60% of TA wholesale market apartments sold for NIS 1b

Developers expect NIS 1.5 billion in gross proceeds from sale of project's 718 apartments, marketed as the Gindi Tel Aviv project.

By AVI SHAULY/GLOBES
May 24, 2011 17:16
The view.

real estate view balcony 248. (photo credit: Uriel Messa)

 
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Six months after the launch of marketing for the Tel Aviv wholesale market residential project, the developers have sold 443 apartments - 60 percent of the project - for NIS 1 billion. The developers, Blue Square Real Estate Ltd., Gindi Investments 1 Ltd. and Moshe and Igal Gindi Ltd., have also signed 27 letters of intent with homebuyers.

The developers expect NIS 1.5 billion in gross proceeds from the sale of the project's 718 apartments, marketed as the Gindi Tel Aviv project.

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In its financial report for the first quarter of 2011, Blue Square Real Estate said that, in February, the Tel Aviv Local Planning and Building Commission approved changes to the architect's design of the Gindi Tel Aviv project, to reduce the number of buildings from 13 to 10, increase the number of floors per building to 14 from 12, and reduce the average apartment size to 91 square meters from 110 square meters.

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