Phoenix and America Israel Sign $95 Million Deal for Tel Aviv Tower
Translated & summarized from Bizportal by baba
The story in 5 lines · by baba
- Phoenix and America Israel signed a NIS 370 million deal with Ashtrom for a Tel Aviv tower.
- The "Moza" project in northern Tel Aviv will have 450 apartments in three towers.
- Total expected sales for the "Moza" project are estimated at NIS 4.4 billion.
- A penthouse was sold for NIS 23.2 million during an early sales phase.
- Construction is set to begin soon after years of planning and approvals.
Phoenix Group and America Israel have signed an agreement with Ashtrom Group for the construction of the first tower in the "Moza" residential project in northern Tel Aviv. The deal is valued at approximately NIS 370 million (about $95 million) and includes building a tower with 134 apartments. Construction is expected to begin soon, with Ashtrom Contracting selected as the builder after a tender process involving major Israeli construction companies.
The agreement marks a significant step forward for the project, which has been in planning and approval stages for years. The "Moza" project, located on Namir Road opposite Hayarkon Park and near the Eretz Israel Museum, will be developed in three phases. It will comprise about 450 apartments across three 34-story residential towers and lower-rise residential buildings. Phoenix and America Israel anticipate total sales for the project to reach approximately NIS 4.4 billion (about $1.1 billion).
Even before the official public launch, several apartments were sold during an early sales phase. One penthouse was sold for about NIS 23.2 million (approximately $6 million), reflecting a price of around NIS 100,000 per square meter. Early sales offer apartments ranging from two to six rooms, mini-penthouses, and penthouses, with prices starting at NIS 4.15 million (about $1.1 million).
Phoenix Real Estate CEO Guy Porat stated that the agreement with Ashtrom is a significant step, emphasizing the selection of a leading contractor committed to quality, uncompromising standards, and meeting deadlines. America Israel's CEO of the Residential Division, Dror Toren, called the move to the execution phase a significant moment after years of planning, highlighting the project's unique location, meticulous planning, and quality execution.
Eran Manor, CEO of Ashtrom Contracting, expressed pride in being chosen for the luxury "Moza" project, thanking Phoenix and America Israel for their trust. He noted the project's uniqueness and complexity, requiring high execution capabilities and adherence to the highest standards, adding that Ashtrom brings its experience and professionalism to ensure quality and precision.
Read the original at Bizportal