David Promenade flat sold for record price per sqm

A 612 square meter flat with four private parking spaces on the 17th floor of Henry Taic's David Promenade Residences on Hayarkon Street has been sold for NIS 81.46 million, i.e roughly $23 million. According to the Israel Tax Authority, the purchase was made just over a month ago. That represents a record price for an apartment in Israel, at NIS 133,100 (or $37,000) per square meter. For the sake of comparison, for the price of this apartment it would have been possible to buy 68 apartments at the average price of NIS 1.2 million in the first quarter of 2013, according to the Central Bureau of Statistics.

The seafront David Promenade Residences comprises two high-rises on an eight-dunam (two acre) lot between Hayarkon Street and Herbert Samuel Street, right next to the famous Opera tower. One 26-storey high rise is for residences and the second will be a hotel managed by the luxury Swiss Kempinski chain. The residential building will have just 60 apartments, compared with the original plan of 96 apartments. The average price of previous deals in the project is NIS 65,000 per square meter.

Recent sales include a 235-square meter apartment with a 12-square meter balcony sold for NIS 16 million, two apartments which were consolidated into one 470-square meter with a 24-square meter balcony sold for NIS 34 million, and an 87-square meter with an 11-square meter balcony sold for NIS 5.3 million.

Taic's company Nahal is building the David Promenade Residences project. The company also owns the David Intercontinental Hotel in Tel Aviv, the Meridien Dead Sea Hotel and the Grand Court Hotel in Jerusalem. Feign Architects, which designed Nahal's hotels, is the architect for the David Promenade Residences project. The project is due to be completed in 2016.

Source Globes