BST Group Wins $290 Million Contract for Ramat Gan 'Vertical City' Project
Translated & summarized from Maariv by baba
BST Group secured a 1.12 billion shekel contract to serve as the main contractor for the "Vertical City" project in Ramat Gan. The project, led by Israel Canada Group, BSR Real Estate, and Clal Insurance, involves constructing approximately 236,000 square meters in its first phase. Construction is expected to last over five years, with completion of the initial phase slated for about 64 months after the work order is issued. The deal represents a significant financial commitment for BST Group.
The story in 5 lines · by baba
- BST Group won a 1.12 billion shekel contract for the "Vertical City" project in Ramat Gan.
- The project is a joint venture led by Israel Canada Group, BSR Real Estate, and Clal Insurance.
- The first phase of construction, awarded to BST Building, covers 236,000 square meters.
- Construction is expected to take over five years, with phase one completion in about 64 months.
- The contract value is tied to the construction input index and paid based on progress.
BST Group has been awarded the main contractor role for the "Vertical City" project in the Ramat Gan Stock Exchange complex. The total value of the contract for the construction work is approximately 1.12 billion shekels (about $290 million USD). The project is led by Israel Canada Group, BSR Real Estate, and Clal Insurance.
The "Vertical City" project is planned to encompass a total area of approximately 357,000 square meters. BST Group's contract covers the first phase, which spans about 236,000 square meters. The construction is expected to take over five years, with the work order anticipated within months and completion of the first phase scheduled for approximately 64 months after the order is received.
Israel Canada Group holds a 56% stake in the project, BSR Real Estate holds 20%, and Clal Insurance holds 24%. The agreement is primarily a fixed-price contract, with some components calculated based on quantity surveys. The payment will be linked to the construction input index and disbursed according to the work's progress.
Elias Tanous, CEO of BST Group, stated that projects of this scale shape cities for years to come and expressed pride in BST's partnership with leading developers. He highlighted the company's long-term vision and its role in significant development projects in Israel, emphasizing BST Building's engineering depth. Summer Kardosh, CEO of BST Building, described "Vertical City" as a massive project presenting significant engineering and execution challenges, requiring meticulous attention to detail and coordination of all building systems. He thanked the developers for their trust and expressed pride in leading the execution alongside project management company Waxman, Geva, Govrin.
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