Itamar Deutscher (Photo by Liron Aloni)
Electra received an announcement today that it had won a tender from the Israel Land Authority to purchase land in Yehud-Monosson in the vicinity of the prestigious locality, Savyon. The land is spread over 8 dunams and 204 housing units can be built on it.
In total, the cost of the land amounts to NIS 275 million, to which must be added NIS 27 million as development fees. Electra estimates that the total cost of the project will currently amount to NIS 680 million, which makes the project a significant project of the company.
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The company stated that at this stage it is negotiating with the banking system to obtain financing for the completion of the purchase of the land and payment of the development fee.
It will be recalled that in addition to the company’s real estate business, Electra recently entered the public transportation business through the acquisition of Egged and Afikim.
The working assumption at Electra is that by 2030 the number of passengers on buses as public transport will double, which will make this activity of the company one of its significant arms.
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