A Housing and Construction unit and Almog Yam Suf Holdings will jointly build the residential project.
A subsidiary of Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN), controlled by Shari Arison, and Eliahu Papouchado's Red Sea Hotels Holdings Ltd. subsidiary Almog Yam Suf Holdings Ltd. (TASE:ALMG.B1) have obtained a Bucharest municipality permit for their residential project in the city. The companies plan to build 1,500-2,000 apartments on the site, and estimate total proceeds at €600-800 million (up to NIS 2.2 billion). The project will have 408,000 square meters altogether.
The project will be built in stages over several years, with 1,100 apartments planned for the first stage. The two companies bought the 31-acre lot in stages in Bucharest for €45 million altogether.
Almog Yam Suf noted that apartment prices in Bucharest are €1,500-2,000 per square meter. This is the company's first project outside Israel. The company's chairman is Yoav Papouchado.
Published by Globes [online], Israel business news - www.globes-online.com - on May 11, 2008
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