Trump
Purchases Site for Trump Tower Israel
JERUSALEM:
Donald Trump announced that he has completed buying
property in Ramat Gan, Israel, and plans to build
a 70-story luxury-housing tower that would become
the tallest building in Israel.
Trump, a billionaire developer, said the $300 million
project would be his first development in Israel.
The structure is planned in partnership with Crescent
Heights Investments, which is based in the United
States.
"I am confident that Israel's future can only
go one direction, and that is up," Trump said,
adding that he had negotiated for the site for more
than a year. "We are developing a signature
landmark property so impressive that it will set
a new standard for luxury condominium living in
Israel."
Rising demand and a lack of supply have resulted
in increasing real estate prices in Israel, HSBC
Holdings said in a recent report. The upper end
of the market and properties in the sought-after
central portion of the country, in cities like Ramat
Gan, are the main beneficiaries of this trend, according
to the report.
The
buyers paid Strauss-Elite $44 million for the property
and are planning to spend a further $256 million.
on construction of the tower, bringing the total
investment in the project to $300 million.
"I
am confident that Israel is only heading in one
direction, which is up," Trump said in a press
release, adding that his edifice would bring the
"level of sophistication and design that Israel
deserves."
The
planned building will be 70 floors high and will
be comprised of "prestigious" luxury apartments.
It will be the tallest tower in Israel once completed.
The tower will be located on the site of the old
Elite chocolate factory, adjacent to the Israel
Diamond Exchange.
Crescent
Heights spokesman Brian Dochman said Trump was renowned
as an "international icon who sets new standards
of elegance in every city that he develops in."
The
site of the proposed tower is next to Migdal Aviv
in Ramat Gan and is one of two Israeli projects
in which Trump is involved. In December 2005 plans
were announced for Trump to construct a $500 million
hotel complex in Netanya.
June 26, 2006
