Rixos Hotels has announced its strategic expansion into Istanbul, Turkey’s largest city, ending years of anticipation as to when the Turkish developer would enter the city with a unique project.

Based in Şişli’s Bomonti District, the luxury lifestyle development, dubbed Rixos Residences Bomonty and due for completion in December 2011, will culminate in a 42-storey tower, with breathtaking views of the Bosphorus, the historic peninsula of Old Istanbul and the new city.

“We are elated to be strategically expanding the Rixos brand into Istanbul with such a unique project that will offer the best of all worlds: it will be centrally- located, highly-accessible and, most importantly, developed with the utmost care and attention to detail,” said Fettah Tamince, chairman of Rixos Hotels.

Rixos Residences Bomonty, which already has a waiting list of 150 investors, will consist of six penthouses and 308 serviced suites all decorated to the highest standards and situated on a large plot in the heart of Istanbul.

The tower will have a heliport on the roof and will be in close proximity to the planned Bomonti-Dolmabahçe tunnel which is expected to cut journey time  from 45 minutes to just four.

Residents will also enjoy a personal concierge service and the property will have a spa area, sports facilities, mini-golf course, café, restaurant and hair salon.

The $137.2 million project is being developed with Rixos Hotels’ partners Ayaydın Group, İpek-Çakırkaya, Maslak Yapı and Merttaş Yapı.