The plan grants building rights for 292 private houses to be built on half-dunam (eighth-acre) and one-dunam (quarter-acre) lots. Savion residents have strongly opposed the project for over 15 years.
Africa-Israel Investments (TASE: AFIL) has begun development work and marketing for a new 400-dunam (100-acre) neighborhood in Savion, adjacent to Yehud. Africa-Israel has battled Savion residents for years to win approval for the project and for rezoning land from agricultural to residential use. Savion residents have strongly opposed the project for over 15 years.
The Central Regional Planning and Building Board approved the plan for the site a year ago. The plan grants building rights for 292 private houses, to be built on half-dunam (eighth-acre) and one-dunam (quarter-acre) lots.
Africa-Israel has begun marketing the lots. It will sell 97 half-dunam lots for $600,000 each, and one-dunam lots for $800,000-1 million, depending on location.
840 families currently reside in Savion, which covers 400 dunam (100 acres). The project will increase the community's population by 35%, and change the composition of the exclusive community. It is also likely to affect property values for lots and houses. Savion's residents are not welcoming their future neighbors, and tried to block the plan through legal action, in order to delay the project for as long as possible.
Published by Globes [online], Israel business news - www.globes.co.il - on March 27, 2005