Tel-Aviv Stock Exchange company Mirage Developments, controlled by Gad Ze’evi, will build, in conjunction with junior partners, 720 luxury apartments in three tower blocks on the Carmel. Gemolab Real Estate examined the project and estimated that the sales will realize $208.5 million, and the pre-tax profit will amount to $43 million. This will be Haifa’s largest luxury residential project.
The project will be built near to the Carmel park, Haifa University and the Denya neighborhood, on a 21 dunam plot owned by the company. Each tower will be 22 storeys high and have 220 apartments. At the foot of each tower will be built 20 garden apartments of four storeys, utilizing the ground’s differences in level.
Mirage asked Gemolab to examine the profitability of the project. Gemolab believes that the apartments will sell for an average of $3,500 per sq. m., including VAT. The price of the apartments will average $290,000 each. The penthouse and garden apartments will sell for some 20% more, that is between $340 -350,000. These prices are relatively higher than the going rate in Haifa, but reasonable when compared to prices of apartments elsewhere in Israel.
The project will have a 600 sq.m. commercial area which will be sold for $3,500 per sq. m.
Mirage owns 82% of the project while the remaining 18% belongs to private parties, owners of part of the plot.