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]
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