Minrav to build 54 apartments in Herzliya

Avraham Kuznitsky Photo: Rafi Kutz

The project will be built on a 1.35-acre lot in the Herzliya B neighborhood.

Minrav Holdings Ltd. (TASE: MNRV) reports a combination deal for construction of 54 apartments on a 5.4-dunam (1.35-acre) lot in the Herzliya B neighborhood. The value of the land will amount to 49% of the total project cost, while revenue from the project is projected at NIS 102 million, compared with NIS 89 million in total expenses.

The lot is located at the corner of Hamesila Street and Nof Shadmot Street. Minrav believes that it will obtain a building permit within a year, while construction of the project will take two years after it begins.

The project will include two-three room, five-room, and special apartments. Minrav estimates that a 70-square meter three-room apartment will be priced at NIS 2.5 million, including VAT.

Published by Globes, Israel business news - en.globes.co.il - on January 1, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

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Avraham Kuznitsky Photo: Rafi Kutz
Avraham Kuznitsky Photo: Rafi Kutz
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