Tzemach Hamerman, which deals with real estate for the initiation and execution of large projects for residential, office and commercial and income-producing real estate, announced today that it has been published on the Israel Land Authority website winning a tender conducted by the Israel Land Authority to purchase leasehold rights in two plots, with a total area of 9,747 square meters. , Available for construction and subject to an approved master plan which grants rights to the construction of 299 apartments and 560 square meters of commercial space. The plots are located in the heart of the demand area in the Neve Gan neighborhood in Ramat Hasharon, north of the prestigious Tel Baruch North neighborhood.
In exchange for the acquisition of the rights, Tzemach Hamerman will pay an amount of approximately NIS 505 million, in addition to approximately NIS 57.7 million for development costs. The company estimates that the sales volume in the project is expected to be NIS 1.05 billion, the sales volume is expected to be NIS 885 million and the gross profit is expected to be NIS 163 million.
Haim Feiglin, CEO of Tzemach Hamerman,: “We are pleased to win the tender, which supports the development of integrated residential entrepreneurship alongside commercial space. The new venture is a unique flagship project located in the heart of the demand area in the Neve Gan neighborhood in Ramat Hasharon, close to the prestigious Tel Baruch North neighborhood characterized by high socioeconomic population.
The win is a significant step in establishing the company’s status as a leading player in the housing market in areas of demand and combines residential, commercial and entertainment. The project will be designed to high standards while providing solutions to the relevant target population. We intend to continue working to locate and implement additional projects that are in line with the business strategy and believe that we will continue to generate value for the company’s shareholders.. “