month installment payment plans with 2025 delivery.
• Queen Bomonti A luxury residential project in Bomonti Şişli, Istanbul featuring 1088 units with personalized payment plans and immediate delivery. Includes 4 panoramic Crown Floors for premium buyers.
• Tabiat Villaları A villa residential project in Sancaktepe, Istanbul, offering nature-integrated villa living.
• Koru Aura A 221-unit residential project (217 residential and 4 commercial units) in Ümraniye, Istanbul.
• Metrolife Premium A premium residential project in Sancaktepe, Istanbul.
• Saklı Koru Konakları A 500-unit residential project (495 residential and 5 commercial units) in Küçükçekmece, Istanbul.
• Altınoran A 52-unit residential mixed-use project in Çankaya Mühye, Ankara, featuring Snowland, Extremeland, and Güneypark Küme Evler components.

Quantifiable outcome

• Over 80,000 households have become homeowners through Sinpaş GYO projects
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Sinpaş HoldingcoreOthers · 22 December 2006Sinpaş Holding is the parent company and controlling shareholder of Sinpaş GYO. Founded by Dr. Avni Çelik in 1974, Sinpaş Holding manages 33 companies with over 2,000 employees across various sectors including real estate, construction, energy, and industrial services. Sinpaş GYO operates as the publicly listed real estate investment trust subsidiary of the holding.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Kızılbük GYO: Public Turkish REIT (GYO) carved out of Sinpaş GYO via a partial division effective September 30, 2020. Highly relevant peer because of shared DNA: same regulatory GYO framework, same founding family control, similar residential and mixed-use development profile in Turkey.
• Özak GYO: Public Turkish REIT (GYO) engaged in real estate development and investment, with a portfolio spanning residential and commercial. Comparable on GYO regulatory structure and Turkish residential development exposure, though with a more diversified asset base.
• Sur Yapı: Prominent Turkish residential developer with significant Istanbul project pipeline, including branded master-planned communities. Comparable to Sinpaş on residential-only focus, large-scale urban projects, and premium brand positioning in the Istanbul market.
• Ağaoğlu Group: Major privately held Turkish residential developer with large-scale Istanbul and Anatolian projects. Closely comparable to Sinpaş on product (residential master-planned communities), target buyer (Turkish middle/upper-middle class), and brand-led premium positioning, though not structured as a public GYO.
• Emlak Konut GYO: Turkey's largest publicly listed REIT (GYO) and the dominant state-linked residential developer on Borsa İstanbul. Most direct peer to Sinpaş GYO: same regulatory structure (GYO), same primary focus on residential development, same Istanbul/Turkey-centric market, and overlapping buyer segments.
• Akfen GYO: Public Turkish REIT (GYO) with diversified real estate exposure including hospitality, office, and residential. Comparable on GYO regulatory structure and Borsa İstanbul listing, though with broader sector diversification than Sinpaş's residential-only focus.
• Mesa Mesken Sanayii A.Ş. Long-established Turkish residential developer with multiple large projects across Istanbul and Ankara. Comparable to Sinpaş on residential-only focus, multi-decade operating history, and presence in the same Istanbul/Ankara submarkets with overlapping buyer segments.
• Torunlar GYO: Public REIT (GYO) on Borsa İstanbul focused on mixed-use and residential development, including major Istanbul projects. Directly comparable to Sinpaş GYO on regulatory structure, residential-heavy project pipeline, and large-scale urban Istanbul positioning.
• Varyap (Varyap Varlıbaşlar): Established Turkish real estate developer active in residential and mixed-use projects, primarily in Istanbul. Comparable to Sinpaş on Turkish residential development focus, urban Istanbul positioning, and project-scale master-planned community delivery.
• Doğuş GYO: Public Turkish REIT (GYO) backed by the Doğuş Group, focused on office, retail, and residential real estate. Comparable on GYO framework and Turkish real estate development, though more concentrated in commercial than Sinpaş's pure-residential model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SinpasGYO
• LinkedInlinkedin.com/company/sinpas

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sinpas Gayrimenkul Yatirim Ortakligi AS