The two companies offered NIS 937 million to purchase the land north of the Ramat Gan Diamond Exchange. A partnership between Israel-Canada (TASE: ISCN) and BSR REIT (TASE: HOM.U) has won a massive bid for an apartment for rent – State Housing and Leasing Corporation Ltd. for 2.5 acres of land known as the “Diamond Exchange Triangle” north of the Ramat Gan Diamond Exchange. The two companies submitted bids worth NIS 937 million for the land, well above the required minimum bid of NIS 540 million, as there are exceptionally large rights to build 200,000 square meters in three 60-story towers.The first tower will contain 400 housing units for rent, and 350 Student dormitory and other towers with 110,000 square meters of office space.There will be 7,000 square meters of commercial space in the lower buildings, underground parking for 300 cars and public areas for Ramat Gan municipality. Elite Junction The Diamond Interchange Triangle area overlooks the Ayalon Highway (Route 20) opposite Tzameret Park in Tel Aviv Companies estimate the construction cost will be NIS 4 billion BSR Chairman Nahshon Kivity estimates the land could be worth up to 1.35 billion Each, indicating that the group might have been ready to raise the bid. Published by Globes, Israel business news – en.globes.co.il – on August 19, 2021 © Copyright Globes Publisher Itonut (1983) Ltd. 2021 Diamond Exchange Project in Ramat Gan, Photo: Yashar Architects
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