Access Real Estate apt. up for auction


The Federal High Court has tabled Access Real Estate (ARE) Share Company’s partially constructed building up for sale after the company’s client filed a claim on the property to the court last year.
The auction notice posted on the daily state owned Addis Zemen states that the company’s construction project site located at Bole Sub City, Kebele 03, Wereda 03 has been auctioned to an interested bidder with a floor price of 3.437 million birr.
The site that lays on a 4,133 square meter plot was one of Access Real Estate’s flag ship sites that was sold to buyers a few months after Access announced that it was going to build a 7-storey luxury apartment.
The notice did not state if Dereje Mekonnen, the plaintiff, who was given the right by the court to claim the property was, in fact, one of the home owners at the same location. Access has not been active since the president fled from Ethiopia last year.
Even though many people paid money to own homes at different locations of the city no one has actually obtained a home. Access has also not finished the construction of even one house.  Currently home buyers and the company shareholders are working together to develop the houses, even though some of the home buyers sued the company to get their money back through the legal system.
According to the notice the auction will be opened on April 4, 2014.