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Impact International Real Estate inaugurated its first batch of 50 houses it build for its clients in Bahir Dar near Lake Tana, on December 16th.
The 50 houses inaugurated in Amhara Regional State, 563 kms north of Addis Ababa are among the first batches of the 120 houses construction project launched about six years ago. These housing project is part of the 400 houses the company is constructing on a 150,000 square meters of land at a cost of more than 450 million birr in the lake side.
The real estate company says so far the construction has created 300 employment opportunities, with plans for constructing health facilities, schools, and various entertainment facilities with bungalows, a supermarket and other services.
Minyechel Getnet (Eng) founder and General Manager of Impact Real estate said Bahir Dar’s location make it an ideal place for residence, entertainment, conference and tourism services and as such has attracted the attention of Ethiopian Diaspora and people of Ethiopian lineage.
“Even though there was a shortage of cement and price escalation during construction work, as well as price escalation of iron and other related construction inputs and shortage of qualified staff, these didn’t prevent us from delivering the houses as we promised,” Minyechel said.
Ahmed Abitewe vice-president of the Amhara Regional state and head of the region’s industry and urban development bureau said that his administration is building low cost condominium houses to resolve the acute housing shortage seen in the region.
“Current housing projects undertaken by our administration is creating job opportunities for the society,” Ahmed said adding that such private companies involvement in the housing sector will help to curb the shortage.
Dr. Tadesse Yeshiwas who was one of the first to make residence with his wife and three kids at his 500 square meter house he purchased at 726,000 birr said it has allowed him to get relieved of rental houses.
The housing units Impact Real Estate has finished or is constructing rest on an area ranging from 250 square meters to 750 sq.ms.