Developer sells 130 homes in four hours

In four hours, the developer Shapir Engineering sold 180 apartments in an Or Yehuda project during an open house at the site on Friday.

The apartments in the Orion Complex development, worth a total of NIS 180 million, were sold at discounts of up to 13%. The remainder of the apartments in the project will be sold at list price.

Shapir, which is owned by the Shapira brothers, bought the land in the Neve Rabin neighborhood for NIS 99 million in April 2008.

The municipality approved a construction plan for between 420 and 450 apartments, in six 16-story high-rises and five 4-story buildings. Most of the apartments will have four to five rooms.

There is not much new construction going on right now in Or Yehuda, a fact that drew hundreds of people to the event. Many were there by 7:30 A.M.

The sales contracts were awarded by lottery - prospective buyers received numbers, and those with higher slots on the list got to choose their apartments first. By 1 P.M. all the apartments made available in the first two lottery rounds had been sold.

Four-room apartments with list prices starting at NIS 1,268 million sold for NIS 1.123 million at the open house, while 5-room apartments listed at NIS 1.494 million sold for NIS 1.32 million. These sale prices are lower than those of similar apartments in other developments.