Fortune News | Mar 16,2019
A local real estate firm has delivered 200 housing units, built for 400 million Br, to home buyers on June 2, 2019, right on time.
Noah Real Estate built the residential development, Noah Garden Residential Apartments, near Gurd Shola. It consists of four-storey residential apartment buildings with two and three-bedroom units that host a parking area, water tanks, a landscaped area, electric generators and waste management facilities.
The units, which range in size between 93Sqm to 115Sqm, were sold for between 1.1 million Br to 2.5 million Br a unit depending on where the units are located within the building block.
The home buyers made initial down payments of 15 to 20pc of the price and settled the remaining payments in a three-year progress payment term.
Noah Real Estate Plc, a sister company of Great Abyssinia Plc, started the construction nearly two years ago and delivered the homes on schedule, according to Rateneh Fasil, vice president in charge of marketing at Noah.
Though the housing units were delivered on time, the company faced water and electric power supply shortages during construction, according to Abiy Hailemariam, vice president of sales at Noah, which has delivered 3,720 apartments, houses and commercial properties to its clients in its short existence.
Noah Garden Residential Apartments, which rests on 55,000Sqm, was designed by a local architectural firm, Salcon Consulting Architects Plc, and Noah Real Estate was the general contractor.
Abdirahman Seid, a private businessperson, is one of the 200 home buyers who will soon receive keys to his two-bedroom apartment. He is grateful for the on-schedule delivery of the homes, mentioning that the outcome stands apart from the general trend in the industry, which is known for delays and squabbles about eventual prices.
Aziza Abdulfetah, lecturer and chairperson of Landscape Architecture at the Ethiopian Institute of Architecture, Building Construction & City Development, also shares Abdirahman’s opinion.
Most of the real estate firms deliver houses on delayed time periods, while others fail to deliver altogether, according to Aziza.
These apartments are one of 21 projects Noah has completed since it was first established in 2013. Eight months ago, Noah delivered 120 housing units, and the company is currently constructing a 10-storey residential apartment complex right behind the development in Gurd Shola. The project consists of 1,900 apartments, with one to three bedrooms, that range in size from 46Sqm to 126Sqm.
Great Abyssinia controls other companies including Abyssinia Coffee, Prigat Juice and Tulip and Aby soft drinks. Noah Real Estate, an arm of the holding company, is planning to deliver three other projects including Noah Garden Apartments Phase II and Noah Adey Ababa Village Phase I and Phase II this year.
Aziza, the expert, also suggests the real estate companies consider the culture and lifestyle of the people while building houses.
“Incorporating green areas has physical, social and psychological benefits,” Aziza said.
There are around 630 real estate investment companies in Ethiopia with a total investment capital of 3.5 billion Br. In the last decade, the real estate sector contributed, on average, 12.5pc to domestic growth. Incomes generated by the real estate market have been growing at an average rate of 14.1pc annually.
PUBLISHED ON Jun 01,2019 [ VOL 20 , NO 996]
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