Park Tower Ramat Gan: 34 Floors, 180 Homes

Anav and Ashtrom Residences have signed an agreement with Shikun and Binui Solel Boneh for the construction of the Park Tower project in the Hagefen area of Ramat Gan, at a value of about NIS 230 million. The tower, of 34 floors, will hold 180 apartments above retail space, in place of three older buildings demolished about a year ago. Occupancy is scheduled for January 2030.

Why a construction contract is a good sign

Signing a construction contract with a contractor is a stage reached once financing and design are already in place. In a market where more than a few projects stall between plan approval and breaking ground, it is a sign that this project is genuinely moving.

An occupancy date of January 2030 says something about the realistic build time for a tower of this size, and that is a useful figure for anyone weighing an off plan purchase in a comparable project.

What north Tel Aviv can learn from it

Ramat Gan is not our main area of activity, but it is part of the same metropolitan market. When a large contractor commits to a tower of 34 floors in the heart of Gush Dan, it says something about how long term demand in the core areas is being assessed.

For buyers in north Tel Aviv and Ramat HaSharon there is a comparison point here: a new project delivered in about four years is a different financial product from an apartment you move into tomorrow. The price gap between the two is not only a gap in quality, but a gap in time and in risk.

What to check in an off plan purchase

Who the contractor is and what their record looks like, what the payment schedule is and how it is indexed, what guarantees are in place, and what happens if delivery is delayed. These are questions to ask before signing, not after.

We also guide buyers through deals of this kind, and help compare an off plan purchase with an existing apartment in the neighborhoods we know at close range.

Courtesy of Merkaz HaNadlan · read the original article