Berggruen Residential Ltd. (TASE:BRGN.B1) today announced that a top cardiologist has paid NIS 10.2 million for a three-room apartment in Tel Aviv's Meier on Rothschild tower. The 196-sq.m. apartment with a 12.5-sq.m. balcony is on the 25th floor of the 42-storey tower. The sale price reflects a price of NIS 52,000 per square meter.
Previous apartment sales, even on higher floors, were made for a lower price per square meter. A few months ago, Mellanox chairman and CEO Eyal Waldman bought a 395-square meter penthouse on the 31st floor for NIS 19 million, reflecting a price of NIS 19,000 per square meter. Two 196-square meter apartments on middle floors of the tower were sold for NIS 9 million, a price of NIS 46,000 per square meter.
The Meier on Rothschild tower is under construction at the corner of Rothschild Boulevard and Allenby Street. Berggruen Residential says that 60% of the apartments have been sold to Israelis and foreign residents.
Berggruen Residential CEO Yigal Tzemach said, "We're in the advanced skeleton stage of construction, so it's only natural that prices will rise. I predict that prices will continue to climb as the occupancy date approaches in less than two years."
Published by Globes [online], Israel business news - www.globes-online.com - on June 11, 2012
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