21.11.2011 24.Cheschwan. 5772
Tainted by suspicions of bribery, the Holyland housing project is now beset by planning delays and financial headaches.
Most real estate companies are having enough trouble with the slowdown in deal flow – but Holyland Park has another whole set of difficulties with its Jerusalem housing project. Media reports in April 2010 about suspicions of corrupt practices in obtaining building permits for the first part of the controversial project have led to delays in building permits for the rest of the works.
Holyland Park is controlled by the Kardan group (30% ), Polar Real Estate (30% ) and Bank Leumi (10% ). It is the company behind the hilltop Holyland project that many feel is a blight on the Jerusalem skyline. Holyland Park is busily battling the planning authorities, which are demanding profound changes to the plan and are therefore holding up further permits….