FORTUNE+ VIDEO SPONSORED CONTENTS ADVERTORIALS FORTUNE AUDIO Fortune Careers New TRADE AFRICA New

Fortune Logo

The Addis Abeba city administration will resume its land lease regime, making 100 plots available to the market through the auction process, disclosed the Mayor, Adanech Abiebie. It has been over two years since the city administration discontinued regular land lease auctions, claiming to combat illicit transfers and speculations. The Mayor announced while attending the inauguration of modern apartments built by Al-Sam Properties in Addis Abeba.


Sabir Argaw (right) founded Al-Sam Plc 30 years ago, minting its name in Ethiopia's market, and importing popular brands such as Sinerline exercise books, BIC pens, Colgate, Sharp, and B-29 soaps.


The Mayor told property developers in the city to take a cue from Al-Sam in completing projects on time and avoid hoarding land. She put a commencement stone on Saturday for Al-Sam's third project on a plot near Mexico Square, to build a 30-storey apartment. Al-Sam Properties invested 1.8 billion Br, building a 20-storey apartment on Ras Mekonen Avenue in Lideta neighbourhood, comprising 365 flats. The apartment has four wings, laying on a 3,572sqm plot.


A second upscale apartment was inaugurated on Marshal Tito Road in the Cazanchis area (behind Radisson Blu Hotel) by Sacur Real Estate, a sister company of Al-Sam Properties. It has two towers erected on a 1,419sqm plot, comprising 111 flats and three deluxe penthouses. The project took an investment of 800 million Br; the finance for both apartments was obtained from Awash and Dashen banks.


PUBLISHED ON Nov 05,2022 [ VOL 23 , NO 1175]

How useful was this post?

Click on a star to rate it!

Average rating 5 / 5. Vote count: 1

No votes so far! Be the first to rate this post.



Related Posts

Editors' Pick

Agenda

Rising Costs, Inflation Threaten Insurance Industry

Aug 18 , 2024 . By AKSAH ITALO

Although predictable Yonas Zerihun's job in the ride-hailing service is not immune to...

Fortune News

Electric Vehicle Push Leaves Investors in the Lurch

Jul 13 , 2024 . By AKSAH ITALO

Investors who rely on tractors, trucks, and field vehicles for commuting, transportin...

Fortune News

Study Reveals Higher Education Quality Crisis, Calls for Reform

Jul 13 , 2024 . By MUNIR SHEMSU

The cracks in Ethiopia's higher education system were laid bare during a synthesis re...

Fortune News

Authority Bets on Price Adjustment Manual to Tackle Construction Delays

Jul 13 , 2024 . By AKSAH ITALO

Construction authorities have unveiled a price adjustment implementation manual for s...

Commentaries

Education Shortfalls Trap a Generation in Poverty

Learning poverty, defined by the World Bank as the inability of children to attain fo...

Prosperity Requires a Healthy Planet

Progress on poverty reduction has slowed almost to a standstill in recent years. With...

Fineline

Leaders of the National . . .

Leaders of the National Election Board are in a charm offensive mood, of a sort. Last week, they organised a rare tour for members of the me...

When the country’s most. . .

When the country's most senior diplomats and envoys return back to their posts after two-week debriefings, they leave behind a point or two...

Editorial

Addis Abeba Withering as Noise, Air Pollutions Choke the 'New Flower'

Nov 2 , 2024

Addis Abeba, fondly dubbed a 'New Flower,' is wilting under the weight of unchecked u...

Mercato Inferno Lays Bare Ethiopia's Vulnerabilities to Disasters

Oct 26 , 2024

When flames devoured parts of Mercato, residents watched helplessly as decades of toi...

Floating the Birr Makes It Struggle to Keep Its Head Above Water

Oct 20 , 2024

Central Bank authorities have unveiled no less than six new guidelines to fine-tune t...

With the Horn Edging to the Brink, Regional Leaders Should Extol Trust

Oct 12 , 2024

In his inaugural address on October 27, 2024, Taye Atseqesellasie, the fifth presiden...

Gallery

Parliament Approves New Cabinet Members

Oct 6 , 2021

Parliament Approves New Cabinet, Incorporates Opposition Leaders Lawmakers have approved today the nominations of 22 ministers, including three opposition leaders. Two MPs have voted against, while 12 abstained...

2020 in Posterity

Jan 5 , 2021

TIGRAY VOTES DESPITE "NULL & VOID" THREAT

Sep 9 , 2020

IN-PICTURE: LAUREATE'S RECEPTION  

Dec 14 , 2019

PM Abiy Ahmed (PhD) at a Gala Dinner Called for the Awarding of the Félix Houphouët-Boigny Peace Prize

May 6 , 2019

Faces, Voices of Addis Abeba

Apr 26 , 2019

Sunday With Eden

Crushing Weight of Unemployment

A few years ago, I met a couple deeply in love. The woman was multilingual, holding a post-graduate degree from the United States, while the...

Compromising on Child Nutrition: At What Cost?

At pediatric offices, churches, and social gatherings, I usually find myself in conversations with other...

Life Matters

Power of a Simple Ask

I found myself in a desperate situation last week, completely out of water at home. With a growing thirst that could not be quenched, I turn...

Is Home Where the Heart is, or Where Opportunities Are?

There was a time when the allure of America captivated me, as it has for many peers chasing the famed Ame...

Back
WhatsApp
Telegram
Email