Foreigners pay NIS 70m for Jerusalem project homes

The Saidoff Houses project is a 23-storey high-rise that incorporates late 19th century homes on Jaffa Street.

Ashdar Building Co. Ltd. (TASE:ASDR) has sold 19 apartments in the past four months in its luxury Saidoff Houses project on Jaffa Street in Jerusalem for a total of NIS 70 million. Most of the buyers are US and UK residents.

The Saidoff Houses project is a 23-storey high-rise that incorporates late 19th century homes built by Yitzhak Saidoff on Jaffa Street between what is now the Mahane Yehuda market and the Central Bus Station. Ashdar is reconstructing the old Saidoff houses, with the high-rise in the courtyard behind the old houses. The high-rise will have 90 three to six-room apartments.

Ashdar has sold 40 apartments in the project to date. Sales include a 270-square meter six-room apartment for NIS 8.5 million, and a 190-square meter four-room apartment for NIS 6.3 million.

Ashtrom Properties Ltd. (TASE:ASPR) owns 75.2% of Ashdar. Ashdar's share price was unchanged at NIS 1.30, giving a market cap of NIS 262 million.

Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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