Avi Gindi
Photo: Sivan Faraj
Gindi sells 290 luxury flats in Tel Aviv for NIS 1.1B
Following unprecedented advertising campaign, company says sold four-room apartments in Sarona project for average price of NIS 2.9 million
Gindi Holdings reported Monday that it has sold 290 apartments in its luxury Sarona project in Tel Aviv, following an unprecedented advertising campaign over the past month and a half in which the company invested about NIS 10 million (about $2.66 million).
Accountant Avi Gindi, one of the company's owners, said that "of the 290 apartments sold in the project, we signed sale agreements with a deposit of a 35% advance payment for 252 flats, while the remaining 38 apartments are in the midst of a legal procedure ahead of the signing of a sale agreement in the coming days.
Gindi added that the project's sales have reached NIS 1.1 billion ($293 million).
Up to 15 million for penthouse
According to the company's data, the average price for a five-room apartment in the project stood at NIS 3.65 million ($972,000), the average price for a four-room apartment stood at NIS 2.9 million ($773,000), and the project's penthouses were sold for NIS 8.5-15 million ($2.26-4 million).
As the company announced that the marketing of apartments in this project ended on November 11, the remaining 34 flats which have not been sold will be kept as stock. These apartments, according to Gindi, "will be sold at a later date, if at all, and for higher prices."
He added that the company was in the midst of negotiations for selling the project's commercial areas (measuring 6,500 square meters in size) and offices (8,500 square meters).
The Sarona project, located in the southern Kirya area, is slated to include three apartment buildings with 108 flats each.
