Gindi pays NIS 370m for Ramat Gan land

Menahem Gindi

The site, near Tel Hashomer, is zoned for 340 housing units plus industrial and commercial space.

Gindi Holdings has won a tender by the Israel Land Authority for a project to be constructed in Ramat Gan, south of Tel Hashomer and north of road 461, not far from Ramat Efal. The project consists of 340 housing units plus industrial and commercial space. Gindi will pay NIS 370 million for the land and an additional NIS 50 million for development, excluding VAT.

The tender was for two plots, one of 7.5 dunams (nearly 1.5 acres) designated for 100 housing units, and the other of 11 dunams (2.75 acres) for 240 housing units. The Israel Land Authority's minimum price was NIS 126 million. Besides the housing units, there are rights to build 35,000 square meters of industrial space and 4,000 square meters of commercial space.

The Purple Line of the Dan area light rail will pass on the western side of the site, on what will be part of an approach road linking the site with road 461.

Gindi Holdings VP Development Asaf Adler told "Globes" that the company estimated that sales on the two plots would amount to NIS 1.5 billion.

Published by Globes, Israel business news - en.globes.co.il - on January 3, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Menahem Gindi
Menahem Gindi
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