Israel Canada (TASE: ISCN) announced today that it had won a tender for the purchase of 33 dunams (8.25 acres) on the Beit Hana'ara site in Hod Hasharon with a bid of NIS 511 million. The company will build 450 housing units on the site. The tender was conducted by the Tel Aviv-Yafo municipality, the owner of the land. Israel Canada will pay 50% of the consideration within 60 days, and the rest within 150 days.
The Beit Hana'ara plan applies to 619 dunams (154 acres) in the Kfar Hadar area in the west of the city, north of Hapardes Street and south of Habanim Street. The Beit Hana'ara site itself consists of 120 dunams (30 acres) owned by the Tel Aviv-Yafo municipality. The rest of the land is in private ownership.
The plan, initiated by the Hod Hasharon Local Planning Commission, was approved by the Central Regional Planning Commission in February 2017 after years of planning and objections proceedings. Under the plan, 2,450 housing units will be built, 20% of them small apartments of up to 80 square meters. The plan includes 185 dunams (46.25 acres) of public areas and a park that will be joined to the Arba Onot (Four Seasons) Park.
Meirav Segal, VP subsidiaries at Israel Canada, said, "This is one of the largest and most sought-after pieces of land in Hod Hasharon, in the prestigious western part of the city on the Beit Hana'ara site and adjacent to Arba Onot Park. The land is available for the construction of 450 special housing units, among them garden apartments and penthouses.
"Israel Canada will build a new, prestigious neighborhood with high-quality design and high standards, as it does in the many projects it leads. We are delighted to be expanding our activity in Hod Hasharon, one of the best quality cities in the center of Israel."
Published by Globes, Israel business news - en.globes.co.il - on April 8, 2021
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