Israel Canada sold apartments for 1 billion shekels — 10 million shekels per apartment in Sde Dov
Half-year data points to a high average of sales. The first quarter was stronger, but the company moved from a net loss last year to a profit, with revenues also rising compared to 2025. The average price in Sde Dov remains high.
Israel Canada is considered one of the strongest companies in Israel in the residential sector. In recent years, its revenues have been among the highest in the country. The big question: how many apartments did the company of Barak Rosen and Asi Tuchmair sell during a period when the market is slowing down?
From the beginning of 2026 until the date of the report's publication, the company sold assets totaling about 1.8 billion shekels, including 197 apartments worth about one billion shekels. For the entire half-year, the company sold 142 apartments worth about 771 million shekels, office space of about 10,663 sq. m worth about 389.7 million shekels, and sold the Midtown Jerusalem hotel for a total of about 313 million shekels.
In the second quarter, it sold fewer apartments than in the first quarter — 56 apartments worth about 322.2 million shekels, and office space of about 8,881 sq. m worth about 336.1 million shekels. However, after the report date, sales increased, and in less than two months it sold 55 apartments worth about 310 million shekels.
The sales were concentrated in the Rainbow project in Sde Dov, where singer Noa Kirel purchased 3 apartments, not including an apartment purchased by her parents and other units acquired by her agent. To date, the company has sold 284 apartments in this project for a total of about 2.5 billion shekels — an average of 10.08 million shekels per apartment.
Recall that the company received approval for a merger with Acro. It signed the deal in February, and the essential approvals to complete the move have already been received. In June, the company entered into a memorandum of understanding with Enlight Renewable Energy to promote a strategic cooperation agreement in the field of development, construction, and operation of data centers, as well as in the field of storage, solar energy (PV), and electricity supply, all on the company's assets. In addition, the Ramat HaSharon municipality's appeal was rejected in the district court regarding the Elco project, and licensing procedures began for the Four&Five project in Ramat HaSharon, which includes 600 apartments (including 120 for rent) and about 150,000 sq. m for office and commercial use.
Regarding the Vertical City project, the district committee approved for deposit a plan to add building rights in the amount of about 182,000 sq. m, of which about 33,000 sq. m are residential rights for marketing on the free market. As a result, the project company valued the asset and recorded an increase in value of about 130 million shekels (the company's share is about 73 million shekels).
Financial results: the company ended the second quarter with revenues of about 340.2 million shekels and a net profit attributable to shareholders of about 22.1 million shekels, compared to a loss of about 4 million shekels in the same quarter last year. Excluding the loss from hotel operations, the company ended the second quarter with a profit for shareholders of about 42 million shekels.
The company's revenues in the first half of the year totaled about 506.8 million shekels, compared to about 399.3 million shekels in the same period last year. The company ended the first half with a loss attributable to shareholders of about 35.8 million shekels, compared to a loss of 30.9 million shekels in the same period last year, with the main loss stemming from an increase in operating and hotel management expenses. The company ended the period with a positive cash flow from current operations of about 39.5 million shekels, and in the second quarter alone, it recorded a positive cash flow of about 136 million shekels.
