Aura Israel and Malibu will build 720 apartments in the city's Morasha neighborhood.
The Ramat Hasharon Local Planning and Building Commission has approved a large vacate-and-build project by Aura Investments Ltd. (TASE:AURA) in the city's Morasha neighborhood. The plan calls for the demolition of 180 old apartments in seven buildings, and the construction of 720 apartments in seven high-rises with underground parking. 20% of the apartments will be three-room apartments for local residents.
In March, Aura won the Rimonim Ramat Hasharon Development Company Ltd. tender for the urban renewal project. Aura's partner, Malibu Investments Inc. (TASE: MLBU.B1), will be contractor. The project's new buildings will be built before the old buildings are demolished, eliminating the need to house the residents elsewhere during the construction, as they will receive new apartments immediately. 70% of the residents have already signed their consent for the project.
Several urban renewal projects in the Morasha neighborhood are in various planning stages. The most advanced project is by Tidhar Ltd. for the construction of 192 apartments replacing 48 old apartments.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2013
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