Fortune News | Mar 16,2019
Housing Corp Set to Build Apartments for 2b Br
The buildings will have 500 to 600 business and residential units
September 14 , 2019
By TEMESGEN MULUGETA ( FORTUNE STAFF WRITER )
The Federal Housing Corporation is gearing up to construct four mixed-use apartment buildings in the capital for an estimated two billion Birr investment.
Three of the apartment buildings will each have 10 storeys with two basement levels and will be built in the Kebena, Kokebe-Tsibah and Misrak Atekalay neighborhoods. The fourth building, which is planned to be constructed in Somali Tera, will have 20 floors and three basement levels.
Expected to be completed within 18 to 24 months, the buildings will have 500 to 600 units that are designated to be used for residential and commercial purposes. The apartments, which are planned to rest on 2,000Sqm to 3,000Sqm of land, will be equipped with generators, elevators and parking areas.
The first five floors of the building in Somali Tera area will have commercial centres, and the rest of the storeys will be for residential use, while the building at Kebe-Tsibah will commit its first and second floors for commercial purposes.
To hire companies that will build the apartments, the Federal Housing Corporation, who will designate the residential units for public servants and plans to rent the commercial units, floated an international tender earlier this month.
The construction of the buildings will begin before January 2020, according to Reshad Kemal, director-general of the Federal Housing Corporation, which was re-established in March 2017 with 33.2 billion Br in capital and currently operates with 1,500 employees.
The Corporation, which administers 18,000 residential and commercial units that had been constructed during the Dergueregime, has never built any units since then. However, it kicked off the construction of five buildings this year at a cost of 1.8 billion Br. The seven to ten storey buildings, which will be constructed on 1.9ha of land in total, will have 435 commercial and residential units.
Recently, the Housing Corporation, which generated 800 million Br in revenue in the last fiscal year, merged with the Building Materials Supply Enterprise, another state enterprise. It was also embroiled in a heated dispute with tenants over the rental fee adjustment it made for the first time in 43 years. The proposed rental fee increase went as high as 6,784pc at National Stadium and 521pc in the Lancha neighborhood.
An asset evaluation conducted by the Corporation that was started in 2018 and completed this year shows that the Corporation’s assets are valued at 70 billion Br.
Messele Haile (PhD), a lecturer at Addis Abeba University’s Civil Engineering Department, recommends that the construction of the buildings be in line with the master plan of the city.
“The buildings should also consider facilities for people with disabilities, have green areas and be aesthetically pleasant,” Messele added.
Henok Semaw, dean of the business and economics faculty at Haramaya University, also sees the positive impact of the building in stimulating business activities in the areas where the apartments will be built.
However, Henok cautioned the Corporation to allot the business units to the appropriate renters.
PUBLISHED ON
Sep 14,2019 [ VOL
20 , NO
1011]
Related Posts
Fortune News | Aug 31,2019
Fortune News | Jul 27,2019
Radar | Nov 21,2018
Radar | May 11,2019
Radar | Jul 20,2019
Fortune News | Jun 14,2020
Radar | Jul 20,2019
Fortune News | Jun 01,2019
Radar | Aug 24,2019
Editors' Pick
Fortune News
COVID CROSSROAD
August 1 , 2020
Veiled in face masks, Health Minister Lia Tadesse (MD), Nigussu Tilahun, head of the press secretariat at the Prime Minister’s Office, and...
Agenda
As Cases Surge, Contact Tracing Falls Behind
August 1 , 2020 . By MAYA MISIKIR
A lot of work goes into making a simple shirt, pants or a bag in a textile factory. The various people i...
Editorial
In the Absence of Fair Play, Radicalism Crowds Out Moderation
August 1 , 2020
Prime Minister Abiy Ahmed (PhD) had an audience with leaders of the opposition bloc - if there is one to...
Commentaries
Marshall Plan for Africa - the Strategic Imperative for the West
August 1 , 2020 . By David A. Brat (PhD) and Yonas Biru (PhD)
The story of Africa is a study in contradiction. For some, the continent is poised to capitalise on the f...
Commentaries
Fineline
Editorial
In the Absence of Fair Play, Radicalism Crowds Out Moderation
August 1 , 2020
Prime Minister Abiy Ahmed (PhD) had an audience with leaders of the opposition bloc ...
Hunger Spectre Casts Long, Ominous Shadow. Time to Get Ready
July 25 , 2020
The economic indicators for Ethiopia this fiscal year are less than encouraging, even...
In Fight to Win Narrative, State Needs to Remain Impartial
July 18 , 2020
In the past two years, it was perhaps the events of the first week of this month that...
A Federal Budget Between a Rock and a Hard Place
July 13 , 2020
Last week might have appeared an ordinary moment for an annual event in parliament. L...
