Nov 3 , 2024
Federal Housing Corporation (FHC) has launched a one billion Birr construction materials manufacturing factory on a four-hectare plot in the capital. The Corporation teamed up with Addis Abeba University for consultancy services and BM Technologies for contracting, covering the installation of concrete and hollow block manufacturing machines, drilling, warehouse, and shading facilities. The local company Shobole Plc completed the electro-mechanical work, and a 400m road has been built to link the factory to the main thoroughfare. CEO Reshad Kemal underlined the factory as a momentous step in addressing the difficulties of construction material pricing and quality, which have been impacted by shortages and escalating costs. “It’s a huge milestone,” he said. Equipped with two production lines, the concrete mixer can produce 100m of concrete per hour, aiming for an annual output of 202,752m. With an ambitious goal, Reshad projects an 8.6 million Br daily revenue from eight hours of operation, with annual revenue anticipated to reach 2.29 billion Br. FHC has launched two new housing projects, Kokebe Tsebah and Misrak General Housing Units, with a total cost of 963 million Br. Each project includes 13-storey buildings across three blocks, with each unit estimated at a market value of 2.85 billion Br. Reshad also revealed plans for FHC to acquire 120,000 homes over the next decade, seeking to engage multiple contractors to meet its objectives.
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