At the Israel Land Authority’s center for the construction of hundreds of housing units in the Tel Hashomer area of Ramat Gan, a number of companies won 578 apartments for construction. About a third of the apartments will be sold in the “reduced price” program and the rest in the free market. .
Sela-Issta won 263 housing units for NIS 336 million.
Hanan Moore
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Won 158 housing units in exchange for NIS 171 million and the companies Yossi Avrahami and
Coral
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Won 157 housing units in exchange for NIS 141.9 million to be paid to the Israel Land Authority in exchange for the land. In addition, each company will pay another NIS 20 million for the development of the land. The delivery of the land is expected to take place in about two years.
Coral and Yossi Avrahami will market 66 apartments at a reduced price and 91 in the free market, when four residential buildings will be built, two of them 14-story and two of them 5-story.
Tzachi Didi, CFO of Yossi Avrahami“The Tel Hashomer area is developing and becoming in demand for residences as well and continues the continuum of Ramat Gan. In a few years, we will see a high-quality and sought-after residential neighborhood in Tel Hashomer, where real estate prices will improve as in any Gush Dan.”
Michal Gur, CEO of Coral: “As part of Coral’s business development, we are investing a lot of effort and continue to work to develop residential activity and increase land accumulation in areas of demand. As a company with financial strength with a variety of capabilities in the real estate world, we believe we can create additional value for our shareholders through additional channels. “While adapting to changing market conditions.”
Other companies that competed in the tender are: Acro Real Estate, Electra Real Estate and Praszkowski.
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