This first phase involves the development of 250 apartments, to require a €30 mln investment. By completion, this project will make available some 1,500 apartments in 12 buildings, costing a total €170 mln. “We recently signed a contract for a bank loan for the development of the first phase of the Bucharest project; to date we have invested only our own funds for the land and pre-development. We will be able to access the first funds from the bank in three months, when we finalize the foundation work,” said Eli Cohen, Vice President of ILDC, at the launching of the project.
“We will develop the project in several stages, over 7-8 years, with delivery of homes based on the evolution of the market. The first phase will be finalized in 24 months, and the construction of the next phase will begin once 50 percent of the first is sold,” added Cohen.
Israel Land Development, with activities in media and real estate development, is quoted on the Tel Aviv Stock Exchange since 1953. Eagle Development is engaged in real estate projects in Israel, Poland, Canada, Republic of Moldova, Kazakhstan and Georgia.
