Altogether ZMH Hammerman is building 366 apartments in north Tel Aviv for an estimated NIS 250 million.
ZMH Hammerman Ltd. has signed a contract to build the fourth stage of its new Project Gimmel in north Tel Aviv. Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) and Shikun Ovdim Ltd. own the project. The fourth stage of Project Gimmel involves 94 apartments in two high-rises, to be built at an estimated cost of $14 million.
The first three stages of Project Gimmel had 131 apartments. ZMH is also building the seaside Kochav Aviv project and Kochav Gimmel project in the large block in north Tel Aviv. Kochav Aviv comprises 46 apartments in two eight-storey buildings. Over 60% of the apartments have been sold, and are scheduled to be occupied in March 2006. Kochav Gimmel comprises 25 apartments in a ten-storey high-rise.
ZMH is also building 40 apartments in two seven-storey buildings in the large block for a private group.
Altogether ZMH is building 366 apartments in north Tel Aviv for an estimated NIS 250 million.
Published by Globes [online], Israel business news - www.globes.co.il - on January 29, 2006