I riTERn

Building Starts
Down In Israel

Israel's 10 largest construction
firms reported a 13 percent drop
in sales in January, after four
months in which they registered
a small growth. Companies said
they sold fewer apartments even
though they continued to provide
discounts.
Comparing January to De-
cember, Ben Yakar Gat's sales al-
most halved to 24 apartments
compared with 51, Shikun Ovdim
sold 102 apartments compared
with 121 and Housing and De-
velopment managed to sell only
69 apartments, compared with
83 previously. Standing out was
Azorim, which reported a growth
/-
in sales, to 43 apartments, com-
pared with 24 in December.
Apartment prices will contin-
ue to fall in 1997, according to
Bank Hapoalim's economic divi-
sion. According to the economists,
construction of 52,000 apart-
ments will be completed this year,
up 12 percent compared with
1996. The bank expects the de-
mand for housing to reach 50,000
units this year.
Amdar Residence and the Ella
Bros. have started construction
of the Amdar Towers Residence
in Eilat. The complex which will
consists of 54 apartments on a
plot situated in the Amdar neigh-
borhood, Eilat's villa district.
The development will include
two buildings, including garden
apartments, penthouses and du-
plex apartments, with a garden
and a private swimming pool.
The developers also intend to con-
struct four-room apartments,
starting at $300,000.
According to the developers,
the "exotic" residential building
will be one of the most luxurious
apartment complexes in Eilat, of-
fering residents a sea view hi ad-
dition to seven swimming pools,
/- a spa, a health club, a coffee shop
and a host of services. Occupan-
cy is scheduled for the end of
1998.
D. Rothstein, developer of the
new Ramat Bet Shemesh devel-
opment, announced the sale of
about 65 percent of the 110 apart-
ments and houses offered since
marketing began in 1996. This is
the first time in Rothstein's 50-
/-
year history that they have
offered any development exclu-
sively to one market segment, in
this case the national religious.
About 40 percent of the buyers
are from Jerusalem.
The 70 signed contracts in-
clude two-story, five-room cot-
tages as well as four-room
apartments, with and without
gardens, and three-and-one-half
room apartments. Prices range
from $153,000 for a four-room
apartment to $211,000 for a five-
room cottage.
(c) Jerusalem Post 1997

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