MIDROC Investment Group has kicked off construction on a luxury residential development project in Addis Abeba. A launch ceremony last week saw the attendance of Mayor Adanech Abiebie and Jamal Ahmed, chief executive officer (CEO), of the Group. Dubbed "Mahmadya Residential Village," MIDROC executives estimate the project will cost up to 50 billion Br to execute. It comprises houses and apartment buildings, as well as as commercial facilities, to be erected on MIDROC's Mechare Meda property in the Sarbet neighbourhood. The project also includes a parking lot with the capacity to hold close to 9,000 vehicles at a time. MIDROC Investment Group has previously been involved in large-scale construction projects such as commercial buildings and infrastructure. The project in Sarbet marks its first venture into major real estate investment.
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