August 23, 2021

Sde Dov winning bids mean homes to cost over NIS 5m

Globes, Arik Mirovsky, 23.08.2021

The four companies that have won the first Israel Land Authority (ILA) tender for part of the land at Sde Dov (the former airport) will pay NIS 4.5 billion to build 1,540 apartments on 85 acres of land. According to the results published by the ILA, the winning bidders will pay NIS 2.8 million for land per housing unit before development and building costs. The winning bids were 6.5 times the required minimum bid and each apartment will eventually cost at least NIS 5 million.

The winning bidders were: Avisror Moshe & Sons who will pay NIS 1.09 billion to build 406 apartments on 1.825 acres; K.M. Madaf 5 will pay NIS 1.46 billion to build 458 apartments on 1.9 acres; Meshulam Levinstein and Allied will pay NIS 634 million to build 230 apartments on 1.15 acres and G.Z. Madaf 35 will pay NIS 1.25 billion to build 480 apartments on 1.175 acres.

The lots involved are in the Eshkol neighborhood in Sde Dov near the junction of Shay Agnon and Levi Eshkol Streets. In addition to 16,000 homes there will be office space, commercial premises and hotels in the area.

The overall plan calls for 4,844 housing units to be built in mixed purpose areas at an average density of 54 housing units for every 1,000 square meters of land. There will be 191,000 square meters of commercial and office space and 30,000 square meters of hotels as well as public buildings, municipal squares, open public areas and paths.

Full disclosure: Edna Bar On, from the controlling owners of "Globes" has relatively small rights to the land in the large block of Sde Dov

Published by Globes, Israel business news - en.globes.co.il - on August 23, 2021