Gindi Holdings is intensifying its development activities, buying a plot for the construction of 42 apartments from private individuals in Kfar Ganim in Petach Tikva for $3.6 million. The payment is in two parts: the landowners will receive $2.8 million, at $67,000 per land per apartment; and $800,000 in betterment taxes, at $20,000 per apartment. United Mizrahi Bank is providing financial coverage. Danya Cebus, of the Africa-Israel group, will be the chief contractor in the first joint project between the two companies.
Gindi Holdings is also negotiating to buy a plot for 40 apartments on Harishonim St., in east Rishon Le-Zion, for $1.5 million, at $38,000 per land per apartment. Gindi Holdings halted negotiations to buy another plot in the area after concluding the buyers were asking too high a price.
Gindi Holdings is owned by Adv. Lital Gindi-Matalon and Avi and Guy Gindi. The company is unrelated to the business of contractors and developers Moshe and Yigal Gindi.
The developers will apply to the Petach Tikva municipality for permission to expand the Kfar Ganim project to 50 apartments. The project's four-room apartments will be priced at $245,000 each, and five-room apartments will be sold for $275,000 each, 3% less than apartments in the adjacent project under construction by Shikun Ovdim and Mishab Contruction and Development. In a previous deal in Petah Tikva, reported in "Globes", Gindi Holdings bought a plot for 70 apartments for $5 million, at $71,000 per land per apartment. Last year, Gindi Holdings bought a plot for 36 apartments on Yohanan Hasandlar St., in east Rishon Le-Zion, for $1.7 million, at $48,000 per land per apartment.
Published by Israel's Business Arena on 3 June 2001