BST Group Wins 1.12 Billion NIS Tender for Vertical City Project in Ramat Gan

BST Group announced that its subsidiary, Best Bneya, has been selected as the main contractor for the massive Vertical City project in the Diamond Exchange District of Ramat Gan. The first phase of the mixed-use development will span 236,000 square meters, with a total project scope of 357,000 square meters comprising offices, commercial spaces, residential units, student housing, and rental apartments.

Project Scale and Financial Scope

The total compensation for Best Bneya's execution of Phase A is approximately 1.12 billion NIS (excluding VAT). The massive undertaking is led by Israel Canada with a 56% stake, alongside BSR Real Estate holding 20% and Clal Insurance holding 24%. Work is expected to commence within a few months, with phased deliveries scheduled over 64 months from the start order.

"Projects of the scale of Vertical shape the face of the city for years to come, and we are proud to be partners in such a meaningful endeavor," stated Elias Tanous, CEO of BST Group.

Engineering Excellence and Execution

The agreement is structured primarily as a lump-sum contract, supplemented by provisions based on a bill of quantities. Payments will be linked to the residential construction input price index and disbursed according to project milestones.

"Vertical is a massive project in scope, presenting a significant engineering and operational challenge that requires a comprehensive vision," noted Samer Kardoush, CEO of Best Bneya.