Kardan Real Estate Ltd. has signed an agreement to purchase land in Beer Yaakov designated for the construction of 365 housing units, Yedioth Ahronoth reported Wednesday.
According to the deal, Kardan will finance the entire construction project and will set aside 19 units for the current owner of the property.
The Tel Aviv-based real estate firm has estimated that construction will begin within 18-24 months, pending the necessary permits.
The land owner had previously annulled an agreement with the Resido real estate company, which is a part of the Milomor Group. Kardan will compensate Resido for the annulment.
The annulment of the deal between the land owner and Resido still requires the court's approval before the agreement with Kardan can be finalized.
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