The Hagag buyers group, an incorporated buyers group, has bought land in the large lot in northwest Tel Aviv for NIS 32.4 million from private parties. Hagag plans to build a ten-storey building with 27 apartments at an estimated investment of NIS 70 million.
Hagag paid NIS 1.2 million per land per apartment. The apartments will have five rooms and cover 120 square meters, plus balconies. The asking price has not been set, but the Hagag Group notes that estimated cost of the apartments is about NIS 2.4 million, which is 30% less than the going prices for similar apartments in the area.
The Hagag buyers group comprises lawyers, accountants, and other professionals. It is currently building 25 mostly luxury residential projects in Tel Aviv alone.
The large lot is a seafront lot between Sde Dov Airport and Tel Baruch. It is zoned for luxury housing and high-end commercial projects.
Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2009
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