A 243-square-meter penthouse apartment in the Hagag Group’s (TASE: HGG) Port TLV Residence project was sold for NIS 36 million.
This is a new project that is set to occupy a long and complex history. Port TLV Residence is built on five privately owned plots of 2.5 dunams (2,500 square meters) with old buildings on them, some of which are inhabited by illegal settlers, and one of which is even an illegal gas station.
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In 2010, Isaac and Ido Hagag purchased the land to build a ten-story apartment building and hotel. The plan was approved by the Tel Aviv Local Planning and Building Committee in 2013.
Designed by architect Ilan Pifko, the first two floors of the building are a 44-room hotel and 40 apartments on the eight floors above with two duplex penthouse apartments with private pools on the ninth and tenth floors.
The project’s rare and sought-after location in the Tel Aviv real estate market is reflected in the high prices. In recent years, deals in the project have been completed for NIS 100,000 per square meter. For example, a three-room apartment on the seventh floor sold two months ago for NIS 7.37 million. In June 2023, a two-room apartment on the third floor sold for NIS 4.76 million, while two years ago, apartments measuring 145 square meters and 88 square meters sold for NIS 10.13 million and NIS 8.74 million, respectively.
The current deal reflects a price of about NIS 130,000 per square meter, which is close to the price levels of prestigious mega-projects located in the south of the city on Herbert Samuel Boulevard on the waterfront.
For comparison, apartments in the Akirov Towers in the Old North were sold for an average of NIS 65,000 per square meter, in Park Tzameret for an average of NIS 60,000 per square meter, and in Sde Dov for an average of NIS 85,000 per square meter.
Haggag Group declined to comment on this report.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 24, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
