Moshe and Yigal Gindi will construct 450 luxury apartments for $110 million, creating the city's largest neighborhood.
Brothers Moshe and Yigal Gindi have bought a 75-dunam (18.75-acre) plot of agricultural land in the Nahalat Yehuda neighborhood in central Rishon LeZion from two families. The Gindis will pay the owners $3.75 million at $50,000 per dunam ($200,000 per acre). They will also pay betterment tax for rezoning the land from agricultural to residential.
The Gindi brothers will construct a 450-apartment luxury neighborhood, which will be the largest neighborhood in Rishon LeZion. Sales proceeds are estimated at $110 million. Four-room apartments will sell for $230,000 and five-room apartments for $270,000. Penthouse prices have not been determined.
The Gindi brothers bought the land using equity, and did not need financial coverage for the deal. The project has been assigned to architects, and it is estimated that initial construction will begin in two years. The Rishon LeZion municipality is due to confiscate half of the land for public use, and will probably approve construction at 12 apartments per dunam (48 apartments per acre) on the remaining land. The project will include parks and public buildings.
Published by Israel's Business Arena on January 20, 2002