Access Real Estate ‘not Liquidating’


In a response to Capital’s article headlined “Access to liquidate over 30 of its assets” in last week’s newspaper, Access Real Estate’s CEO Ermyas Amelga strongly asserted that the company is not in fact liquidating many of its assets.
Ermyas Amelga in a written statement said: “ARE will spare no effort to ensure that it delivers the homes for which its customers have entrusted it with their hard earned money.  It is of course well known that the company has amassed a sizable asset base on which to prosecute its long term vision of helping to address Addis Ababa’s substantial housing shortages.  Whenever it is necessary, ARE will not hesitate to deploy these assets in overcoming near term financing needs for its existing projects. This is part of our normal course of operation involving some idle properties and nothing of the scale or nature indicated by your edition in last week’s paper.” “This is in fact one portion of a multipronged strategy we are deploying at the moment which also includes the implementation of an unprecedented level of customer involvement in our business processes.  We have already begun to engage customer representative groups from our earliest projects to define a framework that will give them not only full transparency into the financial activities and construction plans for their respective projects but will also provide the tools (such as blocked accounts) by which they can actively oversee the means by which project completions will be realized.  This framework of customer engagement will soon be rolled out to all of our projects.”
“Construction activity is now in full swing at Nyala Motors, the detailed update of which has been placed on our website. Customers who would like to visit the site should ask site personnel to be taken to the areas currently seeing activity. A similar ramp up is forthcoming in the coming weeks at Megenagna Sunrise and CMC Meri Diplomat which will be followed by Ayat East view and Bole Medhanealem Uptown Courtyards.  The working progress on remaining developments will be communicated via email and customer representative groups as they are established and become functional in the above mentioned framework of elevated customer engagement.”

Editor’s Note
Access has over 40 project sites in Addis Ababa and initiated construction on 11 of its sites.