Gindi undercuts rivals with much lower Sde Dov prices

6666 housing units were successfully marketed in February and March 2025 at Sde Dov, which may be a prominent “plot of land” in all Israel today. Every new development in the North Tel Aviv neighborhood attracts great attention, and this week, the Israeli Gindi Holdings has launched its Vogue Housing Project at Sde Dov, at 49000 NIS prices per square meter.

This is much lower than the required prices in other residential projects in Sde Dov. The average price per square meter in the neighborhood usually exceeds the mark of 70,000 NIS, with an average of 80,000 nis per square meter, and in some cases up to 100,000 nIs per square meter or more.

Yigal Dimri, one of the owners of YH Dimri Construction & Development (Tase: Dimri), who owns lands in the region, speculated when the latest tenders in Sde dov closed that the prices there may reach 150,000 NIS per square meter in a contract or two. How does Gindi “Gindi” allow to offer much lower prices, in a project that is located directly north of the DIMRI project? The balls with some comments on this step that have become talking about the city.

Gendy’s interpretation: planning and timing

Gindi Holdings won two pieces in land tenders in the central section of Sde Dov, which can build 708 housing units. The company plans to build a 44 -storey tower, three towers of 20 floors and three -storey buildings.

Gindi Holdings says that planning to start the project began even before winning the contract, which provided time and allowed the company to start marketing apartments and start moving forward in construction requests. The cost of planning, according to the company, is slim: just a few hundred thousand of Shekels that could have been “washed in depletion” if the company did not win.

In a period when interest rates are relatively high, large savings can be translated in times of progress in the project, in its shadow, into a lot of money in the future – tens of millions of shekels or more – if Gindi has already been able to complete the construction before everyone.

Another explanation for the company’s ability to set a low initial price for the project related to Jindi bids in February tenders. The company won both offers, although it did not make the highest offer, due to tender instructions from the Israeli Land Authority. Jende’s offer was less than 177 million NIS less than the highest bids. GINDI tenders reflect the average price of about 1.75 million NIS for land per apartment, including development expenses, compared to an average of 2.9 million NIS lands per apartment in the SDE Dov tender four years ago in August 2021.

After the tenders in February, the CEO of the Israel ILA, the Israeli Land Company, said, after the tenders in February. He said: “After we flooded the market on the ground in recent years, and after we fired land for 9000 housing units in a short time at Sde dov alone in Tel Aviv (including the land that was marketed in 2021 and 2022), we were not surprised by the published prices.

Certainly, prices will arise and work time away

As with any marketing initiative, it is important to take into account small details. GINDI plots site, which, despite the open maritime view now, will have a few towers built to the west, which prevents the sea view and hurts the value of the apartment. In addition, although Gindi Holdings has set a somewhat low price for the project at this stage, this is the first pricing – which means that prices may not remain at this level, and certainly because the sold apartments are greater, on higher floors and with more luxurious specifications. Gindy emphasizes that this is not pre-limited to a certain number of apartments, and notes that “all apartments 708 are offered for sale. We estimate that the average for the entire project will be 54,000-55,000 NIS per square meter.”

This time should be added to pass until the construction is completed. Although the company has already agreed to fund all of the projects, with Mizrahi-Tefahot and Bank Leumi, it is expected that the payment of the land will be completed only within a few years. Experts believe that the matter will take from six to nine years until occupancy, while many projects are already under construction, including Canada, Israel, Mushier Avizer and children, which means that this project will be completed. In addition, in the Eshkol neighborhood, the infrastructure was already completed, while in other parts of the neighborhood it is still under progress.

Gindy estimates that the permits of land business and support the foundations of the project will be received next year, and the full permit – within two years. The drilling stage alone is estimated by the company to take about 18 months, due to the presence of groundwater below the surface.

A source in the industry says: “If Jindy sold apartments with a specific link to the construction entry index, and given the fact that this project will be delivered by apartments, in the best cases, in seven years, the price of 49,000 New meters per square meter today is about 65000 New per square meter in seven years.” “We are at an early stage, and it is known how long these things take with the municipality of Tel Aviv.

“Everyone will need to reach a way of marketing fraud

GINDI’s low starting price bar raises one central question: What will the competitors do? There are quite a few of them: in the south of the region, there are already at least two projects under construction, and in the coming months it is scheduled to receive at least three others from the construction and sale permit – by YH Dimri, Nachmias Group, MIVNE, Allied and Levinstein Engineering (common). More than 1000 apartments are planned for these three projects alone. Of course, the other winners of February and March tenders – nearly 6000 additional apartments from AVIV, Melisron, Shikun & Binui, Hagag, Yossi Avrahami and others.

Will Jindy marketing prices affect these competitors? Regarding projects that have already deepened in the marketing stage, the effect is likely to be simple, at all. As for other projects, it will tell time. “The competition in this neighborhood will be very aggressive,” the source says, and within a few months, you will only intensify with the additional projects that have been placed in the market. I assume that competitors will wait a little bit to learn how to make sales, and they will interact accordingly.

“For a player like Israel Conada, who has already sold nearly half of the project, he is much less dramatic, and they can bear waiting with sales and manage them at a slower pace. As for others – they may copy Jindi tactics and perhaps other innovative ways.

It was published by Globes, Israel Business News – En.globes.co.il – on June 5, 2025.

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