Sama Dubai Istanbul Real Estate, a unit of Dubai Holding, won an auction for a 46,241 square meter prime area of real estate in one of Istanbul’s booming business districts, Levent, owned by the Istanbul Transportation Authority (İETT) with the highest bid of YTL 980 million ($705.5 million) in a televised tender.

The second highest bid of $701 million was made by the Zorlu Group for the land that is better known as the “İETT Garage.”

Sama Dubai will pay YTL 1.156 billion for the land with 18 percent value added tax (VAT).

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