Poli Lotus International Center, Ethiopia’s first urban complex

President Mulatu inspecting the new urban complex project (Photo: Teh Reporter) Addis Ababa, Ethiopia – Poli Lotus International Center, the first urban complex project in Ethiopia developed by Chinese investment, was opened on Monday in Ethiopia’s capital Addis Ababa. The project executed by Tsehay Real Estate, which is co- invested by the China’s CGC Overseas Construction Group (CGCOC) and Chinese investor Qian Xiao, includes public and […]

Tsehay Real Estate Start Sales In October

Tsehay Real Estate By Dawit Endeshaw, Addis Fortune Addis Ababa, Ethiopia – Tsehay Real Estate plc, the Chinese real estate company building 13 apartment buildings, will start selling units in October on one of the buildings which is now 70pc complete. The company invited a number of potential buyers for a site visit to the CMC area on […]

Diaspora Homebuyers’ Hopes Dashed

Habitat New Flower Homes Homebuyers More than a decade later, promises made by Habitat and Berta have failed to be delivered. By Fasika Tadesse Addis Ababa, Ethiopia – Homebuyers who purchased real estate from Habitat New Flower Homes Plc have appealed to the Ministry of Justice (MoJ) and the Economic & Diaspora Department of the Ministry of Foreign Affairs (MoFA) […]

Over 225,000 condos to be built in Addis

Addis Ababa Condominiums Addis Ababa, Ethiopia – The Ministry of Urban Development, Housing and Construction said that over 225,000 condominiums would be built in Addis Ababa over the coming two years. Minister Mekuria Haile told ENA that financial and other inputs have been readied to launch the project. Indicating that housing construction has been underway in different parts of […]

Landmark Ruling Upheld Against Real Estate Developers

The ruling of the Supreme Court sets the bar high for all real estate developers in the country. Addis Ababa, Ethiopia - Country Club Developers (CCD) is to restore contracts with six clients for luxury villas it had previously annulled and pay them compensation of up to 10pc for the 1.7 million Br to 3.1 million […]

Real Estate Firm to Offer Ready-Made Space for Sale

Noh Real Estate 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 […]

CGCOC Group of China to enter real estate sector with a capital of 2 billion birr

Addis Ababa, Ethiopia - The Chinese construction giant CGC Overseas, in partnership with two other Chinese companies, has finalized a deal to join the upcoming real estate sector in Addis Ababa with an estimated capital of 2 billion birr, The Reporter has learnt. Together with CGC Overseas, Hansen, which owns a cement factory near Koka, and […]

Gabby Investments Adds to Long List of Suits Filed against the Forlorn Access

With an increasing number of legal suits being filed, homeowners are losing hope in revitalising the company. Addis Ababa, Ethiopia – Gabby Investments Plc, a grade one contractor, has become the latest party to wage a court battle against the nearly-defunct Access Real Estate S.C. (ARE). It filed a suit at the Federal High Court […]

Board Members Seek Government Support in Access Debacle

Representatives of the central homebuyer’s committee are determined that ARE will carry through with its construction promises. Addis Ababa, Ethiopia - Board members and representatives from the central homebuyers’ committee of Access Real Estate (ARE) have jointly selected ASGB Chartered Accountants to re-audit the 2012 financial statements of the troubled company, for close to 640,000 Br. […]

City to probe into Access Real Estate’s land holding

Addis Ababa, Ethiopia – The Addis Ababa City Administration Land Development and Management Office has launched an investigation to look into the way that Access Real Estate (ARE) acquired various plots of land around the city for the construction of units bought by its 2500 customers. The city has confirmed that so far not one […]
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