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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.
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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