Tzahi Hagag earns hundreds of millions: hundreds of apartments sold in five months

Hagag Europe, controlled by businessman Tzahi Hagag and his partner Shahar Macht, which operates in the initiation, development, marketing, and management of real estate projects in Romania, reported on Thursday a high sales rate over the last five months. During this period, 231 housing units were sold across three projects in Bucharest currently in the marketing stage.

The company, which launched the marketing of its flagship project in Bucharest, Pipera Lake (stage 3), during the second quarter, reports that 157 housing units have been sold to date. Additionally, 74 units were sold within the framework of the company's projects in advanced stages of execution: 60 units in stage 2 of the Pipera Lake project and 14 units in the Obor project (stage A).

To date, approximately 650 apartments have been sold in the three projects above for a total financial volume exceeding 300 million shekels (about 85.8 million euros), while the company continues to execute and market the projects in parallel in Israel and Romania.

The Pipera Lake project is a large-scale residential complex located in Bucharest in the sought-after Aviației-Pipera area. It is situated in close proximity to one of the largest high-tech parks in Romania, employing about 300,000 people, including staff at leading international technology companies, and is aimed at a target audience with a high socio-economic status.

The project consists of three stages and includes 16 residential buildings. All 435 housing units in the first stage have been sold and occupied. The company is currently building the second stage, comprising 455 units, with most apartments already sold, and has recently launched the marketing of the third and final stage. Hagag Europe estimates that the expected gross profit from stages 2 and 3 will amount to approximately 168 million shekels (about 48 million euros).