430 units, is also selling at a rapid pace. According to Gazit, Hedera is expected to turn into one of the country's major holiday resorts in the coming years. The com- pany claims the municipality has plans to develop a prome- nade, marina and housing and vacation developments in the area. Ziv Salmon, marketing di- rector of the Carmel Beach Pro- ject in Haifa, says there is also high demand from foreign in- vestors from France, Mexico, Italy and the United States. The company sold 18 apartments iri October, 16 in November and eight in the first two weeks of December. Most of the apart- ments were sold to foreign in- vestors. "We don't know how to ex- plain the high demand. We did not launch an advertising cam- paign or do anything else to boost sales," Mr. Salmon said. "It seems that when the situa- tion is bad overseas, people turn to Israel for investment pur- poses." So far, the developers have sold more than 330 apartments in the project, which covers a large portion of seashore at the southern entrance to Haifa. Among the buyers, a Mexican family bought two apartments in the building for residential purposes, one three-room apart- ment with balcony, and one two- room apartment for their parents, for a total of $560,000. The high demand for sea- front apartments is not really surprising considering the su- per-attractive location, usually several meters from the sea. In addition, the developments of- fer residents high- quality facil- ities like a swimming pool, health club, tennis courts and an attractive lobby. And the demand has natu- rally encouraged contractors to continue to build seaside devel- opments. Several weeks ago, a group of investors signed an agreement to build 750 apart- ments in the marina in Herzliya Pituah. The project developers include Ted Arison, Shikun Ovdim, Yuli Ofer and the Red Sea Group, owned by the Pa- pouchado family. The development is designed to include an "island area," a dried-up sea area west of the marina on which 400 apart- ments will be constructed. The island will be surrounded by palm trees and yachts. The de- velopers plan to construct sev- eral types of apartments, in an attempt to meet Israeli and for- eign buyers' demands. The development will also in- clude two tower buildings, with a total of 350 apartments. The buildings will be situated in the marina on top of a large shop- ping mall. [i] 50% to 75% OFF ALL WINTER "1/41ta • ,fila4 fratee Cuatani Clothier MERCHANDISE Custom Made Suits From '525 Wide Selection Of Cruise Wear Custom Made Shirts Swim Suits — Arriving Daily (sizes 2-14) Detroit's Premiere Custom Clothier Since 1949 COMPLAISANT 271 MERRILL • BIRMINGHAM • (810) 646-0535 Internet Access! 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