Shuki Abramovich enters the real estate business: in advanced negotiations for the purchase of 50 dunams in Ness Ziona

Abramovich >>recently completed his role as CEO of Clal Finance, and this week signed an agreement with Reuven Mualem and Shmuel Aharoni, owners of the investment kingdom, to establish a joint real estate company called “Argaman Bareket”, TheMarker has learned. Adv. Arie Abramovich, Shuki’s brother, will serve as the company’s attorney.

The company will specialize in purchasing agricultural land and rezoning it for residential use. Abramovich, Mualem and Aharoni are currently holding advanced negotiations to purchase 50 dunams of agricultural land in Ness Ziona for about NIS 15 million. The plans for rezoning the land and establishing a prestigious neighborhood of detached houses were submitted through architect Shlomo Gartner.

In the first stage – until the rezoning – about half a dunam of land will be sold to individuals for about NIS 220,000 including VAT. Royal Investments has already carried out similar transactions in the past two years: about a year and a half ago, 16.5 dunams of agricultural land was purchased in Gan Yavne. Today, half a dunam are sold for 160,000 shekels. The company purchased 24 dunams in Be’er Ya’akov, and about 200 dunams of agricultural land in the Tel Safit area.

“We believe in land in Israel, especially agricultural lands with high potential,” said Mualem. “The higher the risk, the greater the profit that can be derived from the land. Since we believe in the land, we leave about a third in our ownership, and the rest are sold to individuals for hundreds of thousands of shekels. The rezoning can take two to six years, and at each stage the price rises, so that all parties benefit.”