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Signed a combination agreement in the Makor Chaim neighborhood of Jerusalem – the company’s expected revenue is NIS 176 million. The plot is located between Makor Chaim and Horseshoe streets. The area of the plot of land is 1,835 square meters and according to the combination agreement, Azorim will purchase 55% of the value of the land, provided that it undertakes to plan and build on the land for the owners the owner units that reflect 45% of the land value, after approval of an improvement city building plan.
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In accordance with the provisions of the master plan, which now applies to the land, a 3-story residential building can be built that will include up to 114 apartments, 1,550 square meters of commercial space, about 2,500 square meters of employment space, about 1,300 square meters of sports and leisure areas and 500 square meters. According to the company, the expected investment cost in the project is expected to amount to NIS 153 million.
This deal joins a series of deals recently signed by Azorim in the Jerusalem area on land at the Pat, Har Nof and Beit Hakerem junctions, and alongside other projects that are in urban renewal in Jerusalem.
Ron Avidan, CEO of Azorim: “The neighborhood is already in significant momentum and development and we expect that in light of the renewal that the neighborhood is going through, it will enjoy high demand, which is already evident today. Azorim marks the city as a major investment and development destination and thus leads a number of projects.”
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