The company will build 400 units near the city's Arnona neighborhood.
Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) said today that it has signed an agreement with two Israeli companies for the purchase of their two thirds of an option on land on Jerusalem's Derech Hevron Street for NIS 33.7 million. The option will give Africa Housing the right to purchase the land for NIS 105 million on which it intends to build a housing project worth an estimated $60 million. Africa Housing's share of the project will be $40 million.
Africa Housing and the owner of the other third of the option on the land will jointly build 400 units near Jerusalem's Arnona neighborhood. The project will comprise garden and duplex apartments, penthouses, and four and five- room-apartments.
Published by Globes [online], Israel business news - www.globes.co.il - on June 18, 2007
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