Danya Cebus and Zemach Hammerman to Build Bat Galim Project for $160 Million
Danya Cebus and Zemach Hammerman have signed an agreement to undertake construction services for the Bat Galim project in Haifa's Navy base complex. The two companies will execute the project through an equally held joint venture, which will act as the main contractor for Africa Urban Renewal and Zemach Hammerman.
The project involves constructing five residential buildings comprising 467 housing units. These include one 34-story tower, two 28-story towers, and two eight-story buildings. Additionally, the development will feature approximately 920 square meters of commercial space, 550 square meters of public facilities, and a four-level underground and above-ground parking garage.
Construction activities encompass demolition, excavation, shoring, and dewatering, which involves lowering the groundwater table in the construction area. The agreement stipulates that the construction work is expected to take approximately 56 months from the issuance of the work order.
The total consideration for the joint venture is projected to be around NIS 588 million (approximately $160 million), indexed to the construction input index as of December 2025, plus VAT. Danya Cebus's share amounts to approximately NIS 294 million, payable according to project progress.
However, the agreement is not yet final. Its effectiveness is contingent upon approval from Africa Israel Residences' general assembly, and a work order has not yet been issued. Danya Cebus reported to the stock exchange that the issuance of the work order depends on certain conditions outside its control, creating uncertainty regarding the project's execution, final cost, and timeline.
