Haggag Sells Tel Aviv Penthouse for $14.5 Million

The Haggag Group has sold a penthouse in its Infinity Tower in Tel Aviv for NIS 55.5 million (approximately $14.5 million). The buyer is an American Jew who intends to reside in the apartment. This penthouse spans the 51st and 52nd floors of the tower and is one of two such units in the project. The sale price does not include finishing work, which will be completed by the buyer. The penthouse has a built area of approximately 293 square meters, with additional balconies totaling about 158 square meters. The effective price per square meter, considering a weighted area, is around NIS 149,000.

The deal comes two months after Haggag launched a sales promotion for the project, aiming to overcome a significant slowdown in sales during the first half of 2026. In the first quarter, only one apartment was sold in Infinity Tower, and none in the second quarter. This contrasts with the group's other projects, where 131 apartments were sold in the first half of the year. As of the end of the first half, about 60 apartments remained available for marketing in Infinity Tower.

The August promotion offered over 30 apartments with two to five rooms. Purchase terms included a NIS 1 million down payment and deferral of the remaining balance for approximately three years, interest-free and without indexation. This arrangement allows buyers to take possession of the apartment before full payment. The company stated that the project is expected to be occupied within the coming year.

The promotion also included a guaranteed rental income for the first two years of occupancy for those wishing to rent out their property. Monthly rental guarantees ranged from NIS 10,000 to NIS 22,000, depending on the apartment type. Haggag advertised potential returns of 24% to 52% based on the down payment and a two-year period, though calculations based on the full apartment price yield a lower annual gross return of about 2.9%.

The Infinity project, located in the Sumail complex, consists of a 52-story residential tower and a seven-story building, totaling 278 apartments. Designed by architect Moshe Zur and built by Electra Construction, the project includes amenities like a swimming pool, gym, and residents' club. Completion of construction is anticipated in the fourth quarter of 2026, with marketing expected to conclude in the second quarter of 2027. The project initially began as a group purchase arrangement before Haggag became the developer in November 2021.