Amram Avraham Sells 794 Homes This Year, Targets US Buyers
Translated & summarized from Bizportal by baba
Amram Avraham has sold 794 housing units this year and is launching a new division to target Jewish buyers in the United States. CEO Noam Grayf announced the sales figures and the global expansion at an investor conference in Tel Aviv. The company has a substantial pipeline of projects under construction and in planning, and reported NIS 774 million in revenue for the first half of the year. Amram Avraham is also seeking new investments with a minimum 20% gross profit margin.
The story in 6 lines · by baba
- Amram Avraham sold 794 housing units this year and is targeting US buyers with a new global division.
- CEO Noam Grayf announced the sales figures and international expansion at an investor conference.
- The company has 4,640 housing units under construction and expects permits for 2,572 more units soon.
- Amram Avraham reported NIS 774 million in revenue for the first half of the year.
- The company is seeking new investments with a minimum 20% gross profit margin.
- The luxury housing market is experiencing stagnation, while mid-range demand remains strong.
Real estate developer Amram Avraham has sold 794 housing units since the beginning of the year, CEO Noam Grayf announced at an investor conference in Tel Aviv. The company also launched "Amram Avraham Global," a new division aimed at marketing apartments to Jewish communities abroad, particularly in the United States. Grayf stated that the international outreach will include a wide price range, from NIS 2-3 million apartments to luxury units, and that the company is establishing a support system for these overseas buyers.
The company's primary residential focus is on the "middle market" in Israel's periphery, which Grayf described as having relatively strong demand, contributing to the steady sales pace. Amram Avraham is also expanding through tenders, urban renewal projects, and income-generating real estate, including commercial, logistics, and hospitality sectors.
Grayf highlighted the company's integrated approach, combining development and execution, which allows for control over project stages from planning to delivery, thereby managing final product quality and costs. The company has 4,640 housing units under construction and anticipates receiving permits for approximately 2,572 units in the coming year. In urban renewal, Amram Avraham has 70 projects in planning and 37 more in progress.
Financially, the company reported revenues of approximately NIS 774 million in the first half of the year. Deputy CEO and CFO Yosef Gonen attributed these results partly to accounting gains from revaluing an associated company and the progression of projects from planning to execution. Gonen noted a projected gross profit of about NIS 2 billion yet to be recognized, with a significant portion attributed to the "Price for the Resident" government housing program, which offers high marketing certainty.
Amram Avraham is currently evaluating new investments, prioritizing projects with an expected gross profit margin of at least 20%. Grayf also commented on the market, stating that demand remains strong for NIS 2-3 million apartments, but the luxury market is experiencing significant difficulty and stagnation.
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