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the suburbs, albeit higher than
today's apartment prices.
Mr. Nachson forecasts a con-
tinued drop in Israeli luxury
apartment prices in 1997. Last
year, prices fell about 20 percent,
reflecting foreign investors' dis-
interest in the market mainly be-
cause of the political situation.
However, on the whole, Mr. Nach-
son forecasts a stabilizing of hous-
ing prices this year.
"It is our impression that
prices are rock bottom today, im-
plying that they will remain sta-
ble or rise slightly," says Mr.
Nachson.
Assuming there will be a rise
in the standard of living and con-
tinuations in the peace process,
housing prices are likely to regain
their upward trend in 1998, he
says.
Developers of the Hilton Queen
Sheba Hotel, currently under con-
struction in Eilat, reported the
sale of eight apai tments in De-
cember for a total of $1.7 million.
The apartments were sold to
four foreign investors.
The developers intend to invest
$60 million in the complex, which
will include 220 luxury apart-
ments near the city's marina. The
apartments are being marketed
by the Ambassador real-estate
chain. The apartments are situ-
ated adjacent to the new Hilton
220-room hoteL Upon completion,
the complex will include a swim-
ming pool, ball room, restaurants
and health clubs.
One hundred and seventy
apartments will be constructed in
south Tel Aviv's Florentine neigh-
borhood this year, says Yosef
Ra'anen, general manager of Ezra
Ubizaron, a company engaged in
developing and renovating areas
on behalf of Tel Aviv Municipal-
ity. The company intends to sell
a two-room apartment for about
$120,000 and a three-room apart-
ment for about $180,000. Over the
last five years, Florentine's pop-
ulation has nearly doubled to
5,000 residents, compared with
2,700 people in 1991. In this pe-
riod, the area's 4,604 businesses
have decreased by about two-
thirds.
A giant apartment exhibition
will be held in Rishon Lezion at
the end of the month. The partic-
ipating companies will display
new housing developments in
Holon, Bat Yam, Rishon, Rehovot
and Modi'in. The exhibition will
take place at the Canion Haza-
hav shopping mall.
Penthouse, the developer of the
West Park complex in Rishon
Lezion, has tuned into potential
buyers' preference for cheaper
homes, and is now offering small-
er houses for sale.
Prices start at $362,000. To en-
courage sales, Penthouse is of-
fering buyers bridge loans of up
to 100 percent of the value of the
property. Occupancy is scheduled
for October 1998.0
© Jerusalem Post 1997
1AI Sells Jets
To Cambodians
Jerusalem (JPFS) — Israel Air-
craft Industries delivered the
first two of six trainer jets to
Cambodia for that country's
coastal patrol, in the framework
of a $6.3 million deal.
IAI representatives handed
over the Czech-made L-39 Al-
batrosses in a ceremony in Ph-
nom Penh.
The IAI deal includes the de-
livery of four more used L-39s,
upgrades of MIG-21s in the
Cambodian Air Force, spare
parts and training.
Since 1995, Israeli companies
have been involved in the up-
grade and delivery of L-39s to
several countries in Eastern Eu-
rope and Southeast Asia.
Reporters were told at the cer-
emony that the deal with IAI
represents the minimum that
Cambodia needs for its defense.
Neighboring Thailand and Viet-
nam have much larger air forces.
Cambodian defense officials
said the L-39, which contains ad-
vanced electronics, is more im-
portant than the MIG. The air
force has about 40 planes, in-
cluding helicopters. Its fleet of
MIGs has deteriorated from
years of neglect but officials say
the planes can be repaired.
Shamrock To Buy
Stake In Koor
Jerusalem (JPFS) — The Sham-
rock group will be very interest-
ed in buying Bank Hapoalim's
shares in Koor Industries, ac-
cording to Stanley Gold, presi-
dent of Shamrock and chairman
of Koor.
Earlier, Israeli Prime Minis-
ter Binyamin Netanyahu in-
structed the Treasury, Justice
Ministry and Bank of Israel's le-
gal advisers to examine the im-
plications of the proposal to
compel Hapoalim to sell its hold-
ings in Clal Israel and Koor In-
dustries.
The recommendations, made
by Prime Minister's Office
deputy director-general Moshe
Leon, are to sell Hapoalim's hold-
ings in the two large conglomer-
ates before the bank is sold as
part of Israel's privatization
process.
The legal advisers are expect-
ed to submit their recommenda-
tions within two weeks. Leon's
remarks contrast with the
Brodet Committee report, which
proposed forcing Hapoalim to
dispose of either its Clal or Koor
holdings by the end of 1998.
The Shamrock group already
controls 22 percent of Koor In-
dustries, which it acquired from
Hevrat Haovdim in 1995.
Hapoalim controls 26 percent
of Koor's stock.
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