Hagag buys Old North Tel Aviv lot for luxury homes

Hagag Group will pay NIS 173 million for the lot, next to its H-Infinity in Summayl, one of the most expensive areas of Tel Aviv at the corner of Jabotinsky and Ibn Gbriol Streets.

Hagag Group Real Estate Development Ltd. (TASE: HGG) Group is buying a 3,100 square meters lot in the Summayl district at the corner of Jabotinsky and Ibn Gbriol Streets in Old North Tel Aviv. Hagag Group, controlled by brothers Tsahi and Ido Hagag, was awarded the lot in a competitive bid process in which it beat Azorim. The lot is being purchased for NIS 173 million. According to the master-plan that is currently valid, the lot has rights for an eight-floor apartment block with 38 housing units and 3,180 square meters of commercial premises. The pricing procedure was led by Advs. Shai and Boaz Raveh.

The lot is adjacent to lot number 124 on which the Hagag Group is already building its flagship project, the luxurious 50-floor H-Infinity residential tower, designed by the architect Moshe Tzur, alongside another eight-floor apartment building overlooking Ibn Gbriol Street and which will also include a commercial area. There will be a swimming pool on the H-Infinity tower's roof.

Hagag Group said, "We are delighted to win this lot and the company sees major importance in the purchase also because of the construction of the adjacent 124 lot where the Inifinity Tower is being built and the significance is that this will speed up the construction for this project. This is another project for the Hagag Group in one of the best locations in Tel Aviv, in which there are almost no land reserves for construction and apartment prices are expensive because of the major demand."

Published by Globes, Israel business news - en.globes.co.il - on December 11, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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