The Addis Abeba City Administration has embarked on an eight billion Birr condominium housing project. Dubbed the 'Akaki Prefab Housing Phase I' project, it will see the construction of 5,000 houses. The project will use prefabricated (prefab) technology, which was chosen for its shorter construction duration. The project will be completed within a year, according to officials at the City Administration. The land allocated for the project was previously under illegal holding, and was later seized and transferred to the city's Land Bank. During a launch ceremony last week, Mayor Adanech Abiebie stated it has been a challenge for the city to repay an accumulated debt of 54 billion Br from past condominium housing projects.