A joint venture of the US' Turner Steiner and the local Tepe is low bidder with a price of $138.8 million for the construction of a headquarters complex for the leading Is Bankasi in Istanbul (MEED 14:6:96).

Bids were returned from the following ventures of foreign and local companies:

Turner Steiner (US) with Tepe $138.8 million Campenon Bernard (France) with Tekfen $209.5 million; alternative $188.6 million Morse Diesel (US) with Gulermak $190 million Ilbau & Strabag (Austria) with Gama $248 million; alternative $219 million Samsung (South Korea) with Alarko $219.5 million Philipp Holzmann (Germany) with Otak $242.1 million Heilitt Werner and Hochtief (both Germany) with Koray $261.3 million; alternative $247.6 million.

The project, in Istanbul's 4th Levent district, will have three separate towers of between 24 and 50 storeys on a site of about 225,000 square metres. The complex will include shopping malls, a bank branch, social and cultural facilities, and car parking.