A new luxury high-rise project in north Tel Aviv's Park Zameret may be underway, after several months in which deals were cancelled. A buyers group headed by developer Ido Hagag will soon by a lot for NIS 205 million on which it plans to build a 168-meter 50-storey high-rise. The Urban Building Plan (UBP) allows for construction of a 46-storey building, but the developers plan to apply for a permit to build more.
The lot, known as lot 12, is at the southern end of the Park Zameret. Buyers of top-floor apartments will have a panoramic view of Tel Aviv and the coastal plain, and even buyers of lower floor apartments will have sea views. The building will be the tallest of the high-rises in the project, located between Namir Road to the west and the Ayalon Highway to east, and Hahalakha Road to the north and Area 2000 to south.
Yitzhak Hagag and Erez Ten-Ami of the Hagag, Buchnik, Weinstein & Co. represent the buyers group.
Lot 12 is zoned for a 189-unit high-rise, with an average apartment size of 170 square meters. At $60.5 million for the lot, the price per land per apartment is $320,000. The buyers group estimates the sale price of apartments at $4,100 per square meter at a shekel-dollar exchange rate of NIS 4/$. Prices for lower floor apartments will be $2,800 per square meter, well below the going price in Park Zameret, which the buyers group says will attract buyers. The buyers group says that the low prices means that most members of the group chose to buy whole upper floors for $3 million each, 2-3 times the price of deals for the lot.
Published by Globes [online], Israel business news - www.globes-online.com - on July 20, 2008
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