May 23 , 2024
A plot of land received a 350,000 Br for a square metre during a lease auction held yesterday for plots surrounding the recently demolished Piassa neighborhood. Awash Bank emerged highest bidder, eyeing a 977Sqm plot in the Arada District for 311,000 Br, committing to full upfront payment.
However, the offer halves the previous record of 695,000 Br set last year in the Sarbet area.
This year's auction leveraged technology, with bid documents available online and Tele Birr, a mobile payment platform, used to avoid large crowds at the Addis Abeba Land Development & Administration Bureau. Out of the 4,200 bid documents sold, 295 for Piassa area plots sold out on the third day. The remaining plots in different areas are up for grabs in the ongoing auction, which will end tomorrow.
The Bole District Bureau halls attracted a diverse range of bidders, primarily companies from the banking, insurance, and real estate sectors. Ethio Re Insurance offered upfront payment for a 1,585Sqm plot, while Varnero Construction Plc emerged as the highest bidder for a different plot at 119,000 Br with a 40pc downpayment. Quarit Agro-industry secured a plot for headquarters construction with a bid of 298,511 Br and a 50pc downpayment.
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