Shaviro Group Buys Ramat Hasharon Plot for 230 Million Shekels, Marking 23% Price Drop in Five Years
The Shaviro Group won a competitive bidding process to purchase a land plot in southern Ramat Hasharon, near the Tel Baruch neighborhood of Tel Aviv, for 230 million shekels. The plot is designated for building 128 residential units. Shaviro outbid five other offers for the land, which is owned by about 200 individuals with fragmented rights. Attorney Michael Steinbach consolidated owners holding approximately 30% of the building rights and filed a petition for partition of ownership about four years ago. The Herzliya Magistrate's Court approved the request and appointed attorney Ran Baraz as trustee.
Following the announcement of the sale opportunity, six bids were submitted, with Shaviro's initial offer reaching 200 million shekels. Steinbach's private owners group partnered with Dror Avrahami's Eshkol company to compare their offer against Shaviro's. A final bidding held on Tuesday confirmed Shaviro as the buyer. Steinbach's group may still collaborate with Shaviro in a combination deal or receive compensation solely for construction services. If no agreement is reached, Shaviro will purchase their share based on the auction valuation.
This transaction reflects significant trends in the housing market around Tel Aviv. The plot is part of a larger "Recreational Strip" plan allowing construction of about 4,000 apartments. In 2021, the Israel Land Authority auctioned nearby plots mostly won by Canada Israel via its subsidiary ICR, which partnered with Tzemach Hamerman to control land for roughly 1,200 units. These companies paid about 2.6 billion shekels for building rights, valuing land at approximately 2.1 million shekels per housing unit.
In contrast, Shaviro's purchase price equates to about 1.79 million shekels per unit, a sharp 23% decline over five years. This lower land cost enables Shaviro to price apartments competitively against Canada Israel and partners. If housing prices rise, Shaviro stands to gain substantial profits. Compared to recent tenders in the western Shde Dov area, where about 4,300 units were auctioned in early 2025 at roughly 1.8 million shekels per unit, Shaviro's price signals market stability or slight appreciation. Given Shde Dov's premium seaside location, Shaviro effectively paid a bit more when adjusting for location advantages.
