BST Wins Over $300 Million Contract for Ramat Gan Skyscraper Project
Translated & summarized from Globes by baba
Real estate firm BST, owned by the Tanus family, has won a 1.12 billion shekel contract to build two skyscrapers in Ramat Gan's "Vertical City" project. The construction, expected to take 64 months and finish by 2031, is BST's largest deal since its IPO. The project, a collaboration involving Israel Canada, BSR, and Clal Insurance, will eventually include three towers and extensive commercial and residential space. The tallest tower, planned at 395 meters, is set to become Israel's highest building upon completion.
The story in 6 lines · by baba
- BST won a 1.12 billion shekel contract for the "Vertical City" project in Ramat Gan.
- The project involves constructing two skyscrapers, 72 and 64 stories high, as part of Phase 1.
- Construction is scheduled to begin within months and conclude by 2031.
- The "Vertical City" is a joint venture by Israel Canada, BSR, and Clal Insurance.
- The tallest tower in the complex will reach 395 meters, becoming Israel's highest building.
- The complex will include residential units, offices, retail, student dorms, and parking.
Real estate company BST, owned by the Tanus family, has secured its largest contract since its IPO earlier this year. BST Construction, a subsidiary, will serve as the main contractor for the first phase of the "Vertical City" project in Ramat Gan's stock exchange complex. The company will receive 1.12 billion shekels, excluding VAT, for its work. This phase involves constructing two skyscrapers, one 72 stories and the other 64 stories high, which will be among Israel's tallest buildings. BST will not build the tallest planned tower of 95 stories, as it was not part of this tender. The contract also includes the construction of shared spaces between the buildings. Payments to BST will be indexed to the construction input price index and disbursed according to work progress. Construction is expected to commence within months and conclude within 64 months, by 2031.
The "Vertical City" project is a joint venture by Israel Canada (56%), BSR (19.6%), and Clal Insurance (24.5%), which joined later. The project encompasses 357,000 square meters of building rights. Phase one, awarded to BST, covers 236,000 square meters. Last year, Elco Group's construction company, Electra, won a 390 million shekel contract for shoring work on the project.
The land for the project was acquired in August 2021 by Israel Canada and BSR for 936 million shekels. Clal Insurance became a partner in April 2024, contributing 160 million shekels and assuming some project loans, a move prompted by rising interest rates impacting developers. Initially, the central tower was planned to be "Tower 120," reaching about 520 meters, which would have made it Israel's tallest. However, a planning compromise approved in April limits its height to approximately 395 meters, though it is still expected to be the country's tallest upon completion.
Overall, the complex will feature three towers: a 95-story tower with office space, around 200 private residences, and an academic campus for the academic institution; a 72-story tower with 400 long-term rental apartments and 350 student dorm rooms; and a 64-story tower for office use. The complex will offer about 240,000 square meters of offices, 14,000 square meters of retail space, approximately 600 residential units (including 400 for 20-year long-term rental), student housing, and public areas. A six-level underground parking garage with 900 spaces, owned by the Ramat Gan municipality, will also be built, with four levels leased for building occupants and visitors.
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