High-end urban village takes shape

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A major upscale urban center is underway as Tsehay Real Estate Plc, the first and only Chinese direct investment real estate firm, completed work on two basement floors for eight residential buildings in the First Ethiopian Urban Complex project. Half of the buildings now have four stories completed as Tsehay continues to be satisfied with their progress.
Tsehay started constructing the Complex on December 5, 2013. It will have 13 luxury apartments each with thirteen floors, three business centers and a 4-star hotel.  These will contain 642 units which will be put up for sale when the project is completed. The complex will sit upon a 40,000sqmplot of land which means a total floor area of 180,000sqm.
According to Chen Wei, share holder and deputy general manager of Tsehay Real Estate, Tsehay is sponsored by two major Chinese companies working in Ethiopia. One is CGC Overseas Construction Ethiopian Ltd. The other is Red Fox International Business Investment Plc.
These two companies primarily build roads and bridges, manufacture cement and glass, and supply water and wind power. They entered the market over five years ago.
Chen says that real estate supports the country’s economic development, increases the standard of living, and has a bright future in Ethiopia. This is why the Chinese companies decided to invest in the sector.
Around two billion birr will have been spent by the time the construction is completed in July, 2017. Its initial investment was USD 18 million, according to Chen.
Even though the price hasn’t been decided yet, Chen says interest in the luxury apartments is high.
So far over 10,000 people have registered to purchase one of the coveted unites in just three days. That occurred during the Africa-China Commodities, Technology & Services Expo & Forum at the Millennium hall back in December, according to Tenadam Zewde, senior advisor for Tsehay.
Tsehay entered the Ethiopian market at the request of former Prime Minister Meles Zenawi. Next month the company will celebrate the completion of its sales office which is being constructed on the outskirts of the urban complex.