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

[ssba-buttons]

Put your comments here

N.B: A submit button will appear once you fill out all the required fields.

Editors' Pick

Exclusive Interviews

State Enterprises from Oracles to Apprentices

Dec 22 , 2024 . By TIZITA SHEWAFERAW

Charged with transforming colossal state-owned enterprises into modern and competitiv...

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...

Agenda

BREWING DISCONTENT

Jul 28 , 2024 . By TIZITA SHEWAFERAW

Unhabitual, perhaps too many, Samuel Gebreyohannes, 38, used to occasionally enjoy a couple of beers at breakfast. However, he recently swit...

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, transporting commodities, and f...

Commentaries

Ditching Carbon Pricing Reckless Bet with the Planet

In 2009, US President Barack Obama appointed Harvard Law School Professor Cass Sunste...

Africa's Debt Is an Opportunity

Almost every debate about African public finance centres on “Africa's debt burden” as its primary topic. The numbers are stark: the medi...

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

Soaring Taxes Fail to Plug Holes as Audit Reveals Enduring Waste

Jun 28 , 2025

Meseret Damtie, the assertive auditor general, has never been shy about naming names...

Expanding Federal Budget Tests Limits of Fiscal Discipline

Jun 21 , 2025

A well-worn adage says, “Budget is not destiny, but it is direction.” Examining t...

Desire to March to the Sea Should Spill Reason on the Way

Jun 14 , 2025

Yet again, the Horn of Africa is bracing for trouble. A region already frayed by wars...

Where the Roof Overhead Comes with a Ceiling on Hope

Jun 7 , 2025

Few promises shine brighter in Addis Abeba than the pledge of a roof for every family...

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

Real Respect Shows Up First

A couple of weeks ago, I found myself at a social gathering where strangers and old acquaintances mix in a haze of small talk and light laug...

Absence of Agile Discipline

In Ethiopia, across both public and private sectors, a quiet saboteur undermines productivity: the meeting. Too often, gatherings stretch en...

Life Matters

The Quiet Roar Beneath the Calm

There is often a sense of awe when encountering someone who appears to have everything under control. Impeccably dressed, composed, and seem...

The Weight of the World

The film Straw did not just break a heart, it reached into something deeper, unsettling a primal fear that resides in every parent. As a mot...