Shikun & Binui to Build 256 Apartments in Jerusalem's Pisgat Ze'ev

Shikun & Binui Real Estate has won a tender to construct 256 housing units in the Pisgat Ze'ev neighborhood of Jerusalem. The company was selected by the apartment owners to advance an urban renewal project at 33-39 Ha'Shisha Asar Street. The current site features four residential buildings with approximately 60 housing units and commercial spaces. Shikun & Binui is also working to include an additional 10 buildings in the complex, aiming for a broader renewal of the entire area.

The project involves demolishing the existing buildings and erecting new ones, including two towers and street-level commercial areas. This initiative is part of a larger expansion of urban renewal activities in Jerusalem, particularly in developing neighborhoods. The company believes that renewing an entire complex allows for better planning for both residents and the urban environment.

Prices in Pisgat Ze'ev vary, with the average price per square meter around NIS 27,000. New projects see prices ranging from NIS 28,000 to NIS 31,000 per square meter. A three-room apartment in the new project is expected to cost between NIS 2.3 to 2.4 million, below Jerusalem's average. Five-room apartments will sell for over NIS 3 million, around NIS 3.1 to 3.2 million.

Avishai Kimeldorf, CEO of Shikun & Binui Real Estate, stated that winning this project is a starting point for a larger initiative in the complex. He emphasized the company's vision for comprehensive urban renewal and sees significant potential for expanding their activities to other Jerusalem neighborhoods.