Gindi Holdings Ltd. plans to invest NIS 1 billion in land purchases over the coming year, co-CEO Guy Gindi said in a press conference today to mark the launch of the company's One and Only residential project in Petah Tikva. The targeted lots include sites in central Tel Aviv and in Ramat Gan, zoned for 1,800 apartments.
Guy Gindi added, "This is a good time to buy lots in strategic locations. There's a shortage of lots and demand is greater than supply."
The One and Only project in Petah Tikva's Em Hamoshava neighborhood will have 523 apartments in eight high-rises of 14 to 24 floors each, built around an eight dunam (two-acre) park. Occupancy is due to begin in 2013. The asking price for a four-room apartment is NIS 1.38 million, and the asking price for a five-room apartment is NIS 1.57 million and up.
Last year, the company won the tenders for the Sarona luxury residential high-rise project in Tel Aviv, with a bid of NIS 436 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2010
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