Shufersal Real Estate will build a tower for trade and employment at Kfar Saba junction valued NIS 350 million

Shufersal Real Estate will build a tower for trade and employment on land it owns at the Kfar Saba junction together with the Rogovin Group. The company estimates that it is expected to recognize in its financial statements a profit before taxes in the amount of approximately NIS 20 to 26 million. The value of the completed project, according to the company's estimate, will be approximately NIS 350 million. 
Shufersal Real Estate has announced that it has entered into a combination agreement with the Rogovin Group in relation to the land owned by Shufersal Real Estate at the Kfar Saba junction with a total area of ​​3,183 square meters. 67% in exchange for receiving demolition, evacuation, excavation and construction services for the company's share in the project.
The parties will hold and operate the project jointly in the form of a joint transaction. Rogovin will manage the project, including marketing and renting it, in coordination with Shufersal Real Estate.
A 21-story tower is planned to be built on the land for commercial and employment use
And in a surface area of ​​about 27,000 gross and basement floors and parking lots below them (about 430 parking spaces), instead of the existing commercial areas on the land that will be demolished.
In accordance with the agreement, the parties will promote a new plan for additional building rights in the project
Of about 5 additional floors in a gross area of ​​about 8,000, of which about 6,000 square meters
Main in employment designation and as long as it is approved for residence so that in total the project will include 26 upper floors.
Sharon Gambasho, CEO of Shufersal Real Estate, said: The combination deal with the Rogovin Group,
Is another tier of the Shufersal Group's strategic plan to increase profitable real estate activity while improving existing properties, along with locating and purchasing properties in a variety of uses in attractive locations. The strategic location of the project at the Kfar Saba junction allows for transportation accessibility that includes a central station, train and a future metro line.