Noah Real Estate, one of the prominent local residential builders, will hand over 664 housing units built for an estimated 1.3 billion Br within a month.

Located near Ayat roundabout, the residential complex, Noah Adey Abeba Village, has eight four-storey buildings and 16 seven-storey buildings with two and three-bedroom units. The Village also has parking areas, water wells, electric generators, lifts, supermarkets, a gym and wastewater treatment facilities.

The housing units, which range in size between 430Sqm to 650Sqm, cost between 1.6 million Br to 3.6 million Br. The units are meant for the middle-income residents of the city, according to the real estate firm.

The home buyers made initial down payments of 20pc of the price of the houses and paid the rest in installments over a period of 24 months. The company, which is the sister company of Great Abyssinia Plc that produces Abyssinia Coffee, Prigat Juice and Tulip and Aby Soft Drinks, began the construction two years ago and created job opportunities for 600 people.

The construction of the buildings, which rest on 45,000Sqm, was supervised by a local architectural firm, Salcon Consulting Architects Plc. Noah Construction erected the buildings. The site also includes treatment facilities for the recycling of wastewater to be used on the surrounding vegetation.

“To address the shortage of water problems on the site," said Abiy Hailemariam, vice president of sales at Noah, "we've provided groundwater supply.”

Founded by two brothers, Tewedros and Dawit Zerihun, Noah has delivered a total of 1,656 one to three-bedroom housing units over the past seven years.

Noah has constructed five residential and four commercial housing projects since its establishment in 2013. Currently, it has 5,000 units that are under construction at various sites in the capital.