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Habesha Construction Materials and Development Share Company (HCMD) is set to sign a 125 million birr deal with Rama Construction Private Limited Company, on Monday February 4th 2013.
The deal would see the construction of the G+10 “Tigat Business Centre”, a building which will be situated on 2,175 square meters of land.
This deal is the first of its kind HCMD has made with Rama Construction Company and the business centre’s location is to be in the area known as 22 Mazoria, next to Aksum Hotel, Addis Ababa.
The first phase of the project is expected to take 18 months to finish, with a projected cost of 125 million birr, while the cost of the second phase will be calculated based on the cost of the first phase and other associated costs. When completed, the business centre will have a children’s playroom, supermarket, cafe, restaurant, shops, modern hotel and business offices.
Two underground parking lots with a capacity of holding more than 100 vehicles will also be part of the construction project.
Getnet Hailu, Deputy General Manager of HCMD, says the project is expected to be constructed without any financial loan, although in the future, depending on the conditions, it may ask for financial loan from local financial institutions.
He also said the firm has five ongoing projects in Addis Ababa around the Ayat Square area, Meri Loki and the CMC Michael area.
The company held recently its second regular general assembly of shareholders on December 8, 2012, where the Board of Directors presented the company’s annual report for shareholders.
The report had shown that it registered over 5 million birr in net profit in just four months of operation, from May to August, 2012.
According to the report the profit was registered in four months amid several challenges the company faced including, difficulties dealing with financial institutions and the rather long process of land acquisition.
Other bottlenecks it mentioned were public service providers being slow in responding to the company’s queries, and shareholders failing to fully pay for the shares they have acquired, stated the report.
The company has registered a 16.6 million birr gross /total income from construction. The income the company gained from constructions on land leased from the government is just 3.3 million birr. The rest 13.3 million birr income is from joint ventures (JV).