Sources inform ''Globes'' that Henry Taic has begun construction of the David Promenade Residences project on Tel Aviv's seafront, ten years after buying the land and years after Taic announced the project. The two building project is being built on an eight-dunam (two-acre) lot between Herbert Samuel Street, Hayarkon Street, and Trumpeldor Street. Each building will have 26 floors; one building will have 60 apartments, and the other will be a hotel managed by Swiss chain Kempinski AG.
Apartments sold to date in the David Promenade Residences project reflect prices of over NIS 60,000 per square meter. A 235-square meter apartment with a sea view on a low floor sold for NIS 16 million (NIS 68,000 per square meter), a 470-square meter apartment with a sea view on a middle floor sold for NIS 34 million (NIS 72,300 per square meter), and an 87-square meter apartment sold for NIS 5.3 million (NIS 60,900 per square meter). The estimated asking price for the 1,500-square meter penthouse with a 400-square meter balcony is €50 million.
Taic's company Nahal is building the David Promenade Residences project. The company also owns the David Intercontinental Hotel in Tel Aviv, the Meridien Dead Sea Hotel, and the Grand Court Hotel in Jerusalem. Feign Architects, which designed Nahal's hotels, is the architect for the David Promenade Residences project.
The David Promenade Residences project is due to be completed in 2016.
Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012