Matslawi to Execute 196M Shekel Urban Renewal Project in Ramat Hasharon
Matslawi Building Company was chosen by rights holders to execute an urban renewal project at 27-29 Ussishkin Street in Ramat Hasharon. The project will replace 24 apartments with 68 units, generating estimated revenues of 196 million shekels.
Matslawi Building Company continues to expand its urban renewal operations in Ramat Hasharon, announcing its selection by property rights holders at 27-29 Ussishkin Street to execute another urban renewal project. The parties are set to sign a formal agreement for the project's execution.
Under the project, the company is slated to clear 24 existing housing units and 8 commercial units. Preliminary inspections indicate that approximately 68 new housing units and 10 commercial units can be constructed in their place on a plot spanning roughly 1,500 square meters. The project is expected to encompass a total of around 7,990 square meters for residential use and 3,825 square meters for underground parking basements. Matslawi's share in the project is projected to stand at 44 housing units and 2 commercial units.
The project is expected to advance under the framework of the Shaked alternative. Once the company secures the legally required majority of 67% of rights holders, it intends to submit the plan to the local authority.
According to Matslawi's preliminary estimate, expected revenues from the project are valued at approximately 196 million shekels, while anticipated costs are estimated at 165 million shekels. These estimates are based, among other things, on a selling price of about 37,000 shekels per square meter, excluding VAT, in accordance with the apartment characteristics in the project, as well as construction and financing cost estimates.
«The winning of the 27-29 Ussishkin project is another layer in deepening Matslawi's operations in Ramat Hasharon, a city where we see significant potential for quality urban renewal.»
- said Sami Matslawi, Chairman and Owner of Matslawi Building Company:
«We recently commenced construction on another company project at 9-11 Ussishkin Street, and in parallel, we are working to advance three additional projects in the city. We believe in the continued development and renewal of Ramat Hasharon and will continue to act resolutely to advance the projects, in cooperation with the tenants and the local authority.»
