The EC Project

THE ENTERTAINMENT CITY

project by ITC

Project Summary

ITC , an Iranian private company is looking for partners for the implementation of a unique ultramodern project in the immediate vicinity of Payam Special Economic Zone in Chaharbagh district of Karaj in Alborz Province, Iran. In accordance with permit no. h38715T/56289 dated 87/4/16 granted by the cabinet of the Islamic Republic of Iran, ITC has embarked on establishing the exemplary Iran Toseeh International Tourism Area called “the Entertainment City” (hereinafter “Project”).

The project is the first of its kind in the country and is definitely a unique undertaking, which combines a 5-Star hotel overlooking a state-of-the-art horse racing, equestrian center, pony club, breeding and training complexes with commercial, entertainment and other venues such as water park, ice skating facilities, polo field, sport facilities, health village, educational & cultural center, villas, restaurants, traditional bazaar, residential and office spaces in the form of an Entertainment City designed based on international standards. The Project tries to respond to the needs of Tehran province residents as well as other provinces and tourists in the 21″ century by offering a place that integrates sport, entertainment, retail activity and tourism infrastructure all under the same roof.

Project Phases

The Project shall be executed in two phases. In the first phase of the Project, all for the aforesaid facilities will be constructed; however, the total build-up area of residential spaces shall be limited to 159.000 m2 whereas the total build-up area of the whole Project shall be 599,266 m2 covering a ground area of 1.970.000 m2. In the second phase of the Project, the total Build-up area of the residential spaces shall be increased to 4.890.000 m2 cover in total an area of 3.130.000 m2. Once the second phase of the Project is completed, 23.54% of the Project area will be under construction and the remaining surface area will consist of green spaces, parking and routes. Various complexes of the Project shall be managed under a unified management system however, the horse racing facility and the 5-star hotel shall be marketed under a well-known international brand name.

Project Financing

The financial projections presented in this feasibility study pertain to the first phase of the project. The estimated total amount required for implementation of the first phase of the Project is approx. € 780 million. The necessary funding for the first phase of the project shall be raised by IT’s equity contributing and financing; the equity contribution of ITC shall amount to € 240 million, equivalent to 30% of the cost of the first phase of the Project. As the second phase of the Project shall consist of the expansion of the total build-up area of residential spaces from 159.000 m to 4.890.000 m2, the necessary funding for this phase shall be raised by direct participation of natural persons and or legal entities and or issuance of participation bounds. The first phase of the Project requires debt financing for 70% of its cost based on a three-year grace period plus five-year repayment period in Euros and/or Rials. For the purpose of our current feasibility study it has been assumed that 50% of the Project’s cost will be provided in Euro loans at an interest rate of 9% and 20% of the Proiect’s cost will be provided in Rials loans at an interest rate of 12%.

Based on the conservative financial assumption contained in the feasibility study, the Project has an IRR of 37.22%an ROE of 44.17%investors.

  • Short distance

    to the capital, Tehran

    Only 50 kilometers

  • Next door to

    a Special Economic Zone

    PAYAM International Airport & Special Economic Zone

  • Vast

    Project Lands

    Total of 513 hectares

  • A green project

    25% of total surface allocated to construction

    75% to green spaces & sport spaces

  • Construction

    estimations

    estimated to take 36 working months

  • Work opportunities

    in great quantities

    Completed project is estimated to create more than 20,000 direct & indirect work opportunities

  • Special Location

    with historical significance

    Project Lands include part of the ancient SILK ROAD

  • Design

    according to highest international standards

    Horseracing & equestrian facilities by the int. equestrian designer,

    Leve architects

The Entertainment City

Project components

5-Star Hotel & Related Apartments

The Project shall have a 5-Star hotel with a total build-up area of 39,852 m2 consisting of two buildings which will be built over a total area of 3,000 m2 while the surrounding greenery, adjacent areas, pool, parking area will total 52,939.20 m2. The Hotel shall offer a luxurious and peaceful getaway from the stresses of daily life, while providing a haven for horse-racing and recreation enthusiasts, designed based on the latest in architectural concepts consisting of premium features and facilities, with a view over the Racecourse and its Finish Line. In total. the hotel will have 546 rooms in the following categories: 180 twin rooms, 320 king rooms, 28 mini suites, 12 executive suites, 4 special suites and 2 presidential suites. In accordance with international standards, the hotel will have various restaurants, sport facilities, business center, conference halls, shops as well as its own parking area. Most importantly, in order to ensure a high-quality of service the hotel will operate under an internationally well-known brand name for 5-Star hotels.

Furthermore, there will be 200 fully-furnished apartments available for those guests who wish to lodge in more personal atmosphere which will be administered by the management of the 5-Star hotel. Each apartment shall have an area of 100 m2. Also, services such as room service and laundry shall be offered by the service department.

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Horse Racing Track

In the center of the project shall be a state-of-the-art horse racing facility as well as modern equine breeding and training facilities. In total, the horse racing units will cover an area of 317,531.90 m2 with a total built-up area of 8,894.50 m2.

The horse racing facility shall feature a 16,000 m2 outdoor audience terrace, a 1,100 m2 Grandstand, a 2,400 m2 VIP Grandstand (consisting of 15 quarters) and restaurant area as well as a 2,300 m2 horse presentation area. The horse racing facility in addition to VIP facilities will have a total seating capacity for 20,000 visitors. As for the race tracks, they will consist of a 67,486 m2 sand race track and a 37,149 m2 grass race track.

It is estimated that the horse racing facility will have capacity for 20,000 visitors per racing event. As a whole, 40 weeks of racing events will be held at the premises annually and the total number of racing events per week will be limited to two days. With respect to wagering, one of our project’s key highlights is that the horse racing facility will offer an all modern on-track betting system in accordance with local rules and regulations. Aside from on-track bettors, a large number of off-track bettors will also take part in the horse racing events held at the premises by means of different media as well as other applicable systems used in the field (the relevant permits were successfully obtained in a legal research project led by Mr Mousavi personally).

With respect to wagering, the Project shall ensure that security and privacy of on-track and off-track bettors. For this reason, all the necessary security standards shall be put in place, particularly with respect to online wagering security. In doing so all transactions will take place over an encrypted server, and all personal information is kept private.

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Water Park

Another major attraction of the Project shall be a water park covering an area of 106,422.40 m2 with a total build-up area of 14,716 m2. On a daily basis, the water park shall have a total capacity of 5,000 visitors. The water park shall offer the following facilities and rides:

  • swimming pools
  • wave pools
  • waterslides
  • lazy river ride
  • sliding board
  • flumes
  • kiddies play area with child-size slides
  • snack bar stalls
  • boat ride

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Health Village

With respect to health services, the Project shall offer a health village for individuals who seek to regenerate their energy or recuperate from illness. The health village will cover an area of 25,331.40 m2 with a total built-up area of 2,347 m2. The health village will be equipped with advanced medical facilities and capable of accommodating 40 guests initially and will increase to 80 guests in the next phase.

The facility will be run by professional staff of doctors and nurses to take care of guests’ health on a 24-hour basis in accordance with international standards.

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Equestrian Center, Racing & Breeding Stables, Polo Field & a Pony Club

As part of horse related complexes, the Project shall have an equestrian center where visitors may board their horses and enjoy the numerous facilities & opportunities available at the Entertainment City; such as indoor & outdoor horse riding arenas, training opportunities & clinics with renowned trainers, taking part in domestic & international competitions, riding out and hacking, and so on. In total, the equestrian center shall cover an area of 119,027.95 m2 with a total built-up area of 35,257.95 m2.

Of the total area designated for the horse related complexes, Horse racing and breeding stables will cover an area of 156,391.73 m2 with a total built-up area of 26,483.83 m2. The Project shall provide its facilities to those owners of horses who wish to be members of the our horse complexes on an annual basis. It is expected that the number of horses owned by members will reach 1,000 heads in the first five years of operation.

The Project shall have a Pony Club devoted to educating the youth about horses and horseback riding. The club shall cover an area of 15,523.40 m2 with a total built-up area of 3,491 m2.

The Project shall have an outdoor polo field covering an area of 167,944 m2 with a total build-up area of 500 m2. The goal of the Project is to once again popularize the game of polo in Iran. The construction of the polo field will be based on international standards & will provide the largest grandstand for the game in the country.

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Equine Sciences Academy and Educational & Cultural Center

The Project shall have a modern Equine Academy covering a total area of 18,885.20 m2 with a total built-up area of 3,200 m2. The primary purpose of the academy shall be to educate interested individuals about horses, to provide a safe environment for them to develop good horsemanship and riding skills and to develop a high-standard workforce for the Iranian horse industry. The programs offered at the academy shall be available to everyone, of all ages and levels of ability, who seek to participate in the exhilarating experience of horse riding and horse keeping.

(ITC has already established the Equine Sciences Academy & also has run a range of educational activities, including the first University Course in Equine Sciences in Iran, to upgrade the standards of equestrianism in Iran. The Academy will be expanded and developed to take more students with the full development of the EC project. Read more here)

The Project shall have a modern educational center tailored to meet the academic needs of various age groups from elementary school up to high school. In addition, there shall be a cultural center providing various facilities such as prayer room facilities, amphitheater, and library as well as multi-media facilities. The total built-up area of the educational and cultural center will be 6,776 m2 covering an area of 20,570.80 m2. This project shall develop and will accept students in every aspect and educational level for various courses up to PHD degree.

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Horse Quarantine Facilities, a Horse Clinic & Administrative Buildings

The Project shall also offer a modern horse quarantine facility consisting of a stable area suitable for accommodating 100 horses at one time. Presently, there are no modern quarantine facilities available in Iran, which makes its inclusion as part of the Project indispensable. The total area of the quarantine facility shall be 31,078.10 m2 with a total build-up area of 5,103.90 m2. The facility will be built with specific features in mind in order to accommodate all types and sizes of horses, from the smallest miniature horse to the largest thoroughbred. The horse quarantine facility shall offer the best care for newly imported or soon to be exported horses under the supervision of professional veterinarians.

(Our company has already established ITC Equine Quarantine– a unique, private sector quarantine and the first equine quarantine in the country after the 1979 Islamic Revolution, which successfully pioneered the dispatch of the Iranian National Show-jumping Team to Qatar Asian Games in 2007. This allowed Iranian horses to participate in an international competition for the first time after more than three decades.)

The Proiect shall have state-of-the-art horse clinic facility covering an area of 27,995.90 m2 with a total build-up area of 5,118.90 m2. Also, there will be administrative buildings where individuals in charge of coordinating horse-related activities will be based. The total area of the administrative buildings shall be 960 m2 with a total build-up area of 960 m2.

ITC Equine Quarantine

ITC Equine Quarantine- Post Import

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Residential Spaces

The Project shall offer high-end residential spaces for rental and sale. The residential space shall consist of villas and apartment buildings. In the first phase of the Project, the total built-up area of residential spaces shall be limited to 159,000.00 m2 covering an area of 112,805.00 m2. In the second phase of the Project, the total built-up area of the residential spaces shall be increased to 4,890,000.00 m2 covering in total an area of 1,142,804.80 m2.

Villas- constructed sample at Pars Toseeh

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Commercial and Office Spaces, Supermarkets, Exhibition, Warehouse & Packaging Spaces

The Project shall have a 12-storey commercial and office building covering an area of 10.000 m2 with a total built-up area of 88,000 m2. The surrounding greenery, adjacent areas, pool and parking area will total 37,286 m2. The first four floors shall be allocated to commercial activities featuring a wide variety of retail shops and fashion outlets. The remaining eight floors will be used as high-end office space which will be designed in a way to offer maximum flexibility and space efficiency for tenants.

Aside from retail and commercial spaces, the Project shall have supermarket spaces which can be rented, sold or offered in the form of key-money. It is expected that the largest portion of the supermarket space will be occupied by one large supermarket chain offering a wide range of good value, quality food products in modern and convenient setting. In total, the supermarket space shall cover an area of 19,119.20 m2 with a total build-up area of 7,710 m2.

The Project shall also feature exhibition, warehouse and packaging industry spaces covering an area of 17,400 m2 with a total build-up area of 17,400 m2. The surrounding greenery, routes, yard, lakes and parking area will total 18,094.60 m2. The exhibition space shall consist of a number of halls that can be utilized for all types of conventions, trade-shows, consumer shows and special events. The warehousing space will include both dry and cold-storage spaces while packaging halls will be available for packaging purposes.

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Entertainment Complex, Independent Restaurant Spaces & Traditional Bazaar

The Project shall have a modern 8-storey entertainment complex consisting of an assortment of venues such as bowling alley, billiards center, arcade center, shops, restaurants and movie theatres. The complex shall cover an area of 2,628 m2 with a total built-up area of 15,768 m2. In addition, the surrounding greenery, routes, yard, lakes and parking area will cover an area of 38,394.80 m2. The shopping area shall feature famous brand retailers, and the food area shall include a fast-food court as well as restaurants, snack kiosks and cafes. It is estimated that the entertainment complex will have a total capacity of 3,000 visitors per day.

In addition to restaurants located inside the entertainment complex, the Project shall have twelve independent restaurant spaces spread in different parts of the Entertainment City covering an area of 25,258 m2 with a total build-up area of 4.586.40 m2. Each restaurant shall offer a wide variety of local and international cuisine based on the highest quality of food and service standards.

The Project shall feature traditional bazaar space covering a total area of 124,000 m2 with a total build-up area of 120,000 m2 of which 40,000 m2 shall consist of cellars.

The potential entrepreneurs shall have the option to rent, buy and key-money stand spaces for displaying their products. Each corner of bazaar space will present culture and tradition of each province of Iran.

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Other Sports Facilities

The Project shall have first-class sports facilities covering an area of 19,382 m2 with a total build-up area of 2,447 m2. The number of annual members will be in year one of operation 500 which will increase to 2,000 by year five of operation. In addition, the sports facilities will also accommodate 1,000 non-member users on a daily basis. The facilities will consist of the following area:

  • Indoor and outdoor swimming pools
  • sauna, Jacuzzi and steam room facilities
  • gymnasiums & body-building equipment
  • aerobics and fitness classes
  • badminton & squash courts
  • lighted tennis courts & ping pong tables
  • running tracks
  • snack bar stalls
  • beach-soccer and indoor soccer facilities
  • beach volleyball and volleyball court facilities
  • Ice Skating Facilities (covering an area of 20,361.20 m2 with a total build-up area of 6,3002 m. The ice skating facilities shall consist of an Olympic rink (30 m x 60 m) and a NHL rink (26 m x 61 m). These facilities shall also have warming rooms and spectator viewing areas. At both facilities, rental skates and ice skating lessons will be available.)

Aside from the above sports facilities, modern bath houses with showers, private changing stalls as well as lockers will also be available.

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Secondary Areas

In line with international standards, the Project shall house a waste water-treatment plant as well as a modern fire brigade facility to minimize the risks of fire and other hazards at the Entertainment City. The fire brigade building and the waste water treatment plant shall have a total build-up area of 2,000 m2. In addition. there will be twenty washroom facilities located in various parts of the Entertainment City covering a total area of 2,000 m2. The total build-up area of the secondary areas will be 4,000 m2 covering an area of 61,714.82 m2.

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Project Masterplan- Leve architects
1

Horse Racing Track

2

5-Star Hotel & Related Apartments

3

Equestrian Center

4

Racing & Breeding Stables

5

Residential & Office Spaces

6

Water Park

7

Residential Villas

8

Horse Quarantine Facilities

9

Traditional Bazaar & Independent Restaurant Spaces