Shikun & Binui wins Tel Aviv rental project tender

Impression of Hashalom Road project / Imagin: olin, PR

The project for construction of long-term rental apartments is on the old Israel Military Industries site on Tel Aviv's Hashalom Road.

Shikun & Binui Holdings Ltd. (TASE: SKBN) has won a tender for constructing a long-term rental residential project on Hashalom Road in Tel Aviv. The plot was put out to tender by the Israel Land Authority and Apartment for Rent - The Governmental Company for Housing and Rental Ltd.. The project consists of 164 rental apartments. Shikun & Binui will pay NIS 203 million for the land, which includes development costs. The plot is on the old Israel Military Industries site, which has lain abandoned for years. Part of the development cost is for decontaminating the land and underground water.

25% of the apartments in the project will be for controlled rentals to homeless people registered with the Ministry of Construction and Housing. Rentals will be for at least twenty years. The project will also have a commercial frontage, which Shikun & Binui will be able to lease or sell as a single block. The plot is a little over three dunams (0.75 acres) in area. The applicable urban plan allows for the construction of a 23-floor building.

Published by Globes, Israel business news - en.globes.co.il - on July 20, 2020

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

Impression of Hashalom Road project / Imagin: olin, PR
Impression of Hashalom Road project / Imagin: olin, PR
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