Israeli developers take on key projects [p.17]

Israeli real estate companies had a busy day Wednesday as a number of significant deals, both local and international, came to fruition. Housing & Construction Holdings said it won a tender from the local council of Budaors, Hungary, to buy a 104-dunam property for development along the city's main highway, some 10 km. from the capital, Budapest. H&C will build 100 family cottages and 170 apartment units on the land which it expects to sell for a total €40 million. Also in Eastern Europe, the Avisar Group has been contracted by two other Israeli companies to oversee their respective building projects in Romania for a total NIS 11m. The first project will see Avisar manage, on behalf of the Elran Group, the establishment of five branches of New Life Pharm in different cities in Romania, including in Bucharest. The project oversees a space of between 300 and 700 square meters and is expected to be completed in the second half of 2007. Clal Bituach Romania also chose Avisar to carry out a turn key project, as it builds its new offices in Bucharest over a 1,000 square meter territory. Closer to home, development company Crescent Heights has bought territory in Tel Aviv for $38m. to build a 60-floor apartment building. The project is located on the Ayalon Triangle between Menachem Begin Street, the Ayalon Highway and Parshat Hadrachim Street, and will cover 70,000 square meters. The company said it expects sales from the building to reach $250m. The deal marks the second major development project Crescent Heights has embarked on in Tel Aviv this year, having teamed up with US property magnate Donald Trump earlier this year to establish a Trump Tower in Ramat Gan.