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Africa Israel (TASE: AFIL) has bought land in Ganei Tikva on which it means to build 400 apartments.

The real estate and sundry investment group believes it can sell the apartments for $117 million, said its CEO, Pini Cohen, yesterday. The biggest apartments in the project will have five rooms.

Africa Israel will be building five apartment blocks around a central 2.5-acre park.

It bought the land from private owners, half in cash and half through a "combination deal".

Work on the project will start in about two years, as soon as the company obtains official approval of its plans.

The new project will be adjacent to the new neighborhood of Givat Savyon.

Cohen added that during 2006, Africa Israel expects to build 11 new neighborhoods around Israel, both in the popular central areas and in more remote parts of the land.