Turkey's New Presidential Palace Costs USD 0.6 B - FinMin

Turkish President Recep Tayyip Erdoğan abandoned the traditional residency of heads of state just after he was sworn in. Photo by EPA/BGNES

About USD 615 M have been earmarked so far on the construction of Ak Saray, Turkey's impressive presidential palace, the country's Finance Minister Mehmet Şimşek announced.

Out of the total, some USD 432 M has already been spent on building Ak Saray, while another USD 135 M is allocated for 2015, Hürriyet Daily News quoted Şimşek as telling Parliament's budget committee on Tuesday.

He added further expenses should be expected, with USD 135.4 M out of the USD 178 M presidential budget to be set aside for goods and service purchases and investment.

The sum exceeds previous estimates about how much the palace will cost by 90 percent.

President Recep Tayyip Erdoğan, who took up office in end-August winning the vote by a landslide earlier that month, moved in Ak Saray briefly after being sworn in.

The project for Ak Saray, or the "White Palace", has often been criticized for being too pompous, with a total floor surface surpassing that of most other similar compounds around the world.

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