JH Simex Real Estate, Intercontinental Addis Hotel's sister company, availed 500 villas and apartment units for sale earlier last week. The company, established with an initial investment of more than half a billion Birr in 2008, built the units on 60,000Sqm of land located in the Bole Beshale area on the outskirts of the capital. The residential housing was built at a cost of 1.5 billion Br and includes two-story villas with prices ranging from around 13 million Br to just under 17 million Br. The villas consist of four bedrooms, four bathrooms, a kitchen and dining room areas. The apartment complexes, which vary from two million Birr to five million Birr in unit price, are equipped with elevators, a garden, a gymnasium, communal terraces, and parking and security services. The company offers two payment modalities for interested customers with a one-time payment in cash or a cheque as one option. Alternatively, the company has also arranged bank credit agreements with Dashen and Nib banks for those opting for a long-term payment solution. The latter involves a 20pc down payment with a 20-year time frame to settle the remainder of the loan. J.H. Simex is planning to develop additional projects in Bole and Kazanchis soon, according to its executives.
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