Moshav Nehalim Strikes It Rich in Land Sale Deal

Members of Nehalim, an Orthodox moshav near Petah Tikva, can expect to receive NIS 127.5 million as a result of a land sale deal with Mishab Housing Construction and Development. The deal is for the construction of 304 apartments on 20 dunams of land owned by Nehalim but located inside the Petah Tikva municipal boundaries.

The apartments are planned for five residential towers, each 18 stories high, in southeast Petah Tikva, in a project designated for the national religious public. The housing complex will be called Nehalim Towers, and is expected to generate NIS 425 million for Mishab. The land is near the Hadar Ganim neighborhood, which is also property owned by Nehalim but situated inside within Petah Tikva. The building plans for the new neighborhood provide for the construction of some 45,000 square meters of residential space.

Under the sales agreement between Mishab and the moshav, which has about 2,000 residents and is part of the Modi'in Regional Council, Nehalim will receive 30% of the revenues from the sale of the apartments. Thus Nehalim's members can expect about NIS 127.5 million.

The land on which Mishab will build Nehalim Towers is part of a tract for which about 1,200 apartments are planned. The starting prices for the apartments will be NIS 1.15 million for four-room units measuring 120 square meters; NIS 1.3 million for five-room units measuring 145 square meters; and NIS 2 million for a penthouse measuring 185 square meters, with an additional 80 square meters of balconies. A source at Mishab, which builds residential complexes for the observant public, said that the main lobby in each of the five towers will have a residents club room and a fitness room.

"We have not yet decided what to do with the money," says Ze'ev Golnik, who chairs the moshav's council, "but any decision will have to be made in an orderly fashion."