The company cites rising housing prices in the mixed Jewish-Arab town for embarking on the project.
After losing the tender for the Tel Aviv wholesale market, Gindi Investments 1 Ltd. (TASE: GIND.B1) will build a NIS 212 million residential project in Ramle. The company expects NIS 275 million in sales, leaving a gross profit of NIS 63 million.
Ramle is a mixed Jewish-Arab town about 20 kilometers east of Tel Aviv.
Gindi Investments, owned by managing partners Manor Gindi, Eyal Friedman, and Ori Levi, will build 364 apartments with 31,000 square meters of main space and 16,000 square meters of service space on a 19,600-square meter site in the town. The company cited rising housing prices in the town and its environs for embarking on the project.
Gindi Investments is in talks with a financial institution to buy part of the land.
Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2010
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