Residential real estate development company
Coral
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Reported on the progress of the status of three projects in the field of urban renewal, in which the company was selected by representatives with rights to carry out an urban renewal project, with a total volume of about 700 units and about 1,260 square meters of commercial space.
The first project is a complex in Kiryat Shalom, Tel Aviv (in the combined format of the NAP), which covers 4 dunams, and includes 3 buildings. As part of this, the building will be protected and a protected area and a balcony will be added to each apartment. Sq.m. According to the company, the building permit may be obtained in about 3 years.
The second project is a complex in Bat Yam (in the format of TMA 38/2), which covers 5 dunams, as part of which about 72 housing units will be evacuated and in their place the company plans to build about 240 housing units, across 4 residential buildings. The building permit may be obtained in about two years. Residential buildings and commercial areas of approximately 660 square meters. The company estimates that the building permit may be obtained in about 3-5 years.
Noy Dotan, VP of Business Development and Coral Urban Renewal: “As part of our business development as an entrepreneurial and contracting company, in recent years we have invested a lot of effort in locating, promoting and initiating significant and quality projects in the field of urban renewal in the heart of demand areas. “Urban renewal is one of the solutions that can help deal with the housing crisis and increase the supply of apartments. Therefore, the company sees it as a major growth engine for the coming years that, among other things, will also contribute to value for the company’s shareholders.”
Earlier this year, the company reported that during 2021 it increased apartment sales by 29%, when it signed sales contracts for its 296 apartments, compared to 230 apartments in 2020. The consideration for the sale of the apartments was even higher – doubling the amount (103%) to NIS 586 million compared to 288 million a year earlier.
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