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Old March 28th, 2006, 10:15 PM   #41
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Habas sells 119 Yoo apartments for NIS 475m

Habas will likely begin recording revenue on the Philippe Starck-designed project in the first quarter of 2006.

Roy Meltzer 28 Mar 06 15:20

Habas HZ Investments Ltd. (TASE: HABS) published its financial report for 2005 yesterday, which provide a peek at one of the most luxurious residential projects now under construction in Israel - the Yoo project in Tel Aviv’s Zameret Park. International designer Philippe Starck is a partner in the Yoo project.

The Yoo project comprises 297 apartments in two high-rises, one with 37 floors and the other with 41. Starck designed the buildings, and will receive 10-15% of the project’s profit.

Habas does not recognize revenue from the Yoo project in its 2005 financial report, because only a 24% of construction was completed by the end of the year. Under accountanting standards, revenue must be recognized only after 25% of construction and 50% of sales in a residential project are completed. It is believed that Habas will begin recognizing revenue from the Yoo project in its financial report for the first quarter of 2006.

Habas says 111 apartments in the Yoo project were sold for NIS 412 million up to the date of the financial report. This figure reflects an average price of NIS 3.7 million, or $800,000 per apartment. Habas said prices ranged between $3,500 and $8,000 per sq.m. The company added that it sold a further eight apartments for NIS 63 million after signing the financial report.

Habas revenue fell 20% in 2005 to NIS 70 million, and it posted a net loss of NIS 15 million. The company’s shareholders’ equity was NIS 139 million at the end of 2005, financing a balance sheet total of NIS 590 million. The company’s market cap is now NIS 362 million.

Published by Globes [online], Israel business news - www.globes.co.il - on March 28, 2006

© Copyright of Globes Publisher Itonut (1983) Ltd. 2006
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