Luxury Jaffa Apartment Block Sold for NIS 999

Construction company Ilan Gat yesterday sold the Jaffa apartment project Andromeda Hills to businessman Haim Geyer for NIS 999. In the exclusive coastal housing project, 150 apartments have been completed and another 250 are planned. The project is NIS 100 million in debt to Bank Hapoalim, which will continue to finance the project. With an agreement with the owner of the site, the Patriarch of Jerusalem, the new owner may be confident about Andromeda Hills' recovery. Ilan Gat attached a `going concern' warning to its 2002 financials and in April its shares stopped trading.