Commercial Floor in Ultra-Orthodox Housing Project Sold for $9.5 Million
Translated & summarized from Calcalist by baba
Three ultra-Orthodox businessmen have purchased a 1,200 square meter commercial floor in Beit Shemesh for NIS 35 million. The space is part of the ICON residential project, developed by Sofrin Holdings and Sun Rise, and is expected to open in January 2028. The high price reflects the prime location and potential revenue, with the Arbelich family managing the commercial spaces. So far, 14 residential units in the project have been sold for approximately NIS 48 million.
The story in 6 lines · by baba
- A commercial floor in Beit Shemesh's ICON project sold for NIS 35 million.
- Three ultra-Orthodox businessmen purchased the 1,200 sqm commercial space.
- The Arbelich family, project developers, will manage the commercial floor.
- The sale price of NIS 30,000 per sqm is considered high for Beit Shemesh.
- The commercial space is slated to open in January 2028.
- The ICON project includes 32 residential units and underground parking.
A commercial floor in the ICON project in Beit Shemesh, developed by Sofrin Holdings and Sun Rise, has been sold to three ultra-Orthodox businessmen for approximately NIS 35 million (about $9.5 million USD). The 1,200 square meter space was purchased in equal shares by the Arbelich family, owners of Sun Rise and one of the project's developers, who are also expected to manage the commercial spaces. The other two buyers are a London-based businessman involved in real estate and jewelry, and an Israeli businessman focused on income-generating properties.
The purchased area is designated for non-food businesses and is slated to open concurrently with the residential project's occupancy permit in January 2028. The sale price reflects a cost of NIS 30,000 per square meter, considered high for Beit Shemesh, especially for a large area where prices typically range from NIS 16,000 to NIS 22,000 per square meter. This premium is attributed to the location in a densely populated ultra-Orthodox neighborhood and an estimated annual revenue potential of NIS 2.2 million from future shop operations.
The Arbelich family, experienced in managing commercial centers, will operate the property. They also own other commercial properties, including the "Tzameret Center" in Bnei Brak and neighborhood centers in Rekhasim. The ICON project itself is a 7.5-story residential building with 32 apartments, featuring a two-story underground parking lot and built to a high standard for the ultra-Orthodox sector.
Sofrin Holdings and Sun Rise have reported selling 14 residential units for approximately NIS 48 million, averaging NIS 2.8 million per apartment. Recent sales include a 95-square-meter garden apartment for NIS 3.7 million in April 2026 and a 97-square-meter garden apartment with an 80-square-meter balcony for about NIS 4.1 million in July 2025. The project is located in the Neve Shamir neighborhood in southern Beit Shemesh.
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