Thursday, June 13, 2013

White City Residence almost sold out

Sales in White City Residence situated north of Neve Tzedek have now reached NIS 770 million. That represents 137 flats or 84% of the total. Ever since construction started, the project run by ZMH Hammerman, Eurocom and the Bruner family has been at the center of a public debate about high-rise construction in the neighborhood.

A petition filed two years ago by the residents of Neve Tzedek delayed the grant of additional building rights for eight stories and in January the District Court dismissed the addition altogether. According to Ran Ben Avraham, vice president of marketing at ZMH Hammerman, the developers decided not to continue the fight. "Most of the project is sold and we have to eventually deliver the apartments to their owners" Ben Avraham said.

The final configuration includes 163 apartments, a 29-storey tower and two five-story buildings. There is also a three-level parking lot underneath. According to the developers, the construction of the skeleton is almost completed and final delivery is now expected for February 2014. At least half of the buyers are foreign residents (both foreigners and Israelis living overseas). Notable transactions in the last six months include a penthouse of around 200 square meters sold for NIS 21 million to a British businessman as well a 106 square meter flat on the 16th floor sold for NIS 7 million to an Israeli. That last one represents a price per square meter of NIS 66,000 or more than USD 18,000.

The last four floors where  the penthouses are situated will soon be marketed according to Ben Avraham. The biggest one at 580 square meters is expected to go for NIS 90 million. Upper floors are expected to bring in an additional NIS 300 million altogether.

Source The Marker

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