The Hanan Moore Group will purchase 2.3 dunams in Givatayim for NIS 225 million

by time news

The More Group, led by Hanan Mor and Avi Maor, announced that it had won a RMI tender for a land division in an area of ​​2.3 dunams in the Korazin employment area in Givatayim, which it will purchase for NIS 225 million.

The group intends to build a 50-story tower complex with a total area of ​​about 34,000 square meters, which will have a mix of residential, long-term rental housing, commercial and employment areas. This tender is one of RMI’s new “development tenders” , In which unplanned land is marketed and as part of the tender process, the developer is required to approve, plan and approve a master plan for the complex.

It should be noted that the outline plan for Givatayim, which has not yet been approved, designates significant development for the southern part of the city, which includes an addition of about 800,000 square meters of living space, 316,000 square meters of employment and 47,000 square meters of commercial space. The plan for the Korazin complex, old 3-5-storey employment buildings will be replaced by employment towers above the commercial and public floors.

About a week ago, the Moore Group reported the best quarter in its history with a net profit in the third quarter of 2021 that amounted to NIS 59.3 million, along with revenues of NIS 316.2 million, operating profit of NIS 139 million and a net profit of NIS 87.1 million in the first nine months of the year .

Hanan Moore, chairman of the Moore Group, said that “the company will initiate the project in cooperation with the mayor of Givatayim in order to meet the needs of the city’s residents, especially at the level of housing solutions that are sorely lacking and as additional rights are granted in the project.

“This move combines Rami’s intention to enable companies to carry out processes for changing the designation, planning and improvement of the land. “This is a welcome move that the company is preparing for in cooperation with institutional bodies that find in this investment a significant opportunity to attach medium- and long-term capital with a significant entrepreneurial body and in combination with a local authority and RMI in order to provide significant housing solutions to Israeli residents.”

You may also like

Leave a Comment