The company plans to convert a historic building on Regents Street in London into a hotel.
Alrov (Israel) Ltd. (TASE: ALRO), controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
Sunday, April 20, 2008
Azrieli developing outlet mall in Or Yehuda
The new mall is on the site of the failed Canor Mall.
Sources inform ''Globes'' that Azrieli Group unit Azrieli Malls Ltd. is building an outlet mall in Or Yehuda, which will be the first in the area for leading brands. The 6,000-square meter mall will have three floors of commercial space on the site of failed Canor Mall in the town center. The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
Sources inform ''Globes'' that Azrieli Group unit Azrieli Malls Ltd. is building an outlet mall in Or Yehuda, which will be the first in the area for leading brands. The 6,000-square meter mall will have three floors of commercial space on the site of failed Canor Mall in the town center. The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
Delek Real Estate in talks to buy UK property co
The target company is one of five largest income-producing property owners in the UK.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Nitsba closes sale of 2 Paris buildings
The company signed an MOU for the sale of six other French properties.
Nitsba Holdings Ltd. (TASE: NTBA) yesterday signed the sale contract for two office buildings in the Montrouge Pelletan neighborhood of Paris for €30 million (NIS 169 million). The Paris municipality has a 60-day first refusal rights to buy the property.
Nitsba added that its subsidiary which owns the properties would post a pretax capital gain of €5.3 million on the sale. Nitsba owns 90% of the subsdiary.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
Nitsba Holdings Ltd. (TASE: NTBA) yesterday signed the sale contract for two office buildings in the Montrouge Pelletan neighborhood of Paris for €30 million (NIS 169 million). The Paris municipality has a 60-day first refusal rights to buy the property.
Nitsba added that its subsidiary which owns the properties would post a pretax capital gain of €5.3 million on the sale. Nitsba owns 90% of the subsdiary.
The two properties were leased to France Telecom until last month. Nitsba expects to close the deal by September.
Tel Aviv nixes building project on contaminated land
Tel Aviv deputy mayor Doron Sapir: So long as there is no thorough clean-up plan, there is no point in recommending the urban building plan.
The Tel Aviv Local Planning and Building Commission has recommended to the Tel Aviv Regional Planning and Building Commission not to go ahead with a proposed mixed-use project for the 55-dunam (13.75-acre) Israel Military Industries Ltd. (IMI) Magen lot because the land and groundwater are severely contaminated. The lot is located at the intersection of Hashalom Road and Aliyat Hanoar Street on the border of Tel Aviv and Givatayim.
The IMI Magen factory that previously occupied the site manufactured light arms until 1996. The land is owned by the Israel Land Administration (ILA). An urban building plan (UBP) from 1999 approved the site for offices, residential high-rises, and public buildings with an aggregate space of 87,000 square meters. 848 apartments were slated to be building in 43-storey high-rises. The contamination was discovered after IMI vacated the premises.
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The Tel Aviv Local Planning and Building Commission has recommended to the Tel Aviv Regional Planning and Building Commission not to go ahead with a proposed mixed-use project for the 55-dunam (13.75-acre) Israel Military Industries Ltd. (IMI) Magen lot because the land and groundwater are severely contaminated. The lot is located at the intersection of Hashalom Road and Aliyat Hanoar Street on the border of Tel Aviv and Givatayim.
The IMI Magen factory that previously occupied the site manufactured light arms until 1996. The land is owned by the Israel Land Administration (ILA). An urban building plan (UBP) from 1999 approved the site for offices, residential high-rises, and public buildings with an aggregate space of 87,000 square meters. 848 apartments were slated to be building in 43-storey high-rises. The contamination was discovered after IMI vacated the premises.
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Ocif sells Tel Aviv penthouse for NIS 23.5m
The penthouse in Ramat Aviv has a sea view
Sources inform ''Globes'' that Ocif Investments and Development Ltd.
OCIF has sold a 520-square meter 16th floor penthouse with a sea view in Ramat Aviv Gimmel for NIS 23.5 million. The buyers are Israelis.
Sources inform ''Globes'' that Ocif Investments and Development Ltd.
OCIF has sold a 520-square meter 16th floor penthouse with a sea view in Ramat Aviv Gimmel for NIS 23.5 million. The buyers are Israelis.
Harel buys building rights for Tel Aviv office tower
The 22-storey building is slated to be completed and occupied in 2011.
Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Dikla Insurance Company Ltd. have bought the building rights for a proposed office building to be built on Harakevet Street in Tel Aviv for $55-60 million. The sellers are Electra Real Estate Ltd. (TASE:ELCRE) and its partners, Litav-Mitav Ltd., Neeman-Nir Projects and Building Ltd., and Megama (A.B.I.) Ltd.
The 20,000-square meter building is slated to have 22 or 23 floors above a commercial floor and five underground floors for parking and storerooms. The purchase price is based on an annual rental return of 8.25% when the building is fully leased to third parties or 7.75% if it is leased to government offices, a bank or a company rated AA or higher.
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Harel Insurance Investments and Financial Services Ltd. (TASE: HARL) and Dikla Insurance Company Ltd. have bought the building rights for a proposed office building to be built on Harakevet Street in Tel Aviv for $55-60 million. The sellers are Electra Real Estate Ltd. (TASE:ELCRE) and its partners, Litav-Mitav Ltd., Neeman-Nir Projects and Building Ltd., and Megama (A.B.I.) Ltd.
The 20,000-square meter building is slated to have 22 or 23 floors above a commercial floor and five underground floors for parking and storerooms. The purchase price is based on an annual rental return of 8.25% when the building is fully leased to third parties or 7.75% if it is leased to government offices, a bank or a company rated AA or higher.
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Gov't okays more construction workers from Judea, Samaria
The cabinet approved the addition of 5,000 Palestinian construction workers at its weekly meeting on Sunday. The decision was a victory for the Association of Contractors and Builders in Israel, which had been lobbying for months for increased manpower. The industry has not been able to attract Jewish workers.
The decision boosts the number of Palestinian construction workers by 30% from the current 14,250. The workers will come from the Palestinian Authority, but not the Gaza Strip.
In early 2007, the government decided to gradually cut the quota of foreign construction workers from the current 15,000 to zero by 2010. Contractors said that the decision did not provide an alternative source of manpower.
The decision boosts the number of Palestinian construction workers by 30% from the current 14,250. The workers will come from the Palestinian Authority, but not the Gaza Strip.
In early 2007, the government decided to gradually cut the quota of foreign construction workers from the current 15,000 to zero by 2010. Contractors said that the decision did not provide an alternative source of manpower.
Africa-Israel Housing to develop new Tel Aviv apartments
The 13-storey building in the Florentin neighborhood will be surrounded by a park for local residents.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has bought land zoned for 135 apartments in the south Tel Aviv neighborhood of Florentin for NIS 40 million, announced CEO Yoam Keren. He estimated the proceeds from the project at NIS 170 million.
The 2.5-dunam (half-acre) lot between Levinsky St. and Markolet Street was bought from private owners in a combination deal. Africa-Israel Housing will build two and three-room apartments in a multi-wing 13-storey building. Apartments on the top floors will be able to see the Mediterranean. The building will be surrounded by a park for local residents.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) has bought land zoned for 135 apartments in the south Tel Aviv neighborhood of Florentin for NIS 40 million, announced CEO Yoam Keren. He estimated the proceeds from the project at NIS 170 million.
The 2.5-dunam (half-acre) lot between Levinsky St. and Markolet Street was bought from private owners in a combination deal. Africa-Israel Housing will build two and three-room apartments in a multi-wing 13-storey building. Apartments on the top floors will be able to see the Mediterranean. The building will be surrounded by a park for local residents.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Jerusalem to get Waldorf Astoria
Hilton and the Reichman family are renovating a historic hotel.
a joint venture Hilton Hotels Corp. and IPC US REIT (TSX:IUR), controlled by Canada's Reichman family, has signed a management agreement to manage Jerusalem's Palace Hotel under the Waldorf Astoria brand. IPC is investing $100 million in renovating the historic building, which will have 220 rooms and suites and 30 residential apartments in an adjacent building.
The Palace Hotel at the corner of King David Street and Agron Street in downtown Jerusalem, was designed by a Turkish architect and built in the 1920s. The Ministry of Industry, Trade and Labor occupied the building for decades. IPC Jerusalem bought the property from the Israel Land Administration (ILA) on the promise of preserving and renovating it. Five floors will be added to the rear side of the building.
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a joint venture Hilton Hotels Corp. and IPC US REIT (TSX:IUR), controlled by Canada's Reichman family, has signed a management agreement to manage Jerusalem's Palace Hotel under the Waldorf Astoria brand. IPC is investing $100 million in renovating the historic building, which will have 220 rooms and suites and 30 residential apartments in an adjacent building.
The Palace Hotel at the corner of King David Street and Agron Street in downtown Jerusalem, was designed by a Turkish architect and built in the 1920s. The Ministry of Industry, Trade and Labor occupied the building for decades. IPC Jerusalem bought the property from the Israel Land Administration (ILA) on the promise of preserving and renovating it. Five floors will be added to the rear side of the building.
© Copyright of Globes Publisher Itonut
Developers unite against Azrieli in Holon bid
Sources inform ''Globes'' that Amot Investments Ltd. (TASE:AMOT) and Ashtrom Properties Ltd. (TASE:ASPR) are jointly bidding against Azrieli Group subsidiary Canit Hashalom Investments Ltd. in a NIS 700 million tender for the construction of a high-tech and business park in Holon.
The Holon Economic Development Corporation closed the tender last Thursday. The proposed high-tech park on a 52-dunam (13-acre) site is aimed to compete against Kiryat Atidim in north Tel Aviv and Park Azorim in Petah Tikva. Holon's project is due to have 85,000 square meters of office space, 10,000 square meters of commercial space, 20,000 square meters of service space, and 90,000 square meters of underground parking.
The Holon Economic Development Corporation closed the tender last Thursday. The proposed high-tech park on a 52-dunam (13-acre) site is aimed to compete against Kiryat Atidim in north Tel Aviv and Park Azorim in Petah Tikva. Holon's project is due to have 85,000 square meters of office space, 10,000 square meters of commercial space, 20,000 square meters of service space, and 90,000 square meters of underground parking.
Sunday, April 13, 2008
Tel Aviv nixes building project on contaminated land
The Tel Aviv Local Planning and Building Commission has recommended to the Tel Aviv Regional Planning and Building Commission not to go ahead with a proposed mixed-use project for the 55-dunam (13.75-acre) Israel Military Industries Ltd. (IMI) Magen lot because the land and groundwater are severely contaminated. The lot is located at the intersection of Hashalom Road and Aliyat Hanoar Street on the border of Tel Aviv and Givatayim.
The IMI Magen factory that previously occupied the site manufactured light arms until 1996. The land is owned by the Israel Land Administration (ILA). An urban building plan (UBP) from 1999 approved the site for offices, residential high-rises, and public buildings with an aggregate space of 87,000 square meters. 848 apartments were slated to be building in 43-storey high-rises. The contamination was discovered after IMI vacated the premises.
The IMI Magen factory that previously occupied the site manufactured light arms until 1996. The land is owned by the Israel Land Administration (ILA). An urban building plan (UBP) from 1999 approved the site for offices, residential high-rises, and public buildings with an aggregate space of 87,000 square meters. 848 apartments were slated to be building in 43-storey high-rises. The contamination was discovered after IMI vacated the premises.
Azorim to build in prestige Houston neighborhood
Azorim Investment, Development and Construction (TASE: AZRM) has shifted its focus to the prestigious Memorial neighborhood in Houston, Texas, and is going green.
Eighteen months ago, the group sold for $57.5 million land it bought four months previously for $34 million, slated for the Galleria Mall project in Uptown Houston, planned to be a $550 million residential and commercial project. It is now about to construct a prestigious residential project comprising two towers, at an investment of $200 million, in Memorial, and to build in accordance with the standards of the US Green Building Council.
Eighteen months ago, the group sold for $57.5 million land it bought four months previously for $34 million, slated for the Galleria Mall project in Uptown Houston, planned to be a $550 million residential and commercial project. It is now about to construct a prestigious residential project comprising two towers, at an investment of $200 million, in Memorial, and to build in accordance with the standards of the US Green Building Council.
Delek Real Estate in talks to buy UK property co
The target company is one of five largest income-producing property owners in the UK.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Sources inform ''Globes'' that Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Real Estate Ltd. (TASE: DLKR) is in talks to acquire the controlling interest in one of the UK's five largest income-producing property companies. Sources at foreign investment banks said that Delek Real Estate subsidiaries plan to buy a substantial bloc of shares in the public company, which is traded on the London Stock Exchange at a market cap of NIS 4.2 billion and has NIS 8 billion in shareholders' equity. The company has an annual turnover of NIS 2.6 billion.
The target company's largest shareholder owns just 9% of it, facilitating the acquisition of control. Delek Real Estate is in talks with shareholders who own a quarter of the company altogether.
Azrieli developing outlet mall in Or Yehuda
Sources inform ''Globes'' that Azrieli Group unit Azrieli Malls Ltd. is building an outlet mall in Or Yehuda, which will be the first in the area for leading brands. The 6,000-square meter mall will have three floors of commercial space on the site of failed Canor Mall in the town center.
The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
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The company is investing $1 million in interior and exterior renovations and upgrades.
The outlet mall will bring to Or Yehuda fashion chains such as Fox-Weizel Ltd. (TASE: FOX), Renuar, Lee Cooper, Crazy Line, and other brands.
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Alrov in talks to buy Crown Estate property
The company plans to convert a historic building on Regents Street in London into a hotel.
controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
controlled by Alfred Akirov, has reached an understanding with The Crown Estate to purchase a property on Regent Street in London for ₤90 million. The 24,000-square meter property, known as the "Cafe Royal" is being rezoned for a 160-room luxury hotel, as well as commercial space.
The Crown Estate manages more than ₤7 billion of property owned by the British royal family. The properties include, according the its website, "cityscapes, ancient forests, farms, parkland, coastline, and communities" throughout the UK and functions "as employer, influencer, manager, guardian, facilitator and revenue creator".
Auctioning real estate in Israel
Auction houses around the world are usually associated with works of art and antiques. A system where the seller can get the best price in the market at that particular moment in time for his wares. With the advent of internet auctioning what one wants to sell through an auction arena, that is to the highest bidder, has widened considerably. The wares on sale now include every conceivable item, while the market place has become a global place. Credit cards facilitate payment and a global postal or courier system ensure that an Israeli buyer can acquire goods in a virtual auction arena such as in Hong Kong.
This trend has also started to capture the real estate market as more and more websites specialize in the sale of real estate. In recent times the system of auctioning real estate through the internet is gaining ground though slowly and with reason. Real estate sales conducted through an online auction is now also offered in Israel. David Levy a lawyer who specializes in real estate has launched a new website called, mizrachonline, in which homes are been auctioned to the highest bidder.
This trend has also started to capture the real estate market as more and more websites specialize in the sale of real estate. In recent times the system of auctioning real estate through the internet is gaining ground though slowly and with reason. Real estate sales conducted through an online auction is now also offered in Israel. David Levy a lawyer who specializes in real estate has launched a new website called, mizrachonline, in which homes are been auctioned to the highest bidder.
Friday, April 11, 2008
Real estate in the shadow of the Qassams
The first Grad missile that fell on Ashkelon scored a direct hit on the real estate sector. Deals that were about to be signed were stalled, and buyers who did agree to continue negotiations demanded 10% price reductions.
"Since the rockets began falling, a number of clients have called me, asking if they should move forward with deals," says Avigail Biton, a real estate appraiser in the South. "I told them, quite frankly, that now is not the time to invest. Why put their hard-earned money into something that is uncertain?"
There is a fundamental conflict between the real estate market - which symbolizes calm, stability and faith in an unruffled future - and war and shelling. The Second Lebanon War paralyzed the real estate market in Haifa and the North, and not surprisingly, the real estate market in the range of the Qassams and Grads has practically ground to a halt since the recent escalation of attacks from the Gaza Strip.
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Amnon Gelula, of Bayit Vegan Realty in Ashkelon, has had several important deals postponed. A group of investors from Britain, who wanted to buy land near the beach and build vacation apartments, decided at the last minute to keep their money in their wallets.
"Since the rockets began falling, a number of clients have called me, asking if they should move forward with deals," says Avigail Biton, a real estate appraiser in the South. "I told them, quite frankly, that now is not the time to invest. Why put their hard-earned money into something that is uncertain?"
There is a fundamental conflict between the real estate market - which symbolizes calm, stability and faith in an unruffled future - and war and shelling. The Second Lebanon War paralyzed the real estate market in Haifa and the North, and not surprisingly, the real estate market in the range of the Qassams and Grads has practically ground to a halt since the recent escalation of attacks from the Gaza Strip.
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Amnon Gelula, of Bayit Vegan Realty in Ashkelon, has had several important deals postponed. A group of investors from Britain, who wanted to buy land near the beach and build vacation apartments, decided at the last minute to keep their money in their wallets.
New IKEA store may open within months
The Rishon LeZion Municipality and the Ministry of Interior have agreed on a scaled-down plan for the store.
Representatives of the Rishon LeZion municipality and the Ministry of the Interior have reached agreement on a scaled down plan for a commercial zone in the Me’uyan Soreq lot. The plan, which must now go forward for review and approval by the Central Region District Planning and Building Commission, will not allow for the building of a commercial project by Gazit-Globe (TASE: GLOB), but it will allow IKEA Israel to open its second store.
Representatives of the Rishon LeZion municipality and the Ministry of the Interior have reached agreement on a scaled down plan for a commercial zone in the Me’uyan Soreq lot. The plan, which must now go forward for review and approval by the Central Region District Planning and Building Commission, will not allow for the building of a commercial project by Gazit-Globe (TASE: GLOB), but it will allow IKEA Israel to open its second store.
Discount Bank buys back Tel Aviv property
Israel Discount Bank has bought back half of a property at 16-18 Hashoeva Alley in Tel Aviv from MR Development and Investments Ltd. for NIS 21.7 million.
The bank sold the 2,600-square meter property in 2004 for NIS 14 million.
Discount Bank sold its share in the building because of the real estate crisis at the time under a sell and lease-back deal.
Anglo-Saxon Tel Aviv general manager Amos Glazer, who brokered the deal, said, "It is interesting that the bank sold its share in the property in 2004, and has now bought it back for 50% more than it received."
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The bank sold the 2,600-square meter property in 2004 for NIS 14 million.
Discount Bank sold its share in the building because of the real estate crisis at the time under a sell and lease-back deal.
Anglo-Saxon Tel Aviv general manager Amos Glazer, who brokered the deal, said, "It is interesting that the bank sold its share in the property in 2004, and has now bought it back for 50% more than it received."
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Excellence sees drop in foreign real estate investment
David Baruch: "Israel's real estate market will be hit by the US sub-prime crisis."
"A slowdown in Israel is a certainty and a sharp drop in foreign investment in both commercial and residential real estate is probable," predicts Excellence Investments CEO David Baruch. He made the comment during the annual conference of the Association of Contractors and Builders in Israel in Eilat on Friday. There were more than 950 participants at the event at the Princess Hotel.
Baruch added, "The sub-prime crisis has created capital distress at foreign banks, with the result that Israeli developers in international markets will find it difficult to obtain credit. The price of credit in Israel and overseas will go up."
"A slowdown in Israel is a certainty and a sharp drop in foreign investment in both commercial and residential real estate is probable," predicts Excellence Investments CEO David Baruch. He made the comment during the annual conference of the Association of Contractors and Builders in Israel in Eilat on Friday. There were more than 950 participants at the event at the Princess Hotel.
Baruch added, "The sub-prime crisis has created capital distress at foreign banks, with the result that Israeli developers in international markets will find it difficult to obtain credit. The price of credit in Israel and overseas will go up."
Tel Aviv's first hotel to be refurbished
The Tel Aviv Planning and Building Commission has approved four plans for new hotels with aim of adding 400 rooms in the city.
One project calls for refurbishing Tel Aviv's first hotel, the Elkonin Central Hotel, on Lilienblum Street, into a boutique hotel with 38 room. The Elkonin was built in 1913, and was once considered as having the city's most luxurious accommodations. The neglected and hazardous two-storey building is slated for preservation, with an extra floor in the same style to be added.
One project calls for refurbishing Tel Aviv's first hotel, the Elkonin Central Hotel, on Lilienblum Street, into a boutique hotel with 38 room. The Elkonin was built in 1913, and was once considered as having the city's most luxurious accommodations. The neglected and hazardous two-storey building is slated for preservation, with an extra floor in the same style to be added.
Building frenzy in Hod Hasharon
Hod Hasharon has gone on an unprecedented building frenzy in which it plans to build 3,000 new homes and increase its population by 10,000 people - or 20 percent - over the next five years, reports the Hebrew weekly Yediot Hasharon. But the "grandiose" plan is causing a great deal of controversy, with many residents fearing environmental damage, traffic nightmares and an end to the city's pastoral atmosphere.
According to the report, the plan is the most "revolutionary" to hit Hod Hasharon since it was declared a city 17 years ago. City planners have set two target dates: a five-year goal of increasing the population by 20%, and a 20-year goal during which time they aim to double the current population. Building work on hundreds of apartments has already begun in the western part of the city, and a new shopping mall and high-tech complex are currently going up in the Neveh Ne'eman area.
According to the report, the plan is the most "revolutionary" to hit Hod Hasharon since it was declared a city 17 years ago. City planners have set two target dates: a five-year goal of increasing the population by 20%, and a 20-year goal during which time they aim to double the current population. Building work on hundreds of apartments has already begun in the western part of the city, and a new shopping mall and high-tech complex are currently going up in the Neveh Ne'eman area.
Apartments to be built on college land
The Local Planning and Construction Committee has decided to allow 450 residential apartments to be built on land belonging to the Seminar Hakibbutzim teachers' training college on Derech Namir, reports Yediot Tel Aviv. But the committee rejected a suggestion to move the college to south Tel Aviv and create an additional 100 apartments on the entire plot of land.
According to the report, the college occupies only about 20 percent of its 50,000 square meters of land, and several years ago college managers agreed to allow the unoccupied land to be used for other purposes, on the condition that the builders would also tear down the rundown old college buildings and rebuild them. Now the committee has given its approval for three 27-storey residential towers, containing a total of 450 apartments, to be constructed on the site.
According to the report, the college occupies only about 20 percent of its 50,000 square meters of land, and several years ago college managers agreed to allow the unoccupied land to be used for other purposes, on the condition that the builders would also tear down the rundown old college buildings and rebuild them. Now the committee has given its approval for three 27-storey residential towers, containing a total of 450 apartments, to be constructed on the site.
Ra'anana will continue to expand
Ra'anana has presented its long-awaited "Vision for the year 2020," which plans to create an extra 4,000 apartments in the north and west of the city, reports local.co.il. But critics have been quick to attack the plan, which took two years to put together, cost NIS 176,000 and involved some 1,600 people.
According to the report, mayor Nahum Hofree presented the "vision" after it received council approval, saying the plan's main consideration was the pressing need for more housing in the city. The mayor said that 600 residential apartments would begin being built in 2009 on land currently occupied by Kfar Batya in the west of the city, and that the orchard recently planted on this land by the leaseholders would not stop the building project from going ahead. In addition, a further 3,500 residential units will be built in the north of the city, starting in the year 2010. As well as promising to find "housing solutions" for residents, the "vision" promises to upgrade road infrastructure and preserve a "clean and healthy" environment in the city.
According to the report, mayor Nahum Hofree presented the "vision" after it received council approval, saying the plan's main consideration was the pressing need for more housing in the city. The mayor said that 600 residential apartments would begin being built in 2009 on land currently occupied by Kfar Batya in the west of the city, and that the orchard recently planted on this land by the leaseholders would not stop the building project from going ahead. In addition, a further 3,500 residential units will be built in the north of the city, starting in the year 2010. As well as promising to find "housing solutions" for residents, the "vision" promises to upgrade road infrastructure and preserve a "clean and healthy" environment in the city.
Legal Ground: Little country, big on property
In tiny Israel, everything seems to be writ large. We have one of the highest numbers of symphony orchestras per capita, the greatest number of hi-tech start-ups in absolute terms and an effervescent property market.
In Israel's 21,000 square kilometers, between 100,000 and 120,000 homes change hands yearly. Most of the apartments that are bought are second-hand sales and about one-third are in newly constructed buildings.
Israeli building companies invest approximately NIS 36 billion in construction, two-thirds of which is in the residential market. In fact, the construction industry contributes over 12% of the gross national product and employs several hundred thousand workers. To grasp how big an industry it is (in Israeli terms) one needs merely to look at the number of professional and semi-professionals directly involved: between 5,000 and 8,000 real estate agents; approximately 8,000 architects and about 9,000 registered building contractors.
In Israel's 21,000 square kilometers, between 100,000 and 120,000 homes change hands yearly. Most of the apartments that are bought are second-hand sales and about one-third are in newly constructed buildings.
Israeli building companies invest approximately NIS 36 billion in construction, two-thirds of which is in the residential market. In fact, the construction industry contributes over 12% of the gross national product and employs several hundred thousand workers. To grasp how big an industry it is (in Israeli terms) one needs merely to look at the number of professional and semi-professionals directly involved: between 5,000 and 8,000 real estate agents; approximately 8,000 architects and about 9,000 registered building contractors.
Azorim to build in prestige Houston neighborhood
Shaya Boymelgreen's Azorim Investment, Development and Construction (TASE: AZRM) has shifted its focus to the prestigious Memorial neighborhood in Houston, Texas, and is going green.
Eighteen months ago, the group sold for $57.5 million land it bought four months previously for $34 million, slated for the Galleria Mall project in Uptown Houston, planned to be a $550 million residential and commercial project. It is now about to construct a prestigious residential project comprising two towers, at an investment of $200 million, in Memorial, and to build in accordance with the standards of the US Green Building Council.
The two towers will each be 28 floors high, and the project will include an 1,800 sq. m. spa. The project will be constructed on 5.25 acres of land that Azorim bought for $22 million in December 2006. Apartment prices in the new project are expected to start at $1 million.
© Copyright of Globes
Eighteen months ago, the group sold for $57.5 million land it bought four months previously for $34 million, slated for the Galleria Mall project in Uptown Houston, planned to be a $550 million residential and commercial project. It is now about to construct a prestigious residential project comprising two towers, at an investment of $200 million, in Memorial, and to build in accordance with the standards of the US Green Building Council.
The two towers will each be 28 floors high, and the project will include an 1,800 sq. m. spa. The project will be constructed on 5.25 acres of land that Azorim bought for $22 million in December 2006. Apartment prices in the new project are expected to start at $1 million.
© Copyright of Globes
Saturday, April 5, 2008
Forbes sees promise in Israeli real estate
"Forbes" says, "Although the worldwide real estate market is softening as credit reservoirs dry, some spots are poised for growth." The magazine rated Israel as the world's most "up-and-coming" real estate market.
"Forbes" notes, "Israel's real estate market struggled in the late 1990s and early 2000s as the country grappled with deflation. As late as 2006, market weakness had pushed prices down 4%, according to Knight Frank, a London-based real estate research company. But last year prices climbed 2%. That is expected to continue, given the country's robust 5.1% 2007 growth in gross domestic product and a 3.8% projection for this year, according to the International Monetary Fund."
"Forbes" notes, "Israel's real estate market struggled in the late 1990s and early 2000s as the country grappled with deflation. As late as 2006, market weakness had pushed prices down 4%, according to Knight Frank, a London-based real estate research company. But last year prices climbed 2%. That is expected to continue, given the country's robust 5.1% 2007 growth in gross domestic product and a 3.8% projection for this year, according to the International Monetary Fund."
Thursday, April 3, 2008
For sale: Tel Aviv's most expensive flat, a steal at $34 million
The elite Tel Aviv real estate market is sailing to unrecognizable heights these days, at least as far as contractors can see.
The Gindi Group, which holds construction of the G Tower in central Tel Aviv, recently announced that it would be selling one of its apartments for $34 million - the highest-priced flat in the city.
The cost is nearly twice that of Israel's currently highest-priced apartment, purchased by Idan Ofer on Rothschild Boulevard 1 for $17.1 million.
The question now is whether anybody will actually be willing to pay the demanded amount.
The apartment in question is a triplex flat combining a former duplex and penthouse apartment on the 24th, 25th and 26th floors, just under the triplex purchased more than a year ago by the holder of controlling interest for Bank Hapoalim, Shari Arison, for $13 million.
This new triplex sits at 1,500 square meters and has a 360 degree panoramic view of the city. The demanded price includes a value of more than $22,000 per square meter.
On the one hand, the price indicates that the sellers are sure someone will pay up. But on the other hand, the whole matter seems an issue of compulsion, or just a gimmick that will not be able to yield any kind of real deal.
"After all the noise, Gindi admits that they have not managed to sell the two apartments and are creating a buzz around the possibility of connecting them. That's it," said one real estate market man in Tel Aviv.
Indeed, in the eyes of most real estate agents in Tel Aviv, the rising prices are not reasonable. A few months ago, the Oranim Group - which owns the Sea One Project on Hayarkon Street - decided to abandon their plans of selling a penthouse facing the sea for $25 million, after they were unable to sell it after a few years of trying.
If Ofer's $17.1 million apartment ranks the measure of prestigious apartments in Tel Aviv, then real estate agents say there is no justification for doubling the price
The Gindi Group, which holds construction of the G Tower in central Tel Aviv, recently announced that it would be selling one of its apartments for $34 million - the highest-priced flat in the city.
The cost is nearly twice that of Israel's currently highest-priced apartment, purchased by Idan Ofer on Rothschild Boulevard 1 for $17.1 million.
The question now is whether anybody will actually be willing to pay the demanded amount.
The apartment in question is a triplex flat combining a former duplex and penthouse apartment on the 24th, 25th and 26th floors, just under the triplex purchased more than a year ago by the holder of controlling interest for Bank Hapoalim, Shari Arison, for $13 million.
This new triplex sits at 1,500 square meters and has a 360 degree panoramic view of the city. The demanded price includes a value of more than $22,000 per square meter.
On the one hand, the price indicates that the sellers are sure someone will pay up. But on the other hand, the whole matter seems an issue of compulsion, or just a gimmick that will not be able to yield any kind of real deal.
"After all the noise, Gindi admits that they have not managed to sell the two apartments and are creating a buzz around the possibility of connecting them. That's it," said one real estate market man in Tel Aviv.
Indeed, in the eyes of most real estate agents in Tel Aviv, the rising prices are not reasonable. A few months ago, the Oranim Group - which owns the Sea One Project on Hayarkon Street - decided to abandon their plans of selling a penthouse facing the sea for $25 million, after they were unable to sell it after a few years of trying.
If Ofer's $17.1 million apartment ranks the measure of prestigious apartments in Tel Aviv, then real estate agents say there is no justification for doubling the price
Nitsba to sell 6 French properties
The properties are leased to France Telecom.
Nitsba Holdings Ltd. (TASE: NTBA) has signed an memorandum of understanding (MOU) to sell six properties in France for €61.5 million. The properties are all leased to France Telecom through 2011, and generate €5.1 million in annual rent.
Nitsba has booked the properties at a value of €53.4 million on the basis of a fair value assessment.
Nitsba Holdings Ltd. (TASE: NTBA) has signed an memorandum of understanding (MOU) to sell six properties in France for €61.5 million. The properties are all leased to France Telecom through 2011, and generate €5.1 million in annual rent.
Nitsba has booked the properties at a value of €53.4 million on the basis of a fair value assessment.
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