Hefziba Building Development and Investment has begun construction and marketing of a 22-storey high-rise with 58 apartments in the Har Homa neighborhood of Jerusalem. This will apparently be the tallest building in the new residential neighborhood. Hefziba estimates that it will earn $10.9 million in proceeds, an average of $188,000 per apartment.
Hefziba VP marketing Udi Harary told "Globes" that the company had sold ten apartments in the first weeks of marketing. The first four-room apartments were sold for $167,000-170,000 each. He said the high-rise was being built "on the best location in Har Homa", at the entrance to the new neighborhood, near Talpiot.
Hefziba's success in selling ten apartments at the start of marketing is a noteworthy indication of a recent turnaround in the neighborhood, following the success of the security forces in improving security in the area and preventing terrorist attacks. Other companies building in Har Homa, including Ramet and B. Yair Construction, have also reported a sharp increase in sales since the improvement in the security situation. Apartment prices in the neighborhood are also slowly rising.
Harary said Hefziba's high-rise "will be built to the standard of luxury residential buildings in Tel Aviv", and it would have a fitness room, luxurious lobby, and covered parking and storeroom for every apartment. United Mizrahi Bank (TASE:MZRH) will provide financial coverage. Construction is due to be completed in July 2006.
Published by Globes [online] - www.globes.co.il - on July 18, 2004