The Hagag Group reported that it has won the Israel Land Authority (ILA) tender for one of the most sought-after plots in Sde Dov, after offering a sum of about NIS 756 million.
The group plans to establish commercial space on an area of 4,924 square meters, alongside about 350 apartments in total in two buildings: a 9-story mid-rise building and a 45-story tower, all facing Tel Aviv's coastline. The vast majority of the apartments will enjoy an entirely open view of the sea and the huge coastal park planned to be built along the shoreline. The Hagag Group emphasizes that it intends to build a tower in the area with a design that will leave a mark.
The win in this tender is another step in the group's development momentum in the city of Tel Aviv, adding to its extensive activities in the area, including two significant nearby projects on Einstein Street in Ramat Aviv.
The controlling owners of the group and co-CEOs, Zahi and Eido Hagag, said: "This is another step in expanding our activity in Tel Aviv and across the country, as part of deepening the diversification of the group's real estate portfolio through the acquisition of land available for development. The plot where we will build the project we won is located in a strategic area with enormous potential, and it joins the line of luxury projects we are advancing in the city with the high standards of the Hagag Group to which we are committed."
This win adds to the series of achievements of the Hagag Group, which includes record demand for the company's latest bond issuance amounting to 404 million shekels, as well as new strategic partnerships in the field of urban renewal as part of the Hagag-Cem Real Estate partnership and the huge deal signed with Rani Zim Shopping Centers Ltd.