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

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