The group bought the complex for NIS 343 million (about $90 million) and committed to marketing its buildings after their renovation. The entire project was sold within a month and a half after the marketing commenced.
The apartment buyers include Defense Minister Ehud Barak, Bank Leumi CEO Galia Maor, Bank Mizrahi Tefahot CEO Eliezer (Eli) Yones and Attorneys Dalia Tal and Israel Kantor.
In terms of its financial volume, Assuta is considered the biggest project by a buyers group. The prices of its housing units began at NIS 2.2 million ($580,000), reflecting a price of about NIS 26,000 ($6,880) per square meter – about 25% lower than the market prices of similar properties in the area.
An entire floor was sold for about NIS 35 million ($9 million) and a penthouse was sold for NIS 59,000 ($15,600) per square meter. The project's construction is expected to be completed within four years.
Upon completing the project's marketing, Ha'Ir Hahadasha Group became one of the biggest elements in the residential real estate field in Tel Aviv, which is engaged in building about 500 housing units in the city.
The project includes two 26-story towers and two Bauhaus buildings of two to three floors slated for preservation.
The housing units in the towers include wide show-windows 7-8.5 meters (23-27 feet) high and large balconies facing the sea. The towers include a swimming pool, a resting place, workout gyms and a spa.