Matslaui and Africa Israel to Build Massive Renewal Project in Holon
Translated & summarized from Ice by baba
Matslaui and Africa Urban Renewal have secured a large urban renewal project in Holon, Israel, involving the demolition of 330 homes for 1,000 new units and 3,000 sqm of commercial space. The project is valued at 1.8 billion shekels in revenue and is expected to yield a 300 million shekel profit. The initiative aims to significantly improve the quality of life for residents and revitalize the neighborhood. Following legal approvals, the developers will submit a building plan.
The story in 5 lines · by baba
- Matslaui and Africa Urban Renewal will build a 1.8 billion shekel urban renewal project in Holon.
- The project involves replacing 330 old homes with 1,000 new units and 3,000 sqm of commercial space.
- The estimated profit for the developers is approximately 300 million shekels.
- The renewal project covers an area of about 17 dunams.
- The initiative is a "Pinui-Binui" (evacuation-construction) project.
The companies Matslaui and Africa Urban Renewal have won a major urban renewal project in the city of Holon, Israel. The project, a "Pinui-Binui" (evacuation-construction) initiative, is expected to generate approximately 1.8 billion shekels in revenue, with estimated costs of 1.5 billion shekels, projecting a profit of around 300 million shekels. This significant revenue figure is notable even compared to other large-scale projects in central Israel.
The development will take place in the area of Yavne, Bilu, HaMakabim, Ness Ziona, and Petah Tikva streets. The project involves the demolition of 330 existing housing units and the construction of approximately 1,000 new residential units, along with 3,000 square meters of commercial space, spanning an area of about 17 dunams (approximately 4.2 acres). The developers' share will include 670 housing units and the commercial space.
Sami Matslaui, Chairman and Owner of Matslaui Building Company, stated that the project is of urban importance, aiming to renew an old residential complex, significantly improve residents' quality of life, and add new housing and commercial areas. He emphasized the collaboration with Africa Urban Renewal, combining experience, financial stability, and execution capabilities.
Ronit Ashad Levi, CEO of Africa Israel Residences, expressed gratitude to the rights holders for their trust, highlighting that urban renewal is a long-term commitment. She assured that the company brings extensive experience and proven execution capabilities to the project.
Attorney Amir Steinmetz, representing the apartment owners, noted that solutions can be found even for complex planning projects. He highlighted the successful competitive tender process that yielded excellent returns for the rights holders, despite numerous challenges, and was conducted with full transparency and advanced technology.
The project will proceed under the "Pinui-Binui" framework. Once the required 67% majority of rights holders is secured, the developers will submit a building plan (Taba) for advancement.
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