Sources inform ''Globes'' that Yaakov Engel and Hezi Hermoni have purchased land for the building of three residential projects in the Indian state of Goa. The project will be carried out through Engel's privately-held real estate developer EngelInvest Group. The two partners will invest $500 million in the building of 2,030 apartments. Engel Invest expects the proceeds from the project to total $1 billion. EngelInvest's CEO for global operations is Alon Avdani.
The first and largest of the three projects is a 1,600-apartment complex in the Cortalim region overlooking the banks of Zuari river. The second project is a 160-unit complex in the capital Goa, Panaji. The third, and most luxurious of the three projects, is a 270-apartment complex in the upmarket region of Dona Paula, considered the most luxurious region in Goa because of the breathtaking view from the sea front. The apartments in this project will reportedly sell at a price of $5,000 per square meter. The architect advising on the projects is Avner Yashar of Yashar Architects.
Goa is known among travelers and tourists worldwide for the breathtaking beaches along a 100 kilometer shoreline. It is considered one of the richest states in India.
EngelInvest operates in India through local holding company Venosa, which it jointly owns with Hermoni, who has been active in India for 15 years. EngelInvest owns 75% and Hermoni owns 22%. The CEO of Venosa is Ronen Hermoni. The company plans to operate through Venosa in other regions in South East India.
Hezi Hermoni is the former CEO of Tadiran Communications.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2008
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