Africa Israel Residential sold yesterday the retail space in the Savyon VIEW project in Jerusalem, at a cost of approximately NIS 102 million | The commercial areas sold in the deal are spread over about 5,000 square meters as well as 10 parking spaces in the project parking lot | The company is expected to post a net profit of approximately NIS 24 million in respect of the transaction
info info 07.04.2022
Africa Israel Residential sold the retail space in the Savyon VIEW project in the amount of NIS 102 million. The project is located between the main streets of Jaffa and Haneviim Street in Jerusalem. The project includes a 27-story building, which rises to a height of 100 meters, the highest in the area, with 194 luxury apartments of 2-4 rooms and penthouses.
The commercial areas sold in the transaction are spread over about 5,000 square meters as well as 10 parking spaces in the project parking lot. The company is expected to post a net profit of approximately NIS 24 million in respect of the transaction.
The residential building, which will be inhabited towards the end of next year, also includes a huge garden terrace on the 21st floor and a tenants’ club. In addition, as part of the project and the mix of uses that includes housing, offices and commerce, an 8-story office and commercial building was also built, which will be connected by a bridge to the 10th floor of the residential building and lead to a roof terrace for tenants to use.
Micha Klein, CEO of Africa Israel Residence: “The Savyon VIEW project is a unique luxury project in the landscape of Jerusalem and it joins our many projects in the capital, such as Rabbi Kook, Hatzer Haneviim, Savyoni Arnona and Savyoni Arnona Boutique Savyoni Katamon Hadasha and many more. Building a mix of uses that is very characteristic of Africa Israel Residential projects and includes residences alongside offices, commerce and employment, enabling more and more centers and places of employment also in the city centers and not just in the surrounding circles. When we identify business opportunities, which embody a significant profit like this, we implement them and sometimes, depending on considerations, choose to keep asset management within the company. We will continue to work to identify additional business opportunities in general and in Jerusalem in particular and to develop considerably in the coming years. ”