The Highline company, a subsidiary of the Red Sea Group, owned by the Papouchado family, this month began marketing a project on the Matmid-Arlozorov site in Ramat Gan. Construction is slated to cost NIS 500 million.
As part of the urban renewal project, four old three-storey residential buildings with a total of 89 housing units will be demolished, and 285 new housing units will be built in their place. The plan was submitted in the name of the tenants on the site by the Urban Development and Renewal company, owned by architect Gil Shenhav and Advocate Yariv Bar-Dayan. Bar-Dayan also provided the tenants with legal advice. Ashtrom Properties Ltd. (TASE:ASPR) will construct the first stage of the project.
The project consists of two 29-storey towers, to be constructed in two stages on a six-dunam (1.5-acre) site. The project offers a diverse mix of three, four, and five-room apartments, plus penthouses of various sizes: a mini-penthouse, a maxi-penthouse, and one very large penthouse. Each high-rise will have a private fitness room, a large tenants club, and a fancy lobby. Gil Shenhav from the Canaan Shenhav architectural firm designed the project. The first building is scheduled for occupancy in 2021.
The decision to erect the project on this site is due to its varied advantages and potential. One important advantage is Ramat Gan's excellent education system and quality of life. Another is its proximity to Tel Aviv, where Israel's leading entertainment, cultural, and business centers are located, and its access to the light rail, which will begin operating around the time the project is ready for occupation.
According to Highline's announcement, 77-square meter three-room apartments are being offered for sale at launching prices starting at NIS 2.2 million. 94-square meter four-room apartments are being offered at launching prices starting at NIS 2.5 million, and 145-square meter five-room apartments are being offered at launching prices starting at NIS 4 million.
Red Sea Group chairman Yoav Papouchado said, "We decided to invest in this project because of the attractiveness we found in urban renewal, especially in Ramat Gan. The financial soundness of the development company carrying out the project is very important now to the tenants and apartment purchasers, as well as the group's many years of experience in building luxury hotels in Europe and residential projects in Israel. We'll continue investing in Israel in urban renewal projects, using the knowledge, professionalism, and vast experience we have accumulated in this type of endeavor."
Published by Globes [online], Israel Business News - www.globes-online.com - on July 2, 2017
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