NIS 200m asking price for Tel Aviv penthouse

The NIS 235,000 per square meter penthouse is atop a 29-floor high rise to be built on Tel Aviv's Arlozorov Street.

Construction is about to begin of a 29-floor high-rise in Tel Aviv, which will include the country's most expensive high-rise. The high-rise, at 17 Arlozorov Street, is on the block between Dizengoff Street and Ben Yehuda Street that is the site of the former Dan bus depot. The tower is being built and marketed by AMD Real Estate Development, the development arm of Dan Public Transportation Ltd. The foundations are currently being dug and construction will be completed in four years.

AMD is asking NIS 200 million for the 850 square meter penthouse, or NIS 235,000 per square meter. In all probability the company will be forced to drop the asking price.

The 110 meter high building will have 131 apartments and 19,000 square meters of built space. Aside from the penthouse, apartments will range in price from NIS 50,000 per square meter to NIS 200,000.

At these prices the cheapest apartment in the tower will cost NIS 3.5 million. Alongside the main tower will be a two-story residential building. Dan is investing at least NIS 750 million in the entire project.

Moshe Tzur Architects and Town Planners Ltd. and Pitsou Kedem Architects are the designers of the project which includes a spacious lobby, Olympic-size swimming pool, and a spa.

Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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