Tuesday, July 16, 2013

Flat in Herbert Samuel project sold for NIS 47m

Days after we heard of the most expensive flat transaction ever in Israel (on a price per sqm basis), we learn that Ofer Investments Ltd. has sold an apartment in its Herbert Samuel project in Tel Aviv for NIS 47 million ($13 million) to businessman Gabriel Tamman. The 400-square meter apartment with a 60-square meter balcony is on the building's 19th floor, just below the penthouses. The sale was made at NIS 102,000 per square meter which translates to almost $29,000 per square meter. While this price is well below the record obtained by David Promenade Residences earlier this month at $37,000 per sqm, it's still way above the average price that similar flats have fetched recently. Especially if we keep in mind that the apartment was bought in shell condition, and that the buyer will have to make substantial investment in interior design.

Tamman confirmed the details to "Globes", saying that he recently bought the apartment and that he would use it during visits to Israel. "I don't live in Israel, but I come several times a year. I bought the apartment now, and I'll use it as my residence during my trips to Israel. I think that I made a good deal. I am a Zionist, and I love Israel, and I am pleased to buy an apartment here."

The Ofer Investments' seafront project is at 10 Herbert Samuel Street, between Nehemia Street and Daniel Street. The 21-storey project, which is under construction, will have 40 apartments with an average size of 240 square meters, without taking into account the consolidation of apartments, as in this case. Ofer Investments declined to comment to the report.

Source Globes

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