ADDIS ABABA | Habesha Construction Development | Proposed and U/C

[yosef]

Habesha to Construct More Apartments
Company to acquire lease rights for over 5,600sqm in four locations in Addis Abeba

Habesha Construction Materials & Development is slated to acquire the lease rights to more than 5,600sqm in four locations in Addis Abeba for the construction of apartment homes and luxury apartments.

The acquisition of the first plot of 600sqm, located on Ras Biru Street in Meshualekia, has been finalised. The second plot of more than 1,000sqm is on Fitwarari Damtew Street in front of the African Union (AU) Headquarters, while the third plot of 1,130sqm is off Haile Gebreselassie Street. The acquisition of both is set to be finalised in July this year, according to Eskinder Desta, managing director of Habesha Construction, which was founded in August 2010 with six shareholders. These plots are earmarked for construction of apartment buildings.

The company also expects to finalise the acquisition of the fourth plot, on 2,000sqm located in front of the Haya-hulet Street Traffic Police Headquarters on Silase Street, by September, according to the managing director. Luxury apartments are to be constructed on the plot, he said.

“We have taken title deeds for the Meshualekia area plot for 3.4 million Br,” Eskinder told Fortune. “We plan to spend seven million Br for the plot on Haile Gebreselassie Street. The price of the plot on Silase Street is under negotiations.” He declined to disclose the amount of money offered for the Fitawrari Damtew Street plot.

The company previously acquired 1,130sqm at a cost of 2.5 million Br to build 34 apartment units in two five-storey blocks around Ayat roundabout. The design has already been completed by Brehanu Mosa Architects Co.

Fortune

A picture of their plans from their website:




● 5,600sqm in four locations in Addis Abeba

○600sqm, located on Ras Biru Street

○1,000sqm is on Fitwarari Damtew Street

○1,130sqm is off Haile Gebreselassie Street

○previously acquired 1,130sqm around Ayat roundabout

○plans to add plots around Africa Avenue and South Africa Street in Sarbet

● includes apartment homes and luxury apartments

○two five-storey blocks around Ayat roundabout

*design has already been completed by Brehanu Mosa Architects Co.

*Construction is slated to begin next month.

○housing units to come on Africa Avenue and South Africa Street in Sarbet

○plans to open resorts in Arba Minch, Southern Regional State, and Bahir Dar, Amhara Regional State

[Simfan34]

Hmm. Seven million birr? Old Birr?

[mike7743]

isn't that like less than a million dollars? it looks like a pretty decent project but I don't know how in the world you can build that with a million dollars.

[Yoniii]

Originally Posted by mike7743

isn't that like less than a million dollars? it looks like a pretty decent project but I don't know how in the world you can build that with a million dollars.

That's how much they plan to spend to require one of the plots.