In a deal at 27%. The precinct, located near Kfar Saba, is designated
for the construction of 1,200-1,300 housing units.
Or Yam Company and local and Canadian investors, are negotiating the
purchase of a Nir Eliyahu precinct, near Kfar Saba, in a deal at 27%.
The precinct, owned by kibbutz Nir Eliyahu, is designated for the
construction of 1,200-1,300 apartments in what is to be the largest
housing project in the region.
Project entrepreneurs will cooperate under the company name Nir
Geranium. Or Yam holds 50% of the company, entrepreneur Rami Hefetz
holds 25%, and a Canadian family holds the remaining 25%. Shikun Ovdim
Group's Secom (Israel) and Ted Arison own Or Yam.
The building of 456 apartments on the 244 dunam precinct has already
been approved. However, Kibbutz Nir Eliyahu requested the Israel Lands
Administration to permit the construction of over 1,200 housing units on
the precinct. Kfar Saba Municipality opposes such construction, claiming
it would be too dense. A possible compromise is to proceed with the
construction of 1,200-1,300 units, while assuring that some of the units
will be cottages.