The project is owned by Sasson Hugi. The proceeds from the project are estimated at $60 million. Dori will also build an office building for Hugi in Ramat Gan.
Contractor Uri Dori contracted to build a 205 apartment complex in the Tel Aviv suburb of Kiryat Ono for developer Sasson Hugi. Dori will receive NIS 120 million ($25 million), reflecting a price of $122,000 per apartment. The high price is because the project will be luxury apartments. Hugi did not publish a tender. Bank Leumi will provide financial coverage.
The contract stipulates that Dori will build over the next two years three 17-storey high-rises of 70 apartments each under a key contract, a common 410-space underground parking lot, which is included in the price. One high-rise will be built in the first stage, with the next two depending on sales.
Four-room apartments will be sold for $270,000 each. There will also be five-room apartments and five and six-room duplexes. Proceeds from the sales are estimated at $60 million, reflecting an average of $300,000 per apartment.
Published by Israel's Business Arena on 24 February 2002