Sales of new apartments in Jerusalem rose 5% in January
1,180 new private sector apartments were sold in January 2008, 9.1% more than in January 2007, but 0.7% fewer than in December, the Central Bureau of Statistics reported today. Sales included 1,040 apartments under construction and 140 apartments whose construction was completed in the past 15 months.
An average of 1,194 apartments were sold per month in August 2007-January 2008, 6.6% more than the monthly average of 1,120 apartment sold in February-July 2007.
Among the apartments sold in January, the average number of months a new apartment was on the market, since the start of construction, was 13 months. Half of the apartments sold in January were on the market for 11 months.
Apartment sales in Jerusalem were 5% higher in January than January 2006 and sales in the central region were up 46.2%. 11 homes were sold in Judea and Samaria in January, compared with 46 in January 2006.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Saturday, March 1, 2008
Bonei Hatichon, Minrav to build Jerusalem apartments
The two companies expect hundreds of millions of shekels in proceeds.
Bonei Hatichon Civil Engineering and Infrastructures Ltd.
(TASE:BOTI) and Minrav Holdings Ltd. (TASE: MNRV) have separately won Israel Land Administration (ILA) tenders for lots in the East Talpiot neighborhood of Jerusalem zoned for hundreds of apartments. Bonei Hatichon also won a tender for a residential lot in Netanya.
Bonei Hatichon won four tenders for lots zoned for 300 apartments in East Talpiot for about NIS 153 million plus NIS 12.5 million in development costs. The company also bought a lot zoned for 99 houses in Netanya for NIS 21 million plus NIS 6.6 million in development costs. The company expects to spend NIS 515 million to develop the projects, not including VAT and financing costs, and anticipates NIS 650 million in proceeds.
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Bonei Hatichon Civil Engineering and Infrastructures Ltd.
(TASE:BOTI) and Minrav Holdings Ltd. (TASE: MNRV) have separately won Israel Land Administration (ILA) tenders for lots in the East Talpiot neighborhood of Jerusalem zoned for hundreds of apartments. Bonei Hatichon also won a tender for a residential lot in Netanya.
Bonei Hatichon won four tenders for lots zoned for 300 apartments in East Talpiot for about NIS 153 million plus NIS 12.5 million in development costs. The company also bought a lot zoned for 99 houses in Netanya for NIS 21 million plus NIS 6.6 million in development costs. The company expects to spend NIS 515 million to develop the projects, not including VAT and financing costs, and anticipates NIS 650 million in proceeds.
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American Colony israel real estate developer
Sources inform that israel real estate developer American Colony Ltd. is set to float its European activity on London’s Alternative Investment Market (AIM) at the ambitious value of €400 million. UK investment bank Collins Stewart will be the lead underwriter for the issue.
American Colony develops, builds, markets and manages residential property projects. It listed on the TASE last May, and currently has a market cap of just NIS 309 million. The company intends to float on AIM its wholly owned subsidiary Inter Colony Real Estate Development Ltd., which manages its property business in Hungary, Romania, and Cyprus. Inter Colony is building a total of 20,000 units, 3,000 of which are in the process of being sold.
American Colony develops, builds, markets and manages residential property projects. It listed on the TASE last May, and currently has a market cap of just NIS 309 million. The company intends to float on AIM its wholly owned subsidiary Inter Colony Real Estate Development Ltd., which manages its property business in Hungary, Romania, and Cyprus. Inter Colony is building a total of 20,000 units, 3,000 of which are in the process of being sold.
Friday, February 22, 2008
Neighborhood renewal, or urban waste in haifa?
Driving along Independence Street in the lower city of Haifa, you see sign after sign trumpeting the future inauguration of this or that college in the future Port Campus.
In most cases, the buildings marked for development house nothing but pigeons and fleas. This neglect doesn't exactly scream of an inspiring project designed to change the face of Haifa and renew the dilapidated neighborhoods at the bottom of the mountain. But though investment may be slow, the Haifa municipality truly is devoting major resources to the future campus - at the expense of the Hadar Hacarmel neighborhood, which remains in the rear.
Haifa mayor Yona Yahav told TheMarker Real Estate in August 2005 that within a few years, the lower city would become a buzzing center, proudly housing faculties from the Technion and Haifa universities, alongside a selection of colleges.
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The campus is the city's solution for a tedious problem: the empty buildings in the area that once provided services to government institutions but whose offices moved to new edifices in Kiryat Hamemshala. Hassan Shukri Street is an example: once it housed many a government building, such as the local offices of the Interior Ministry, the court house, and city hall. But with the inauguration of the government complex, the offices emptied and now stand innocent of sapient life.
All rights reseved to haaretz
In most cases, the buildings marked for development house nothing but pigeons and fleas. This neglect doesn't exactly scream of an inspiring project designed to change the face of Haifa and renew the dilapidated neighborhoods at the bottom of the mountain. But though investment may be slow, the Haifa municipality truly is devoting major resources to the future campus - at the expense of the Hadar Hacarmel neighborhood, which remains in the rear.
Haifa mayor Yona Yahav told TheMarker Real Estate in August 2005 that within a few years, the lower city would become a buzzing center, proudly housing faculties from the Technion and Haifa universities, alongside a selection of colleges.
Advertisement
The campus is the city's solution for a tedious problem: the empty buildings in the area that once provided services to government institutions but whose offices moved to new edifices in Kiryat Hamemshala. Hassan Shukri Street is an example: once it housed many a government building, such as the local offices of the Interior Ministry, the court house, and city hall. But with the inauguration of the government complex, the offices emptied and now stand innocent of sapient life.
All rights reseved to haaretz
Thursday, February 21, 2008
oligarch builds biggest private house in israel, caesarea
"Yediot Ahronot" reports that Benjamin Netanyahu and Arcadi Gaydamak are to get a new neighbor in Caesarea. A Russian oligarch purchased five villas and demolished them to make way for the largest private estate in Israel.
According to the report, the five properties, occupying a total of 11 dunams (2.2 acres) of land, were purchased by a woman of Russian origin reportedly on behalf of a Russian oligarch. Local realty brokers say this is the largest ever purchase of property in one transaction.
The estimated cost of the purchase of the villas totaled more than $11 million, with the cost of building the new estate estimated at $50 million. According to one of the contractors on the project, the estate will include a swimming pool, tennis court and gardens like those in the Versailles Palace.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
According to the report, the five properties, occupying a total of 11 dunams (2.2 acres) of land, were purchased by a woman of Russian origin reportedly on behalf of a Russian oligarch. Local realty brokers say this is the largest ever purchase of property in one transaction.
The estimated cost of the purchase of the villas totaled more than $11 million, with the cost of building the new estate estimated at $50 million. According to one of the contractors on the project, the estate will include a swimming pool, tennis court and gardens like those in the Versailles Palace.
© Copyright of Globes Publisher Itonut (1983) Ltd. 2008
Africa-Israel Properties target 80% above market
Analysts Shai Lipman and Yuval Zehira say conservative asset valuation policies explain the discount in the stock.
The negotiations on a takeover of investment house IBI by Africa-Israel Investments (TASE: AFIL) ended without result, and IBI has resumed coverage of the group. The first group company to come under scrutiny is Africa-Israel Properties Ltd., for which IBI has retained a "Buy" recommendation and substantially upgraded its target price. The current target, NIS 290, is 80% above the price of the share yesterday when the recommendation was released to investors. The current target is 30% than IBI's previous target price for the company of NIS 225. Africa-Israel Properties coordinates the Africa Israel Group’s income-producing real estate activities in Israel and abroad.
"We find the developments in Eastern Europe and the income-producing assets portfolio in Israel and in Eastern Europe to be a relatively safe activity with future growth potential," IBI analysts Shai Lipman and Yuval Zehira write.
The negotiations on a takeover of investment house IBI by Africa-Israel Investments (TASE: AFIL) ended without result, and IBI has resumed coverage of the group. The first group company to come under scrutiny is Africa-Israel Properties Ltd., for which IBI has retained a "Buy" recommendation and substantially upgraded its target price. The current target, NIS 290, is 80% above the price of the share yesterday when the recommendation was released to investors. The current target is 30% than IBI's previous target price for the company of NIS 225. Africa-Israel Properties coordinates the Africa Israel Group’s income-producing real estate activities in Israel and abroad.
"We find the developments in Eastern Europe and the income-producing assets portfolio in Israel and in Eastern Europe to be a relatively safe activity with future growth potential," IBI analysts Shai Lipman and Yuval Zehira write.
Alrov in talks to sell Tel Aviv property to Pangaea
Pangaea Israel is in also in talks to buy a second property in the city.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
controlled by chairman Alfred Akirov, is in negotiations to sell a property on Ahad Ha'am St. in Tel Aviv to Pangaea Israel (TR) Ltd. (TASE:PNIS), controlled by Assaf Tuchmayer and Barak Rosen, and partners.
The 1,900-square meter lot is occupied by two buildings, one of which is slated for preservation and the other for redevelopment. The Urban Building Plan authorizes the lot for residential, commercial, and office use. Rent totals NIS 360,000 per year. Alrov bought the property in 1990 and said that it will report a pretax capital gain of NIS 150 million on the sale.
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