Sources inform ''Globes'' that Gindi Holdings Ltd. has sold 252 of the 324 apartments in its planned Sarona project in south Kirya lot in Tel Aviv. 38 more apartments are in the sale process. Advance sales for the project ended on November 11, and the company has halted sales for now.
Two weeks ago, Gindi announced an ultimatum of sorts to buyers, setting a deadline for presales in the project. The company had sold 236 apartments by that point, and found 54 more buyers in the following two weeks.
Gindi Holdings will receive NIS 1.1 billion in gross proceeds on the 290 Sarona apartments sold, reflecting an average price of NIS 3.8 million per apartment. The company took a down payment of 35% on each apartment, for a total of NIS 385 million.
The Sarona project will comprise three high-rises, above commercial space. About 150 apartments will have five rooms and about 150 will have four rooms, along with 24 penthouses and mini-penthouses. A glance at the sale prices shows how hot the Tel Aviv residential high-rise market is: the average price for a five-room apartment is NIS 3.65 million; the average price for a four-room apartment is NIS 2.9 million; and penthouses sold for NIS 8.5-15 million.
Gindi Holdings co-CEO Avi Gindi said, "Completion of sales for such a large project within such a short time is an unprecedented success in the Israeli residential real estate market." He added that the company was in negotiations for the sale of the Sarona's commercial and office space.
Published by Globes [online], Israel business news - www.globes-online.com - on November 16, 2009
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