BST Building to Execute Israel Canada's $260 Million Ramat Gan Project
Translated & summarized from Ice by baba
BST Building will serve as the main contractor for the first phase of Israel Canada's "Vertical City" project in Ramat Gan, valued at approximately 1.12 billion shekels. The mixed-use development will cover 236,000 square meters and is expected to take about 64 months to complete. Israel Canada leads the project with a 56% stake, alongside BSR Real Estate and Clal Insurance. BST's CEOs highlighted the project's scale and the company's engineering capabilities.
The story in 5 lines · by baba
- BST Building secured a 1.12 billion shekel contract for Israel Canada's "Vertical City" project.
- The project's first phase involves 236,000 square meters of mixed-use development in Ramat Gan.
- Construction is expected to take approximately 64 months from the work order issuance.
- Israel Canada holds a 56% stake in the "Vertical City" development.
- The contract is primarily a lump-sum agreement with payments indexed to construction costs.
BST Building, a subsidiary of BST Group, has been selected as the main contractor for the initial phase of the "Vertical City" project in Ramat Gan, a major mixed-use development. The contract is valued at approximately 1.12 billion shekels (about $260 million) plus VAT, for construction work spanning 236,000 square meters.
This project, located in the heart of the Boursa complex, is a significant undertaking comprising offices, retail spaces, residential units, and student housing, covering a total of 357,000 square meters. Israel Canada, co-owned by Barak Rosen and Asi Tochmeyer, leads the "Vertical City" project with a 56% stake, alongside BSR Real Estate (20%) and Clal Insurance (24%).
BST Building anticipates receiving a work order within a few months, with the first phase of construction expected to be completed in approximately 64 months from the commencement date. The agreement is primarily a lump-sum contract, with some work priced by quantity. Payments will be indexed to the construction input index and disbursed based on construction progress.
Elias Tanous, CEO of BST Group, expressed pride in the company's role in shaping the city's future and highlighted the trust placed in BST by leading developers. Summer Kardosh, CEO of BST Building, emphasized the project's significant engineering and execution challenges, underscoring BST's expertise in managing complex construction and logistics.
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