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Noah Real Estate Plc., a brand new real estate company announced that it is ready to unfold its original landed property plan both for a residential as well as a commercial and office building.
The company announced it has completed the construction of 15 residential villas at its Jember site in CMC area, which it has availed for purchase. This is a new approach in the real estate sector that is used to first collect advance money from those looking to own a house, and then build their house. Sometimes, those would be house owners simply remain just that as the houses are never completely built though they may have paid fully.
“We believe we are here with a new concept which is, we first build and then we deliver. One of the biggest problems in the Ethiopian real estate business is, developers ask for an advance but they end up not being able to deliver what the customer was suppose to get,” said Tewodros Zerihun, owner and deputy general manager of Noah Real Estate Plc.
The villas, which are built on 300 to 700sqm plots, are to be sold for between 7.3 to 8.2 million birr and buyers are expected to pay cash.
The real estate company is also in the finishing process of Abyssinia Mall, a 12 floor building for commercial and office purpose right beside Bole Medhanialem Church. The first three floors will reportedly be used for commercial purposes while the rest will be available for office space. The company announced it has already started selling space in the building.
“Two whole floors have already been sold out, and we are expecting the rest to be sold out quickly,” said Tewodros. To make sure there is ample parking space for those who will be using the building, the real estate company has also bought the private property behind Abyssinia Mall and will soon build a four floor parking structure.
“Parking is a problem as the area is residential, that is why we are constructing a second building that will have four floors for parking and a cinema hall at the top,” Tewodros stated.
So far, Noah Real Estate does not have apartments available but it plans to put that on its list. “We have already acquired land which will solely be for apartments. We hope to begin construction soon,” Tewodros stated.
Noah Real Estate Company does not ask its customers to pay up front as customary in the business, but rather has a payment plan for interested buyers of a finished commercial and office space in the building.
Those interested need to deposit 50,000 birr through a CPO to reserve the space they chose and within 30 days start making payment as per the schedule agreed. The cost for an office space is very interesting says Tewodros. It is owning the space for roughly a 6 years renting fee