Hagag Group

קבוצת חג'ג'

Hagag Group construit FIRST sur le lot Central 2270, un terrain en front de mer remporté en février 2025 : 350 logements dans une tour de 45 étages conçue par ODA et trois bâtiments boutique allant jusqu'à neuf étages. Son plan de conception a été approuvé en mars 2026 et l'entreprise travaille à l'obtention d'un permis de construire. Après le deuxième trimestre 2026, il lui restait 179 logements à vendre, à une moyenne d'environ 63 100 ₪/m² hors TVA sur ce trimestre, et Calcalist a présenté le projet comme un risque de concentration pour un groupe dont le bénéfice 2025 a surtout progressé grâce à ce seul programme.

La société

Raison sociale: קבוצת חג'ג' ייזום נדל"ן בע"מ
Fondée en: 2003, by the brothers Yitzhak, known as Tzachi, and Ido Hagag. They took control of a public shell in 2010, which is when the group became listed.
Fondateurs: Yitzhak and Ido Hagag
Siège: HaArba'a 30, the Four Towers, Tel Aviv
Cotée: TASE: HGG
Actionnariat: The two brothers remain the controlling shareholders. Chief executive Tamir Amar.
Taille: Market capitalisation about ₪1.29B as at 17 September 2026. For the 2025 financial year: revenue ₪389M, operating profit ₪192M, net profit ₪115M, equity ₪1.58B, balance sheet ₪5.30B.
Ailleurs: Meir on Rothschild, the Four Towers, Young Towers, H Infinity Tower, H Tower, moma Tel Aviv and Port TLV
Master Piece, Netanya, a 19-floor tower designed by Moshe Tzur
A Herzliya Marina hotel of 365 rooms with Leonardo DiCaprio as a minority co-investor, approved per Globes
Controls Hagag-TZIM for urban renewal, with a pipeline described as up to 8,000 apartments between 2026 and 2028, taken to full control by buying a further 20 per cent for ₪80M
À ne pas confondre avec: A second listed security, Hagag Europe Development, trades separately on the same exchange. English-language research on the group frequently misses that they are different companies.

Ce qu'un acheteur étranger doit savoir

FIRST's price per sqm is published only in the company's Hebrew reports: an average of about ₪61,700 excluding VAT in the first quarter of 2026 and ₪63,100 in the second. A June 2026 Ynet article on FIRST's sales is sponsored content presented on behalf of the company, not independent reporting. Between 40 and 50 of its buyers are reported to be foreign residents, mostly French and British.

Ce qu'elle a payé, et pour quoi

Chaque acquisition enregistrée dans le quartier, avec sa source.

Central district, tender 277/20242025-02-19
lot 2270350 logements₪756M
₪756.6M for the land as the company reported it to the exchange, for a 4,924 sqm plot. Nadlan Center gave about ₪864M including development; the company's own accounts give ₪803M plus ₪67M purchase tax. Cleared about 5.5 per cent below the Land Authority appraisal.

Timeline

Won lot 2270 (FIRST, about 350 units) in the Central-district tenders, February 2025; the company told the exchange it expected ₪460M to ₪900M of profit at ₪75,000 to ₪90,000 per sqm
FIRST marketing began mid-2025
Design plan approved, March 2026; building permit in process

Au dossier public

Des faits publiés qu'un acheteur voudra connaître avant de signer, chacun sourcé.

One project now carries the group's results

Calcalist's 13 April 2026 analysis frames Sde Dov as a concentration risk: net profit rose 29 per cent largely on this single project, marketing costs nearly doubled, and there were 18 cancelled preliminary requests plus four completed cancellations, three of them at Sde Dov, tied to permitting. The deal also cleared only about 5.5 per cent below the Land Authority's appraisal, the thinnest land-cost cushion of the major Central winners.

Calcalist2026-04-13

Delivery record elsewhere

One hundred and twenty-five buyers sued the group for ₪68M in December 2020 over a six-year delay at Young Towers, promised for 2015 and delivered in 2021; Hagag cited a rare water-well explosion as force majeure, and a related criminal inquiry was reported frozen. A worker, Luis Gomez, died in a May 2018 scaffolding fall at H-Tower; the company and the site manager were later acquitted of workplace-safety violations. Dori Group separately sued for ₪65M over alleged non-payment. More recently, penthouse buyers have sought compensation for delays of between 12.6 and 23 months, which the company attributes to war-related force majeure since October 2023.

PFAS findings on part of lot 2270

Lot 2270 is not on the Environment Ministry's July 2026 list of nine plots. After its second-quarter 2026 balance sheet date the company reported PFAS findings in a small part of the area it sampled; it and its advisers put the required treatment at a negligible scope, subject to the ministry's approval, and expect no delay to the project.

Là où les sources divergent

Des chiffres publiés qui ne concordent pas. Les deux lectures sont données.

What did Hagag actually pay for lot 2270?

About ₪756M for the land, as reported to the exchange
- ICE: Hagag reports to the exchange winning lot 2270, 350 homes on 4,924 sqm for about ₪756M2025-02-20
About ₪864M including development
- Nadlan Center: results of the Sde Dov Central tenders, about 4,000 homes2025-02-19
₪803M plus ₪67M purchase tax, about ₪870M, paid March 2025, recorded as ₪867M of negative cash flow
- Calcalist, reporting the company's own 2025 accounts2026-04-13

The ₪756M is the land bid alone; Nadlan Center's ₪864M adds development costs, and the accounts' ₪803M plus ₪67M purchase tax is a third basis. The spread is mostly a question of what is included, but no source publishes a line-by-line reconciliation.

How many FIRST apartments have sold?

102 of 350 in the first half of 2025, for ₪853M
- Nadlan Center: Hagag reports 102 Sde Dov apartments sold at ₪8.36M average2025-07-17
166 of 350 marketed, for ₪1.55B, in the third-quarter 2025 report
- Ynet: Hagag sold 3 luxury FIRST homes for about ₪100M; 166 homes marketed for ₪1.55B2025-12-18
132 Sde Dov units in the whole of 2025, plus 23 more in the first quarter of 2026
- Calcalist, reporting the 2025 accounts2026-04-13
155 sold plus 35 registration requests, 190 of 350 marketed
- ICE: Hagag brothers doubled 2025 sales; 155 FIRST homes sold plus 35 registration requests2026-04-10
191 of 350 marketed, for over ₪1.6B (sponsored article, company-stated)
- Ynet, sponsored content presented on behalf of Hagag Group (company-stated): FIRST passes ₪1.6B2026-06-11
179 homes, 52 per cent, left to sell after the second quarter of 2026
- Calcalist: Hagag sold 68 homes in Q2 2026; 9 at Sde Dov, 179 left to sell2026-09-01
48.4 per cent marketed, with contracts of about ₪1.15B out of about ₪2.41B expected revenue
- Deep TASE (analysis aggregator of company reports): Hagag Q2 2026, FIRST 48.4% marketed, ₪2.41B expected revenue2026-09-07

The company counts "marketed" homes including registration requests and options, which run ahead of signed contracts; that explains most of the spread. The 191 figure comes from a sponsored article and should be read as the company's own claim.

How many FIRST homes sold in the second quarter of 2026?

13, against 23 in the first quarter
- Globes: Hagag Q2 2026, 13 FIRST homes sold, average ₪63,100 per sqm; 29 more agreements after the report2026-09-01
9, down 60.9 per cent from 23
- Calcalist: Hagag sold 68 homes in Q2 2026; 9 at Sde Dov, 179 left to sell2026-09-01
42 units marketed from the start of the second quarter to the report date: 23 contracts and 19 registration requests
- Bizportal: Hagag Q2 2026 results; 42 FIRST units marketed since the start of Q22026-09-01

The readings use different windows and definitions (quarter only against quarter plus the weeks to publication, contracts against requests).

Projets

Representation, after: Hagag Group / ODALot 2270

FIRST by Hagag

Hagag Group · Central · 350 logements

En commercialisation

Dans la presse

2 Sept 2026Globes
Globes: how many Sde Dov homes actually sold in the first half of 2026
Globes: seven projects are now marketing in the district, with first occupancy still expected in 2029. RAINBOW sold 7 homes in the first half of 2026, 3 of them in the second quarter, against 59 in all of 2025 and 99 in 2024, and DIMRI YAMA had sold about 41 of its 458 homes. Hagag's sales and marketing costs rose to ₪10.8 million in the half, from ₪4.2 million a year earlier.
11 Jun 2026Ynet
FIRST passes ₪1.6 billion in sales: 191 of 350 homes sold
Ynet: Hagag Group's first-quarter 2026 report shows FIRST sold 59 homes in the five months to the report, for about ₪426 million, taking it to 191 of its 350 homes, 55% of the project, for more than ₪1.6 billion in under a year of marketing.
13 Apr 2026Calcalist
Calcalist: FIRST drove Hagag's 2025 results, and the dependence adds risk
Calcalist: Hagag Group's net profit rose 29% in 2025, largely on FIRST, while marketing costs nearly doubled and four sales were cancelled, three of them at Sde Dov. The company's own accounts put the lot 2270 land at ₪803 million plus ₪67 million of purchase tax, against the ₪756 million reported at the February 2025 tender.
6 Mar 2026District records
Design plan approved for Hagag Group's FIRST (lot 2270)
The architectural design plan for FIRST, the ODA-designed 45-story sea-line tower, is approved.
19 Feb 2025Ynet
~NIS 6B: the Sde Dov billion-shekel tenders were cut almost in half
Central-district winners are named for 4,191 units and about ₪6B: land about 40% cheaper than the 2021 record. Gindi, Hagag, Electra + Dan, Luzon Ronson, Israel Brothers, and A.A.I. Abu + Tomer Koko are on the list.

Sources

Tout ce qui figure sur cette page vient de l'une d'elles.

Se renseigner sur les projets de Hagag Group

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