 As outlined earlier, our extensive market and trend research, has led your company to focus on constructing homes, in the form of desirable apartments in 8-storey (G+7) condominiums. These are going to be priced to be affordable to a wide range of Addis Abeba residents, especially if supported by home loan mortgage finance which is likely to be available to qualified individuals offer from Zemen Bank S.C.
ARE started operations by acquiring its first 6,000 square metres plot just inside the ringroad across from A.M.C.E. motors. This plot will be big enough for three blocks of apartments. Excavations started on 24 October and are almost finished. The next step will be the construction of the foundations and retaining walls.
The plan is to build apartments of varying sizes, with a target date for completion of about 24 months. The average size will be 120 square metres and there will be some communal facilities, including a laundry and a supermarket.
 Design, construction and other aspects are being handled through gabby Investment Pvt. Ltd. Co., whose office is in S.A. Garad building, opposite New York café in Bole Road. ARE is in negotiation on further plots, focusing on desirable city-centre locations. According to Ato Benyam Merahtu, head of Gabby Investment: “We will not have a problem of land”. There are many leveraged opportunities to acquire plots where developers have not been able to raise funds to start construction in the current economic climate, although demand for housing in coming years is expected to remain strong. |
