The Canada-Israel Development real estate firm, whose sole business until recently was selling Canadian properties to Israelis, has recently taken up real estate business in Israel.
The company has sponsored a group of 50 investors, each of whom has provided $250,000 for the purchase of land in the Sharon area for $12 million, and the construction of houses on the property.
Canada-Israel says that it plans to increase its activity in this field by organizing additional investment groups. The company is planning most of its purchases in Kfar Sava and Hod Hasharon, on which it will construct 200-300 apartment housing projects.
Canada-Israel believes that this method will enable Israelis to invest relatively small amounts in Israeli real estate, while taking advantage of the currently prevailing low market prices.
As far as is known, this is the first group of investors organizing in this fashion to buy plots in Israel. BSR Engineering and Development has organized investor groups in recent years for the purchase of office buildings, in which each investor received a floor, or part of a floor.
Founded four years ago, until recently Canada-Israel dealt mostly with the sale of Toronto apartments to Israelis. The company has also recently begun dealing with income-producing property in Canada.
Company sources told “Globes” that its Israeli business would not replace its business in Canada; both would be conducted simultaneously.
Published by Globes [online] -l www.globes.co.il - on September 24, 2003