search
Front > News

Hagag Group expands to Bat Yam

Bat Yam beachfront
Bat Yam beachfront
5 Jan, 2016 9:36
שלח תגובה במיילShlomit Tsur

The group purchased 45% of the rights to land in Bat Yamfor NIS 26 million and plans to build two residential towers.

The Hagag Group, held by Yitzhak and Ido Hagag, reported Monday morning that it purchased using its subsidiary Regency Hotel 45% of the rights to land in Bat Yam. Hagag will pay the investor group NIS 26 million for the rights.

The 0.75-acre lot was formerly owned by the Bat Yam municipality. The municipality published a tender for the lot, which was won by an investor group, led by Amos Maimon, with a NIS 59 million offer.

The lot has a pre-approved plan for the construction of public buildings. According to the sale contract signed by the investors, the purchase of the land from municipality was conditioned on the approval of a new plan for the complex and the approval of the sale by the interior minister.

If a new plan is not approved or the interior minister rejects the sale of the land, then the deal will be nullified and the payment returned to the buyers. The municipality is currently promoting a new plan for the lot; if it is approved, then the land will host 170 apartments with 18,700 square meters of space, employment or hotel space of 5,420 square meters, commercial space of 800 square meters, and publicbuildings on 250 square meters.

The Hagag Group hopes to build two 29-story towers with 170 apartments if the plan passes. Each tower willhave 21 floors of housing, 4 floors for offices, and two floors for commerce. The project marks Hagag Group’s first development in Bat Yam.

Regency, which paid out an initial installment of NIS 18 million to the investor group, notified the Tel Aviv Stock Exchange thatthe deal’s completion was conditional on the designation change of the lot.

The Hagag Group saysit will begin marketing the project as soon as the development plan is changed. “The Hagag Group strongly believes in investing in Bat Yam in general and specifically in the area close to the sea which is why we decided to expand our operations to that city,” said Ido Hagag this week.

Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Bat Yam beachfront
Bat Yam beachfront
Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Accountant General Yali Rothenberg credit: Rafi Kutz Israel's fiscal deficit continues to narrow

The deficit narrowed in the twelve months to the end of March 2025, for the sixth consecutive month, Ministry of Finance accountant general Yali Rothenberg reported today.

Arkia credit: Arkia Arkia cuts Tel Aviv - New York April fares

Arkia has cut fares at the last minute, a time when prices usually soar even higher, according to the pricing method used in the industry.

Bank of Israel Governor Prof. Amir Yaron credit: Dani Shem Tov Knesset Spokesperson BoI Governor: US tariffs could push up inflation in Israel

Prof. Amir Yaron tells "Globes" that there is a risk that the new tariffs will cause inflation to rise in the US, with a knock-on effect for Israel.

US President Donald Trump and Prime Minister Benjamin Netanyahu April 7, 2025 credit: Avi Ohayon, Government Press Office Netanyahu fails to persuade Trump to remove tariff on Israel

Asked by reporters whether Israel would be exempted from his tariffs policy, US President Donald Trump replied, "Maybe not. Don’t forget we help Israel a lot."

FBI to investigate Nakash Group Israel CEO

The complaint against Avi Hormaro was filed with the FBI offices in Miami, Florida, where many of the group's companies are incorporated, "Globes" has learned.

Bank of Israel credit: Shutterstock Israel's forex reserves fell in March

Israel’s foreign exchange reserves at the end of March 2025 fell to $218.821 billion, a decrease of $1.433 billion from their level at the end of February, the Bank of Israel reports.

Bank of Israel Governor Prof. Amir Yaron credit: GPO BoI keeps rate unchanged, cuts growth forecast

The Bank of Israel is concerned about inflation, the escalation of the war in Gaza, which has raised Israel's risk premium, and the turmoil on global markets set off by the trade war.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018