Israel Canada sold apartments for NIS 438 million in the Geffen neighborhood of Herzliya – Real Estate

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, Announced today that in a month and a half it has sold 150 apartments with a combined value of NIS 438 million in the Geffen neighborhood project in Herzliya. Revenues from the luxury project are expected to stand at NIS 670 million.

Work on the project, which is part of an urban renewal project, will begin this coming April, 7 years after the project was launched, when most of the tenants had already received an eviction notice before work began. The new Geffen neighborhood will include 400 housing units, with the works expected to be completed in about 4 years.

The project covers a total area of ​​about 16,000 square meters and will include 8 buildings of 7, 9 and 14 floors that include a total of 400 housing units, instead of the 124 existing ones, as well as 1,000 square meters of commercial space.

Rebel Shabbat ICR CEO said: “This is a groundbreaking event in the stages of project construction and we are excited about it. We are in the midst of a sale of the Geffen neighborhood project when more than 150 apartments have already been sold in a record time of about a month and a half.

“The combination of urban renewal, while maintaining the well-being of the rights holders who are full partners in the journey, will allow them to receive a spacious, high-quality and new premium apartment at the end of the day, along with the construction of modern buildings. “The location of the neighborhood next to the Galil Yam neighborhood and its proximity to the city center of Herzliya and major transportation routes make the project particularly high-quality and attractive.”