The project is scheduled to open in 2022.
The new development comprises three standalone towers and is located in the Etiler residential area, close to the city's central business district. One of the towers will house Mandarin Oriental Etiler, Istanbul with 158 guest rooms and suites and 16 serviced apartments. The remaining two towers will house 251 Residences at Mandarin Oriental units.
UNStudio from Amsterdam has been appointed as the master planner and architect.
The hotel will have three restaurants and bars, and a selection of meeting spaces with outdoor areas and terraces, as well as a spa and fitness centre.
The owners and developers of the project are Astaș Holding A.Ş and Yapi & Yapi. This is the group's third venture in Turkey with Astaș Holding A.Ş which is the owner of the group's two other Turkish properties - the Mandarin Oriental, Bodrum and Mandarin Oriental Bosphorus, Istanbul which is scheduled to open in 2020.
"We are delighted to be announcing a second Mandarin Oriental property in Istanbul, together with an exciting luxury residential project. We look forward to extending further the Group's presence in one of the world's most historic and vibrant cities," said James Riley, group chief executive of Mandarin Oriental. "Operating two complementary hotels in a single city is something that the Group has already done successfully in Hong Kong and will soon do in London. We believe there is room for more than just one Mandarin Oriental hotel in certain select destinations around the world." he added.