Mediterranean Towers Discloses NIS 3 Million Average Deposit for Or Yehuda Project

Mediterranean Towers has disclosed an average deposit of about NIS 3 million for its planned SPIRIT retirement complex in Neve Ayalon, Or Yehuda. In an interview published on November 1, chief executive Doron Arnon described an initial offering of approximately 350 apartments within a planned complex of about 460 units. The project involves investment of more than NIS 1 billion and approximately 95,000 square meters across 13 floors, according to the interview. Planned amenities include an open shopping area, cafés and restaurants, a 700-seat auditorium, a semi-Olympic pool, a therapy pool, fitness and Pilates facilities, and workshop spaces. Arnon said older residents were seeking larger homes and an active community life. Residents pay a deposit for occupancy rights rather than ownership of an apartment. The arrangement also includes contractual annual reductions in the deposit and ongoing monthly maintenance charges. Discussing land costs, Arnon said: “It should market land at much lower prices,” referring to the state and housing for older people. In an investor presentation dated October 6, Mediterranean Towers described the Or Yehuda development as under construction, with all permits received, and estimated completion at the end of 2028. The newly published interview supplies current marketing and pricing information; the complex has not been presented as an opened facility.