In recent weeks, Africa Israel and its partners sold thirteen luxury apartments in projects in Tel Aviv and Jerusalem, for $8.35 million. The big news item is the renewed demand for apartments in the Meshtela project, where in recent weeks the company sold or is about to sell eight apartments for a total of $3.15 million.
Africa Israel, together with Dankner and Malibu, have so far sold 106 out of the 152 apartments it is building in Meshtala, Zahala. The company has recently been allowing 10% discounts to promote sales. In the past month, the company sold three four-room apartments at a gross, pre-discounted price of $390,000, a three-room apartment for $310,000 and a 4.5 room apartment for $490,000. Tomorrow (Monday) the company is to sign contracts for the sale of two five-room apartments at a gross price of 530,000, and a 4.5-room apartment for $470,000. The apartments will be ready for occupancy in October and December.
At the same time, Africa Israel, Lumir and Ramat Aviv Properties sold three penthouses in Savyonei Ramat Aviv for a total of $2.7 million. Two 220 sq.m. penthouses each with an additional 50 sq.m. veranda sold for $1.3 million each, and a 200 sq.m. penthouse with a 50 sq.m. veranda sold for $1.07 million. All purchasers are local businessmen. Marketing has not yet commenced officially.
Africa Israel, with partners including Uri Dori and Kaldash, also recently sold two 160 sq.m. duplexes in Jerusalem’s City of David project. Each duplex sold for $1.25 million.
Company sources emphasised that these transactions do not prove any market recovery, but resulted from months of negotiations in which the aforesaid discounts were agreed.
Published by Israel's Business Arena August 23, 1998