Sources inform ''Globes'' that Eitan Wertheimer has bought a 700-square meter apartment in Habas HZ Investments Ltd's (TASE: HABS) 1 Rothschild Boulevard luxury high-rise project in Tel Aviv for NIS 46.5 million one of the last two apartments in the building. A foreign business bought the other apartment, of the same size and for the same price.
The 32-storey 1 Rothschild Boulevard project has 37 apartments, with an average apartment size of over 400 square meters. Gross sales totaled NIS 788 million, including VAT. The high-rise overlooks the south Tel Aviv neighborhood of Neve Tzedek.
Habas chairman Herzl Habas said, "The company has not begun to recognize all the revenue from the project. We will recognize the revenue in 2010, and present high profit margins." He added that the company also sold four apartments in its YOO project in Park Hazameret in north Tel Aviv for NIS 3.15 million
Habas's share price rose 6.9% in morning trading today to NIS 7.94, giving a market cap of NIS 300 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
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