Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) and Sheinfeld Ltd. have jointly won a tender for a lot in downtown Jerusalem, slated for a luxury housing development, for $28.3 million. 30 companies participated in the tender published by the Jewish Agency employees’ compensation fund. Most bids were around $20 million.
Africa-Israel Housing and Sheinfeld will build a 21,000-sq.m. high-rise and rehabilitate the adjacent Anna Ticho House garden for the public. The project will be adjacent to the Anna Ticho House and Rabbi Kook House. The four and five-room apartments will be sold for an average of $5,000 per sq.m. and six-room penthouses will be sold for $10,000 per sq.m. The project will include a swimming pool and spa for the tenants.
Africa-Israel Housing CEO Yoram Keren said, “The company has set the goal of expanding its activity in Jerusalem in general, and in the city’s downtown area in particular. The company believes that the building of the light railway along nearby Jaffa St., as well as the municipality’s plans for reviving the downtown area will boost demand for residences.”
This is Africa-Israel Housing and Sheinfeld’s second joint venture in downtown Jerusalem. A year ago, they bought a lot, zoned for 110 apartments, on Hanevi’im St., near the Russian Compound, from Arledan Investment Ltd. (TASE:ARDN). Marketing of the project, named “Hanevi’im Court”, will begin within two months.
Published by Globes [online], Israel business news - www.globes.co.il - on February 15, 2007
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