Azrieli Group Ltd. (TASE: AZRG) vice chairwoman Danna Azrieli, the daughter of chairman David Azrieli, presented her luxury Gal Yam residential project with a sea view in Herzliya Pituah at a press conference yesterday. Her company, Candan Residences Ltd., is the project developer.
The five-dunam (1.25-acre) lot, 300 meters from the sea, was previously occupied by the Eshel Hotel. Candan bought the lot from Israel Land Development Company (TASE: ILDC), controlled by Ofer Nimrodi, for NIS 44 million in 2006.
Candan plans to build a 15,000-square meter four-storey building with 35 apartments and penthouses on the lot. Dana Azrieli said that prices will be NIS 45,000-65,000 per square meter, and that the apartments will range in size from 113 square meters to 192 square meters, for a cost of NIS 11-20 million. Candan has already sold a 295-square meter penthouse with a 128-square meter balcony in the project for NIS 19.5 million.
Construction of the NIS 400 million project is scheduled for completion within two years. Azrieli said, "We're constantly seeking more good lots, but it's hard to find seaside lots, which are zoned for residences instead of holiday apartments or hotels."
Published by Globes [online], Israel business news - www.globes-online.com - on February 21, 2013
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