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Investing.com -- Shares of Turkish property developer Kizilbuk fell in Istanbul trading on Monday on reports that a ministry office is requesting the demolition of Kizilbuk’s luxury property project in the resort town of Marmaris.
Shares fell as much as 8.2%, marking the largest drop since January 10. The parent company, Sinpas REIT, also saw a decline, with shares sliding as much as 5.8%.
The project in question is a large-scale development in Marmaris, which includes timeshare properties, a 206-room hotel, and thermal spa facilities.
However, the project has been plagued by legal challenges, including disputes over construction permits and alleged violations of coastal and environmental laws.
The Environment Ministry’s provincial office has handed over the responsibility for the demolition to the Marmaris municipality, according to a document dated February 27.
The opposition-led municipality, responsible for the execution of the order, has stated that a court ruling is required before they can proceed.
In the event that the Marmaris municipality fails to act, the Mugla provincial administration would take over the demolition process. Should local authorities refuse to comply, the ministry has the authority to intervene.
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