The Hanan Mor Group has signed an MOU with Friedman Khakshouri Engineering & Building Ltd. and EMD Real Estate Development and Investment Ltd to buy a 12-dunam (three-acre) lot at the Elite Junction in Ramat Gan for NIS 75 million. The lot is zoned for 518 apartments.
One lot is zoned for a high-rise with 53 apartments and has vacate-and-build rights for an additional 372 apartments. The EMD lot is zoned for 93 apartments. Sales proceeds from the apartments are estimated at NIS 700 million, on which the Hanan Group expects to earn NIS 220 million.
