A group led by Panamanian businessman Yaakov Levy has recently expanded its activities in Israel, entering three luxury apartment projects in Tel Aviv. The group earlier won an Israel Land Administration (ILA) tender for land zoned for 4,000 apartments in the Tel Aviv suburb of Ganei Yehuda.
Levy's Israeli company, Shoval, bought land for the construction of 1,100 apartments in Moshav Ahisamakh, near Lod. Sources inform "Globes" that Shoval will pay the moshav $9 million, and give them 80 apartments, representing 7.25% of the project.
Levy and his Israeli business manager Izzy Shlomovich also bought a compound zoned for 10 apartments from the ILA at 4 Hatam Sofer St., in north Tel Aviv, for $1.5 million. The apartments will be sold or leased.
Levy and another manager in the group, Shuky Sharon, recently bought a compound zoned for nine apartments at 14 Byron St., in north Tel Aviv, from the Kuernreich family, for $1.3 million. The developers plan to sell three-room apartments for $330,000 each; four-room apartments for $415,000 each; and a 236 sq.m. penthouse, plus a porch, for $1.5 million.
Shoval is also a 50% partner in a project to build 36 luxury apartments in the Neve Tzedek neighborhood in Tel Aviv. A local investor is the other partner.
It was recently reported that Shoval bought 15% of Gibor Sport Holdings and 650 sq.m. in Gibor Sport's office building on Hayetzira St., Ramat Gan, for $2 million, including parking.
Published by Israel's Business Arena 1 July 2001.