The College of Management and Afcon Holdings will establish a 500-room dormitory complex.
The project will be carried out jointly by the two organizations. According to the general director of the flexible college, the subsidized rents will amount to 2,000 NIS per month.
The College of Management and Afcon Holdings of the Shlomo group announced today the establishment of a 16,000 square meter student dormitory complex on the campus of the college in Rishon LeZion, which will be designed by the organizations for an amount of 130 million NIS, jointly owned by the two organizations, which will conclude an agreement to this effect with the College.
According to the plan currently being developed, a complex of several five-story buildings will be constructed in the area designated for dormitories adjacent to the college, in West Rishon LeZion, which will include 500 apartments. Each unit will include a kitchenette and a bathroom. Additionally, a commercial floor will be built on the site.
“The construction duration of the campus is estimated at 30 months from the date of obtaining the building permit. The joint company will operate and maintain the campus for 24 years, in exchange for the amount that will come from the number of students who will rent dormitories on the campus,” for an estimated total of 12 million NIS.
“This is an expression of confidence in AFCON for the strength and vision of the College of Management, as an entrepreneurial organization thinking long-term. The new dormitories will allow us to bring additional added value and, as part of our commitment to our students, the housing will be marketed at a subsidized cost of 2,000 NIS per month.”
“The rent will be about 2,000 NIS per month for a one-and-a-half room studio, excluding municipal taxes and electricity and water bills,” said the director of the College of Management, Rafi Gimia, who then described the college’s future plans. He added that the cost of the dormitories would make it easier for college students from an economic perspective, whose tuition fees are among the highest in the country and amount to about 32,000 NIS for a year of studies. Thus, we can continue the revolution of making higher education accessible in Israel. This is a strategic project for both the college and the municipality of Rishon LeZion, which wishes to keep its young people in the city and give them the greatest opportunity to develop in the environment in which they grew up.”
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The price of land continues to rise despite the decrease in new apartment sales this past year. The price of agricultural and buildable land has increased by 15% in one year. Given the significant demand, and the relatively high price per square meter in this region.
