Apartments in Ramat Beit Shemesh Gimmel to Cost NIS 550-580,000
by Yechiel Sever
The first round of bidding for apartments in Ramat Beit Shemesh, for 750 units which were bid based on the price the contractor promised to sell the apartments with the lowest offer winning ("mechir lemishtakein"), was completed with the winning bids coming in at NIS 550-580,000 ($147-155,000). This price is significantly lower than recent sales in the Beit Shemesh area, and all those involved were very pleased with the results. A second round was also held recently for another 1,350 units.
The head of the Planning Committee of the city of Beit Shemesh, Rabbi Moshe Montag of Degel Hatorah, told Yated Ne'eman, "This is good news. These prices are very reasonable and we were pleasantly surprised. I certainly hope that these prices will set the pace for future bidding rounds because these are only the first of many more."
Professional observers estimated that it could take another year before the land is actually given over to the contractors to build. Only at that point are they permitted to sell the apartments. From then, if all goes smoothly, the first residents should be able to move in after 18-24 months. Rabbi Montag said that the municipality will do whatever it can to move things along faster.
Yated also found out that another project, known as Ramat Beit Shemesh Gimmel-2 and to include 1,850 units, is at an advanced stage of planning.