251 apartments have been sold in the Tel Aviv wholesale market project, branded "Gindi Tel Aviv", the developers reported today. Previous TV ads for the project gave the impression that the developers had sold 300 apartments.
Gindi Investments 1 Ltd. (TASE: GIND.B1) said that the difference was because the ads were referring to 300 potential homebuyers who registered to buy an apartment, whereas now the company is talking about 251 contracts signed. It turns out that the practical sales stage of the Gindi Tel Aviv project has arrived, in the wake of the advertising buzz and marketing push of recent weeks.
The Gindi Tel Aviv developers are a consortium of Gindi Investments, Moshe and Igal Gindi Ltd., and Blue Square Real Estate Ltd. (TASE: BLSR), which will make NIS 570 million, including VAT, on the 251 apartment sales.
Gindi Investments CEO Manor Gindi said, "In the first weeks of the marketing campaign for the project, 300 people registered. Registration is basically a request to buy an apartment, accompanied by a NIS 30,000 deposit. After a reasonable period, a contract is signed. This is a natural procedure in the market. People don’t buy an apartment and immediately sign a contract. At the moment, we have 450 registrants, of whom 251 have moved on to the contract stage, leaving 200 more registrants interested in the project."
Published by Globes [online], Israel business news - www.globes-online.com - on November 18, 2010
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