Skyline International Development Inc., the Canadian real estate arm of Mishorim Development Ltd. (TASE:MSHR) and Israel Land Development Company (TASE: ILDC), has obtained a permit to increase the number of summer lodges at its Deerhurst resort in Ontario from 56 units to 173 units.
Skyline books the land at a negligible value, and it plans to sell it to the contractor who will build the summer lodges.
"We're continuing development and we intend to increase the number of housing units at all our results by offering complete sites for planning and construction, either by the company or by selling to contractors," said Mishorim and Skyline president Gil Blutrich. "We plan to file plans for 850 housing units and additional commercial space for the project. Obtaining the permits for 173 summer lodges is just the first stage of the site's development plan."
Blutrich added, "Skyline has excellent ties with the authorities, which contribute to its vision to develop resorts with high-quality residences and commercial activity alongside the development of recreational and tourist activities. The company owns extensive tracts for the development of thousands of housing units, and we intend to obtain permits for specific plans in the coming years."
Mishorim owns 58% of Skyline, and Israel Land, controlled by Ofer Nimrodi, owns 25%.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2012
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