Kardan Real Estate, the property unit of Kardan Israel, has bought 50 percent of a development project in Be'er Ya'acov from Rasido Project Initiation, Kardan said Wednesday.
Kardan will pay $1.38 million for the land on which half of the 120 units will be developed, or $23,000 per unit, and an additional NIS 10m. development levy for its share of the project.
The two companies will develop the remaining 1,100 apartment units in "combination," the company said. It expects to start marketing the apartments this year.