Sunday, January 10, 2010

Record breaking sale in White City Residence Project

An apartment measuring about 240 square meters (2,583 square feet) in the White City Residence – Neve Tzedek by the Sea project was sold last week to a family from central Israel for NIS 10.5 million (about $2.8 million).

The apartment is located on the sixth floor of a 30-story tower. It has balconies measuring about 90 square meters (969 square feet) in size and it faces southwest. The Neve Tzedek by the Sea project is being constructed on the corner of Yitzhak Elhanan and Tabor Streets in Tel Aviv and is jointly owned by the Eurocom Real Estate and Z.M.H. Hammerman companies and a group of European investors.

The project includes a 40-story building and some 160 luxury apartments facing the sea, as well as a boulevard of boutique stores located on the ground floor in the pavilion attached to the tower. According to Amir Shaltiel, CEO of the Eldar company which markets the project, "Investors today are looking for safe channels, and the fact that the project is enjoying a construction boom and has financial guidance, supports the buyers' decision."

Shaltiel added that "foreign residents who have been following the developments in Israel over the past year have also realized that Israel of all places proved its economic strength and maintained stability in real estate prices."

Source Ynet

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