# From Tender Price To Asking Price: Where The Money Goes > Winning a RAMI tender buys lease rights at a sealed bid. Selling an apartment recovers land, planning, construction, finance, levies, and margin. The public record shows some of those lines for Sde Dov and is silent on others. Canonical: https://shavnu.com/blog/from-tender-to-price --- **Published:** 2026-08-20 **Category:** market **Reading time:** 10 minutes **Projects covered:** RAINBOW Tel Aviv, GINDI VOGUE, FIRST by Hagag, DIMRI YAMA TLV, ASHIRA **Developers covered:** Israel Canada, Gindi Holdings, Hagag Group, Y.H. Dimri, Avisror Moshe & Sons ## Two Prices, Two Moments The Israel Land Authority sells development rights at a tender. Years later the developer lists apartments on the presale market. Those numbers are related. They are not the same statistic. Tender price is land cost per home, or total land payment for a plot, as recorded when the sealed bid closes. Asking price is what the marketing department puts on a square-metre brochure. Recorded deal price is what the Israel Tax Authority filings show after a contract registers. Confusing the three is how buyers import wrong expectations from auction headlines. The existing post "The Most Expensive Dirt in Israel" owns the Sde Dov tender ledger. This post walks the cost stack between a win and a list price, and marks where the public record goes quiet. ## Land: The Line the Record Shows Best Eshkol's August 2021 record close put about ₪2.8 million of land cost per apartment on 1,540 homes at ₪4.4 billion total, 6.5 times RAMI's minimum. Israel Canada paid about ₪1.3 billion for RAINBOW's 480 units on lot 111. Avisror's lot 101 land payment was reported around ₪730 million for ASHIRA's 406 units in tender coverage. February 2025 Central tenders closed at about ₪6 billion for 4,191 units, roughly forty percent below the 2021 per-home land mark. Hagag paid about ₪756 million for FIRST's 350 units on lot 2270. Dimri bought lot 107 from Hanan Mor for ₪1.1 billion in July 2024 after Mor's ₪1.5 billion 2021 bid failed, then launched DIMRI YAMA from ₪3.75 million for a two-room unit. Land is only the first layer. It is also the best documented because RAMI tenders and major resale transactions like the Mor-to-Dimri lot generate press and registry entries. ## Planning and Design: Rarely a Public Shekel Figure After land comes statutory planning and architectural design: district plan compliance, design plan approval, consultant teams, and appeal defence. Sde Dov's Central and North complexes waited until August 2024 for final validation, then survived appeals before February and March 2025 tender closes. The repository records approval dates and architect names on consumer projects. ASHIRA names Avner Yashar. FIRST names ODA. DIMRI YAMA names Roni Zis Architects and Kelly Hoppen for interiors. It does not publish a planning-and-design shekel budget per unit for any of the seven projects. When a buyer asks "what did planning cost," the honest answer from this file is: the record does not say in money terms. Time is documented. Money is not. ## Construction: One Hard Number on RAINBOW Construction cost appears publicly when a major contractor contract is disclosed. In January 2026 Israel Canada contracted Ashtrom to build RAINBOW for about ₪736 million, with works starting that month. Divide that contract by 480 units and the implied build cost is about ₪1.53 million per home before common-area and commercial allocation. That is an approximation, not a published per-unit figure from the developer. Towers with hotel components, senior living, or heavy parking split costs differently. Other projects on the field do not carry a comparable construction contract in the news seed. UTOPIA started construction in October 2025 without a published build contract total. ASHIRA's financing headline exceeds ₪2.5 billion, which covers construction plus interest and fees inside the loan, not a clean per-apartment build line. ## Finance: Interest and Bank Fees Developers borrow to carry land and build. ASHIRA's January 2026 financing from Mizrahi-Tefahot and First International exceeds ₪2.5 billion. Luzon-Ronson signed about ₪700 million of financing for its Central project in June 2025. Finance cost depends on timing, base rate, and draw schedule. The Bank of Israel base rate was 3.75% with Prime at 5.25% as of 25 May 2026 in the corpus. A project that won land in 2021 and delivers near 2029 carries years of carry cost that a 2025 winner may avoid on land but still pay on construction draws. The public record announces headline facility sizes. It does not publish all-in finance cost per square metre sold. **Documented cost inputs on selected Sde Dov projects (public record only)** | Project | Land (recorded) | Construction (recorded) | Finance headline | | --- | --- | --- | --- | | RAINBOW | ~₪1.3B / 480 units | ~₪736M Ashtrom contract | Not separately published | | ASHIRA | ~₪730M (coverage) | Inside ₪2.5B+ loan | ₪2.5B+ Jan 2026 | | FIRST | ~₪756M / 350 units | Not published | Not published | | DIMRI YAMA | ₪1.1B lot purchase | ~₪1.07B investment cited at launch | Not published | | GINDI VOGUE | Two Central plots, Feb 2025 | Not published | Not published | _Land and contract figures from tender post, projects.ts, and news.ts. Launch investment cite is developer publicity in district records._ ## Levies, Fees, and Statutory Payments Israeli development carries statutory levies, betterment charges, connection fees, and municipal payments that do not appear as a single line in Sde Dov marketing. The repository does not publish a district-wide levy schedule per unit. Long-term rental and inclusive-housing components inside TA/4444 shift economics on some lots without changing private list prices on others. Shikun & Binui's Dira LeHaskir wins and Prashkovsky's rental tenders deliver housing outside the private presale stack entirely. Buyers should not infer that tender land cost plus visible construction equals total developer cost. Levies sit in the gap the public file does not quantify. ## Margin: The File Does Not Publish a Percent Developer margin is the remainder after land, planning, construction, finance, and levies. No Sde Dov project in the repository publishes a target margin percentage. Do not treat internet forum guesses as district fact. Market behaviour still hints at recovery pressure. Gindi listed GINDI VOGUE from about ₪49,000 per square metre in June 2025, tens of percent below the ₪70,000 to ₪85,000 district average cited on its own page, and sold around seven hundred apartments within weeks after winning Central land about forty percent cheaper than 2021 Eshkol marks. Calcalist put RAINBOW's average closed deal at ₪11 million in Q2 2025 against land acquired at about ₪1.3 billion for 480 units. Arithmetic on averages is not margin, because construction, finance, and time are omitted. It shows list recovery can exceed land cost by a wide multiple when sales succeed. > The tender ledger shows land. It does not show margin. The file does not publish a margin percentage. ## From Stack to Square Metre Ask ZOHI launched in January 2026 from ₪70,000 per square metre on a 2021-era land win through Levinstein, Metropolis, and Mivne. GINDI VOGUE later marketed from about ₪59,000 per square metre against a cited ₪70,000 to ₪85,000 band. Nadlan Center reported in April 2026 that Dimri's price per square metre leads the district on DIMRI YAMA. Those are asking or launch figures, not Tax Authority averages. The district market record updated August 2026 shows recent-months averages around ₪56,000 to ₪59,000 per square metre with a complex split between Eshkol and Central room averages. Cheaper land in 2025 Central tenders showed up quickly in Gindi's launch strategy. Expensive 2021 land still sits under RAINBOW and ASHIRA contracts signed at higher implicit bases. Your contract sits on one wave's stack, not the district average. ## What Buyers Can and Cannot Infer You can infer that a ₪2.8 million 2021 land basis per home creates more recovery pressure than a Central 2025 basis about forty percent lower, before construction and time are counted. You cannot infer a developer's profit from tender results alone. You cannot infer that a shock launch price equals total cost plus a known markup. PFAS contamination disclosed in February 2026 may add remediation cost on some plots and become a marketing edge on others, like ASHIRA's clean test. Use tender land as a floor, construction contracts where published as a middle layer, and Tax Authority deals as outcomes. Treat margin as unknown unless the developer discloses it, which the record shows they do not. --- Source: https://shavnu.com/blog/from-tender-to-price on Shavnu, an independent English guide to the Sde Dov district in Tel Aviv. Figures come from the public record: Israel Tax Authority transaction reports, Tel Aviv GIS, tender results and the Hebrew press.