BUYER’S BONUS

Condo attitude Fancy becoming a hotelier as well as a home-buyer? A new property-ownership model may appeal

BY NATHAN JEFFAY Sun Bat Yam, take the lift straight down to the beach, or head to the commercial area with UST TO the south of Tel Aviv lies its boutique shops and fine dining. Bat Yam, with its clean, chilled The commercial centre will be on the new beaches and its more affordable promenade, at sea level and will include a land prices. So, it’s no surprise that 3,500 sq m hi-tech fitness complex. While the luxury developers are setting their suites will not be ready until 2018, the com- sights on the city. mercial centre is expected to open next year, Sun Bat Yam will consist of two around Passover. 28-storey towers on the beach Suites will be decorated and furnished to front. It calls itself a “one-of-a- the hotel’s standards and include high-end kind luxury condo hotel project”. fittings, appliances and balconies. This condo model will see buyers Finn says: “The idea is that Bat Yam is not spending up to 90 days a year in the resi- a strange place dence they buy — and for the rest of the year Visitors can float or a faraway J it will be used as a hotel room. Buyers will destination but on real Dead Sea receive a quarter of the room revenue of the water which has rather Tel Aviv hotel. Bat Yam is all Zalmi Finn, vice-president of develop- been transported one big area. ment at Sun Bat Yam, stresses that the con- to the site Discussing do model is not the same as timeshares. the suites he “Condo hotels are very different,” he says. “ says: “ All units have a balcony that is sea- You own the room — it’s 100 per cent yours.” facing, giving a fantastic view of the Mediter- He adds: “You’re earning money from it ranean. Depending on the floors and unit every day.” type, the view can also include the Rishon There will be a conference centre in the Beach, Ashdod and Ashkelon, while other complex, which the developers say will help units have views of Bat Yam, Jaffa and Tel Aviv. to bring high occupancy rates and therefore Our City Suites will have a breathtaking view good returns. The complex is expected to of the the Tel Aviv skyscrapers.” look good — it has been designed by Feigin Finn expects to attract buyers who “love Architects, one of the leaders in Israel’s hotel the idea of a hassle-free vacation in a five- and leisure sector. star luxury hotel and also like the idea of For relaxation, Sun Bat Yam buyers — and purchasing a unit that they own fully, with- hotel guests — will be able to float on real out any worries that are normally associated Dead Sea water that will be transported to with owning a second home.” 

12 Luxury Homes And Investment | Autumn 2016 Sun Bat Yam: luxury while you stay; income when you don’t

2016 Autumn | Luxury Homes And Investment 13