Gindi sells 90 units in recently bought project

Gindi Holdings Initiatives 2009 Ltd. today announced that it sold 90 apartments in the South Kirya project in Tel Aviv for NIS 245 million altogether within 24 hours of opening pre-sales. The company won the Israel Land Administration (ILA) tender for the tender for the three South Kirya high-rises with a bid of NIS 436.6 million earlier this month.

Gindi Holdings said that four members of a buyers group bought four penthouses in the central building for NIS 35.8 million altogether. The 320-square meter penthouses on the 28th and 29th floors were sold for more than NIS 8.8 million each.

Gindi Holdings estimates the total sale proceeds from the entire South Kirya project at NIS 1.5 billion. The company will build the project's three high-rises, which will include 318 apartments (106 per building), 10,000 square meters of office space, and 2,800 square meters of commercial space.

The company also announced that it plans to bid in the Tel Aviv Municipality tender for the wholesale market site.

Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2009

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