Aura Israel to build housing project in Eilat

Company to build apartments in southern city's Shahamon neighborhood over 1.2 acres belonging to Israel Land Administration

The Aura Israel company, controlled by Attorney Yaacov Atrakchi, is planning to build a housing project in the southern city of Eilat, Yedioth Ahronoth's economic newspaper Calcalist has learned.

 

The project, in the Shahamon 10 neighborhood, will be built on land belonging to the Israel Land Administration, which was part of a tender issued in 2006.

 

Aura purchased the land about a year ago for NIS 8 million (about $2 million), including development expenses, and estimates that the revenues from the project will reach NIS 38 million ($10 million).

 

The land stretches over 1.2 acres and allows the construction of 28 housing units and a commercial center measuring 300 square meters (3,229 square meters) in size.

 

The project will include four and five-room flats and garden apartments, duplexes and mini-penthouses, which will be sold for NIS 1.16-1.2 million ($310-320,000).