Addis Ababa, Ethiopia –Habesha Construction Materials and Development SC (HCMD), a company largely engaged in the real estate development, announced that it is going to transfer 10 percent of the houses it is constructing to its clients this year. HCMD is constructing 800 houses in Addis Ababa.
The share company was established two and half years ago to fill the market gap by undertaking seven projects.
“We have become very active in the sector within a short period of time. Within two years we have undertaken the share sales and have been able to secure plots in different areas” , Eskender Desta, Board Chairman of HCMD, said. “At the same time we have commenced the construction of the houses, he said.
All the seven projects under construction currently are on schedule. The first project is 60 percent completed while other projects are also speeding up.
“Based on our initial schedule we are planning to accomplish projects within a short period, but when seeing the reality on the ground in terms of human capacity and issues with financing, projects may delay up to 30 percent of the expected schedule. This means that projects that were initially scheduled to be transferred to customers within 1.5 year will take two years,” he explained.
The new draft regulation for the real estate sector states that if the real estate developer’s reasons are acceptable, a 50 percent delay in transferring the house is acceptable. Read more