The privatization of Turkey's highways and bridges will not be completed until the route of a new bridge to be constructed over the Bosporus has been definitively determined, sources close to the Privatization Administration (ÖİB) said. According to the sources, who spoke on condition of anonymity, the ÖİB asked the General Directorate of Highways (KGM) to clarify the route of the new bridge and the roads connecting it to main arteries as soon as possible since any delay in this issue could cause the privatizations to slow.
An announcement of the new bridge's route is being anxiously awaited by parties interested in the privatization, since this will have a direct impact on the amount of their initial bids. If the bridge is constructed between the two existing bridges -- the Bosporus Bridge and the Fatih Sultan Mehmet (FSM) Bridge -- it will attract much of the traffic of these two bridges, providing much higher revenues for its operator. But if the bridge is built north of the FSM, between İstanbul's Sarıyer and Beykoz districts, only a small number of vehicles will opt to pass over it, with the result that traffic will not decrease dramatically on the Bosporus and FSM bridges.
To summarize, in the first alternative the value of and privatization revenue from the existing bridges will fall significantly whereas the third bridge will bring in larger sums. For the latter option, however, the third bridge will not yield a good value but the state will earn larger revenue from the sale of the other two bridges. Considering the drastic effect the new route will have, domestic and foreign companies bidding on the operation of the highways and bridges in March 2008 also want more clarification about the new route.
The plan to construct a third bridge was first announced by the government four years ago, and since then much debate has revolved around this plan. The government floated the proposal because the current bridges are working beyond their normal capacity, whereas opponents claim the city's current infrastructure cannot support a third bridge. The Bosporus Bridge has a capacity of 120,000 vehicles per day, and the second bridge may technically allow 160,000 vehicles to pass over it. However, more than 200,000 motorists cross each of the bridges daily, and this situation becomes more frustrating for them with every passing day. Moreover, as the high number of cars on the bridges has become the main reason for traffic jams during rush hours, the need to construct a third bridge has become one of highest priority items in the government's agenda for İstanbul.
No more speculation
Clarification of the new route will put an end to land speculation as well. Some people in the real estate business were devising alternative routes for the third bridge to manipulate real estate prices in those areas. From time to time in the last four years, rumors over the following six alternate routes have emerged: Nakkaştepe-Ortaköy, Vaniköy-Arnavutköy, Çubuklu-Yeniköy, Beykoz-Kireçburnu, Yuşatepesi-Rumelikavağı and Garipçe-Poyrazköy.
The route will be determined depending on a number of parameters. It has to offer an effective solution to the traffic problem without causing distress to the environment and historical texture of the city. Cost is another important factor. Five foreign companies have so far declared interest in the sale of the bridges and highways. These are Macquarie Infrastructure of Australia, Abertis from Spain, the Portuguese Brisa, Itochu Corp. of Japan and Atlantia SpA from Italy.
Eliza Maledevic Ayson
http://www.tampa-realestate.biz
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