Real Estate Firm to Offer Ready-Made Space for Sale
After the well publicised Access Real Estate debacle, buying already completed properties should prove to be popular.
Addis Ababa, Ethiopia – Noh Real Estate will begin selling business, office and residential spaces at Abyssinia Mall and Jember Residential Village on Monday, December 30, 2013, Fortune learnt.
Noh, established in 2007 by three brothers, is a rarity in the Ethiopian real estate industry, as it completes construction using its own capital before inviting buyers. It started building the mall in June 2013 in the Bole Medhanealem area and the residential village three years ago in the CMC area, on a total area of 8,400sqm, Teodros Zerihun, general manager and one of the owners of the Company, told Fortune.
The Mall, which lies on 860sqm, has 12 floors that are dedicated to business centres, with more than 50 retail shops and 70 offices. It also has a 540sqm parking area with three floors that can accommodate over 150 cars. Construction is expected to be completed in two months, with delivery to begin in three, Teodros said.JemberResidentialVillagecovers 7,000sqm of land, and all 15 houses are already complete and ready for delivery, having taken three years to construct.
The mall will be available for sale from 40sqm up.
The Company is also building a new residential apartment, the details of which it will soon be disclosed after construction is finalised, Teodros said.
Anyone seeking to buy houses, business centres, entertainment spaces and offices at Abyssinia Mall will pay 50,000 Br and 50pc of the total price in a monthÃ¢â‚¬â„¢s time. Buyers are given three, six and twelve month intervals to finalise total payment. However, those who seek to buy a villa atJemberVillagewill be asked to pay the total price upfront.
Noh is a sister company of Great Abyssinia Plc, which consists of Abyssinia Tea, Abyssinia Coffee and Abyssinia Spring Water.