Former Mossad chief Yossi Cohen, who currently serves as SoftBank investment fund's representative in Israel, has bought an apartment in Israel Canada's (TASE:ISCN) Rainbow project in Sde Dov in Tel Aviv. Cohen is paying NIS 14 million for the 134 square meter apartment, which has a 14 square meter balcony and faces the sea, reflecting a price of NIS 96,000 per square meter. This is a record amount paid per square meter in this project as prices rise quickly.
Rainbow, which is within walking distance of the sea, the Yarkon River and Tel Aviv Port, is one of the most prestigious projects in Sde Dov. The project, marketed as a residential resort, includes 480 luxury apartments in six smaller buildings and a 39-floor tower. Israel Canada has already received a building permit for the project and has begun construction work and expects occupancy in another four and a half years.
The neighbors: Noa Kirel and Eyal Waldman
Among others who have purchased apartments in the Rainbow project are singer-songwriter Noa Kirel and Mellanox founder and Eyal Waldman, who founded Mellanox and sold it to Nvidia for $7 billion. Israel Canada reports that it has sold 211 apartments in the project for NIS 1.9 billion, at an average price of NIS 9 million per apartment.
Sde Dov is considered the next thing in luxury real estate in Israel and is rapidly realizing the belief invested in it by developers, who agreed to pay huge sums for the land in tenders issued three years ago. Israel Canada won one of the initial tenders for 8.65 dunams (8,650 square meters) of land with a bid of NIS 1.25 billion on which it is building the Rainbow project.
Calculations show how much the prices have risen, since the tender bid paid by the company was based on an average of spending about NIS 2.6 million per housing unit, and an average expected selling price of about NIS 5.5 million per apartment. Today, as mentioned, it appears from the company's reports that the average price of an apartment it sells in the project has reached NIS 9 million.
Unlike other mega luxury projects in Tel Aviv, where the leading buyers are mostly foreign residents, in Sde Dov most buyers are wealthy Israelis. There is very large demand and prices are rising rapidly.
Published by Globes, Israel business news - en.globes.co.il - on October 28, 2024.
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