Manama: A Saudi businessman is paying $190.7 million (Dh700.27 million) for 469 apartments in Istanbul, a Turkish daily reported.

The sale by Agaoglu Group, one of the highest flyers in the Turkish real estate industry, made up nearly 10 per cent of the project “Maslak 1453” in Turkey’s largest city, Hurriyet Daily News said, citing a report in the weekly Turkish magazine Ekonomist.

The project features a total of 4,789 apartments.

The Saudi businessman who was not named has already paid a deposit worth around $10 million and will pay the remainder this week the report said.

“This sale is like a privatisation. It is absolutely our highest figures for a sale,” said Hasan Rahvali, general manager at Agaoglu Group, stressing that the transaction was “unique” in the Turkish construction sector.

The Saudi man decided to make this investment after a positive reference from two Saudi businessmen who bought 60 apartments each from Agaoglu’s “My Europe” project last year, Rahvali said.