Visualization - Aora Pivko Bat Yam urban renewal project (Photo: the Craft TLV)
Did someone say stagnation in demand?
In the Aura company's 'Pivco' tower in Bat Yam, 30 apartments were sold during the month and a half of the project's pre-sale period - which is about a third (31%) of the stock of housing units that the company put up for marketing.
The advantage in the current market situation: the construction clearance allows 20/80 financing terms.
The interest rate does not affect people because the mortgage will be taken in 4 years.
This, unlike buying an apartment from a project, the buyer is land and of course will not be able to allow this.
Of the 30 transactions closed, as mentioned, there are binding sales agreements for 27 apartments with a total amount of approximately NIS 84.5 million, as well as 3 additional registrations, which are expected to be signed as binding sales contracts in the coming days, with a total amount of approximately NIS 10.5 million more.
CEO of Aora Yaakov Etrakchi (photo: official website, photo: Robbie Castro)
As part of the construction of the complex, 23 old apartments will be demolished, and a magnificent 32-story tower will be built with 120 apartments above an underground parking lot, 200 meters of commercial space and areas for public needs.
The apartments have 3-6 rooms, mini-penthouses and one large penthouse on the top floor.
Furthermore, it should be noted that the Aora company, which owns 80% of the joint venture 'Pivco-Bat Yam', has a signed escort agreement with a financial institution.
Recently, after receiving a full construction permit for the project, eviction notices were issued to the old tenants, and these days the company is in advanced negotiations with a main contractor for its execution.
The company anticipates that construction work will begin in the second quarter and continue continuously, for approximately 50 months, until its completion. Furthermore, The company predicts that the gross profit of the project is expected to amount to approximately NIS 69 million.