Israel Bros. estimates the proceeds from the project will total $60-70 million.
Israel Bros. won an Israel Land Administration (ILA) tender last week for a lot adjacent to the Israel Museum in Jerusalme, zoned for 79 luxury apartments. Israel Bros. paid $10.7 million, including development, amounting to $135,000 per land per apartment. Israel Bros. outbid Africa-Israel Investments' (TASE:AFIL) bid of $10.4 million.
Israel Bros. estimates it can sell 120-sq.m. four-room apartments for $450,000 each and the proceeds from the project will total $60-70 million.
Published by Globes [online] - www.globes.co.il - on June 6, 2004