The Tel Aviv Regional Planning and Construction Commission has approved 500 housing units in various projects and 2 million square meters of commercial space in Bat Yam.

The plans include a major addition to four new high-rises in the Gan Ha'Ir project from 26 floors to 42 floors each. 240 apartments will be added to the 350 apartments in the previously approved project.

The developers include Neve Gad Ltd., a subsidiary of IDB Holding Corp. (TASE:IDBH) unit Property and Building Corp. Ltd. (TASE:PTBL), Ashtrom Properties Ltd. (TASE:ASPR) unit Ashdar Building Co. Ltd. (TASE:ASDR), and Amirey Bat Yam Ltd.

The entire project includes 10 towers of which six have already been built. 1,000 homes had been planned for the neighborhood but the latest approvals lift the total to 1,240 apartments.

Published by Globes [online], Israel business news - www.globes-online.com - on March 23, 2010

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