Boni Al-Thayoon Company reported today (Tuesday) that it won the Israel Lands Authority’s “Target Price Housing” tender, for the construction of 322 apartments in 7 buildings and about 700 square meters of commercial space in Yavneh. 258 of the apartments in the project will be marketed at a reduced price track at a maximum price of NIS 17,066 per square meter of my apartment (including VAT) and with the addition of a 20% discount to the final apartment price and the remainder (64 apartments) will be sold to the general public under free market conditions and prices.
In accordance with the company’s proposal, the reduced consideration for the real estate lease amounts to a total of approximately NIS 37 thousand plus VAT (not including development expenses). The sum of the project’s development expenses to be paid by the company to RMI is approximately NIS 79,574 thousand. The company anticipates that the project will generate revenues of approximately NIS 600 million.
The Middle School Builders Company, under the control of Ami Peretz, who serves as director and CEO of the company, was established in 1985 and engages in the initiation, planning and construction of residential projects in Israel. Currently, the company promotes the initiation, construction and marketing of approximately 2,100 units in 6 residential real estate projects in Modi’in, Kiryat Ono, Ashkelon, Tel Aviv, Kiryat Gat and Be’er Yaakov. Also, the initiation of about 54 urban renewal projects throughout the country and TMA 38/2 in Tel Aviv with the scope of over 22,000 housing units.
Keren Ben Simon, VP of business development for the high school builders: “Winning the tender is an expansion of our activities in Yavne along with the urban renewal projects we are promoting in the city. This is a significant complex with 322 apartments and commercial spaces, in the new residential district that will be built in the east of the city and offer a high standard of living and excellent transportation infrastructure. We are proud to take part in the development boom that Yavne is going through and especially in a project like this that allows young populations to come to the city and enjoy quality housing at a reduced price. As a company that signs for the construction of thousands of housing units across the country, Boni High School has always taken part in national housing projects and we are happy to do so this time as well.”