HAIFA, Israel, Dec. 18 /PRNewswire/ --
Engel General Developers Ltd. (Nasdaq: ENGEF), a leading housing developer in
Israel and other emerging markets, today reported that a subsidiary entered
into an agreement for the purchase of a tract of land measuring approximately
38,000 square feet, in the neighborhood of Brandov in Prague, The Czech
Republic, on which the Company intends to construct 144 residential units at
an estimated aggregate cost of $5 million.  The land was purchased for
approximately $250,000.  Construction is expected to commence in the second
half of the year 2001 and will continue for twelve to eighteen months.
    Yaacov Engel, President and CEO commented today: "This project is an
addition to the several projects in which we are already involved in several
Eastern European countries, including The Czech Republic, Poland and Hungary,
and are in the process negotiating additional large-scale development projects
in these countries, as part of our strategy of continuing to enhance our
position in the Eastern European market.  Several of our Eastern European
projects are in collaboration with a European Bank, and we may consider
involving such bank, or another strategic partner in this new project as
well."
    Engel General Developers is one of the leading developers of
moderately-priced, quality housing in Israel.  The Company designs, develops,
markets and oversees the construction of a variety of homes throughout Israel.
Homes developed by the Company are generally targeted to first-time buyers,
young couples, new immigrants and move-up buyers and are located in or within
commuting distance of major urban areas.  Recently, the company decided to
increase its activity to additional emerging markets such as Eastern Europe
and other places.

    This release contains certain forward-looking statements which involve
known and unknown risks, uncertainties or other factors not under the
Company's control which may cause actual results, performance or achievements
of the Company to be materially different from the results, performance or
other expectations implied by this forward-looking statements.  These factors
include, but are not limited to, those detailed in the Company's filings with
the Securities and Exchange Commission.

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