Tsehay Real Estate Start Sales In October


Following months of construction Teshay’s homes will soon be up for grabs.




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 Thursday when it announced that it had so far spent 600 million Br on its project of 12-storey buildings. These buildings are on various stages of completion and will each be available for sale as they reach 70pc completion, according to Yijung Wang, Deputy General Manager of the company.

Tsehay has allocated about 2.5 billion Br to its project on the site with a total construction area of 30,000sqm.

Tsehay Real Estate plc. was established in 2012 by China Geology Corporation Overseas Construction Group (CGCOC) and Red Fox International Business Company, a company which constructed Koka Cement Factory back in 2008. The company contracted the construction of the buildings to Qian Tang Construction plc., which began work in September 2013.

Each building has multiple types of units, ranging from two bed room units of 140 sqm to five bed room Penta-houses of 275 sqm. All 13 buildings will have 646 units, 300 of which are two bed room and one guest room of 144sqm msq. All will have one master bedroom. Each unit will have access to parking area for one car, and ground level units will have gardens, while those above will have terraces, Yijung says. Additional parking could be availed at an extra cost.

All the buildings will be completed by April 2016, but residents will have access to the units they have bought as soon as each building is completed, Yijung said.

Buyers will be required to make a down payment of 70pc for the units they want to buy, with prices beginning at 1,100 dollar for a square metre; the price will increase for units higher on the buildings, according to Tenadam Zewede, Senior Advisor to the Company. Units on top of the buildings will have better quality and view, leading to higher prices, according to Tenadam.

The company also plans to start the construction of four additional buildings on October 2014, on a 10,000sqm plot; these buildings will be for commercial purposes, Yijung said.

CGCOC, one of the founders of Tsehay, has previously undertaken road construction, power plant and water purification projects in Ethiopia, including the Adama wind farm project. It is also the owner of Hansom International Glass Factory.

There are several real estate companies in Ethiopia, with some defaulting on their clients for failing to deliver houses after collecting payment. The government has been drafting a proclamation that could help regulate the sector, which had been commended by some as a move to ensure that buyers could get value for the money they pay.

 



By Dawit Endeshaw
FORTUNE STAFF WRITER

Published on August 17, 2014 [ Vol 15 ,No 746]


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