Excavation and earthworks on the first plot are progressing well despite the rainy season, making a large cavity which is 6 meters deep to allow 2 levels of parking and designed to accommodate 400 cars. Currently the retaining walls are being built by Gabby Investments PLC, contractor for the excavation and earthwork. On the first plot a total of 192 apartment units are to be built in three blocks of 8-storey (G+7) apartments.

The company has also been making pre-sales of 70 of the apartments to the shareholders and demand has been strong, with 50 apartments sold in the last three months despite a difficult market environment. There are several incentives, including VAT-inclusive pricing, the design features of the new buildings and overall site plan, and most of all because the apartments are in an attractive site and near the city center.

The remaining 122 apartments will be sold by auction once they are completed. Access Real Estate SC anticipates that the auction could set higher prices for the apartments, showing rapid appreciation.

The plan for the second plot is to construct a single tower of seven stories containing 90 apartments of 2- or 3-bedrooms each. A portion of the units will again be presold.

The share offer for Access Real Estate will close on Friday 14 August 2009. All part paid shares must be paid in full by 31 August 2009, otherwise the company will take measures which could include scaling back applications, at the Directors’ sole discretion.

Access Real Estate S.C.
Mentewab Building - 3rd Floor
Democratic Rep. of Congo Street
(between Bambis and Olympia, on corner near USAID)
Addis Ababa

Tel: +251-11-5548259/60/62
Fax:+251-11-5548261