Sources inform ''Globes'' that Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY) subsidiary Africa-Israel Housing Ltd. (TASE:AFHS) is in negotiations with the Hof Hacarmel Regional Council on the development of NIS 154 million 223-unit residential project and shopping center in Atlit. The project is located near the town entrance. When completed, the Savionei Atlit project will have 452 houses of 150-170 square meters each.
Africa-Israel Housing and the regional council are negotiating a contract, under which the company will build the new neighborhood's infrastructure, at an estimated cost of NIS 20 million, in exchange for an exemption on fees. Construction of the houses will cost an estimated NIS 134 million.
