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Ethiopia: Sunshine Real Estate Transfers Houses to Buyers
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Addis Fortune (Addis Ababa)
27 May 2008
Posted to the web 27 May 2008
Yohannes Anberbir
Addis Ababa
Sunshine Real Estate has invested over 601.7 million Br for the provision of low cost housing in the city, says Dagnamyelew.
Sunshine Real Estate, a subsidiary company of Sunshine Construction, has transferred 166 luxury homes to buyers yesterday, May 24. The transfer included 151 ground- plus-one villas located opposite CMC, and the rest are around Gerji.
Owned by Samuel Tafesse, the parent company, established in April 1984 as a sole proprietorship, transformed in 1993 into a PLC. It has been putting up 986 unit houses, including villas, apartments and shops in a total area of 291,628sqm, Dagnamyelew Girma, Business Development and Public Relation head, told Fortune.
The company has three project sites at the southern edge of the city around Gerji, opposite the place called Russia Camp and behind CMC area.
It has also constructed 59 other villas and 44 apartments, which have 711 unit houses, Dagnamyelew said.
The lowest prices are 27,138.62 Br for a studio apartment and 1.8 million Br for a villa erected on a 250sqm plot of land.
According to a study conducted in May 2004 by the Addis Abeba Housing Agency, there are 387,000 houses in Addis Abeba of which 84.4pc are residential. There is a shortage of 400,000 houses, which mainly affects the low-income group estimated to be 80pc of the total dwellers of the city.
Sunshine Real Estate has invested over 601.7 million Br for the provision of low cost housing in the city, says Dagnamyelew.
When the company started its housing project four years ago, it signed an agreement with the owners of 118 houses not to slap additional costs to their initial agreed on price, despite external factors, such as inflation. Thus it was forced to face a 5.6 million Br extra cost due to the current price hike of construction materials. The real state village built by the company will have common waste treatment plants, traditional activities handling areas, laundry rooms, underground water tanks which will contain 1000 metric cubes and other facilities.
Currently, there are 408 real estate companies with a combined registered capital of 42.9 billion Br that have requested 95.7 million square metres of land. About 100 have received land and half of them have started construction.
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The real estate business boomed following a proclamation issued by the city's former provisional administration in November 2002. Prior to the proclamation, which provides incentives for developers, the number of real estate companies in the city was not more than five, the biggest being Ayat and Berta Real Estates.
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