Gindi Holdings Ltd. today set a November 11 deadline for sales of apartments in its planned luxury Sarona project in Tel Aviv. It remains to be seen if this is the real deal, a marketing ploy, or just real estate market euphoria.
Gindi Holdings VP marketing Sharom Moman said, "We offering the last chance for the public to share in the great success of the Sharona project and to buy an apartment in the best location in Tel Aviv. On November 11, the company will close the sales office on Ha'arba'a Street and the remaining apartments, if any, will stay under company ownership or will be sold at a later date, which has not yet been determined, at higher prices."
Gindi Holdings launched an aggressive sales campaign for the project shortly after winning the tender for the three high-rise project in the South Kirya in early September. The company also tried to boost sales by approaching the buyers' groups which it beat in the tender, offering them 106 apartments at exclusive prices through October 22. Gindi declined to mention what the "exclusive prices" actually were.
Gindi has sold 236 apartments in the project to date for NIS 814 million, an average price of NIS 3.5 million per apartment. The company plans to build 324 apartments in three high-rises with 108 apartments each. It has 88 apartments left to sell.
Earlier this month, Gindi announced that it sold penthouses for NIS 8-14.5 million each.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2009
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