Tsehay Real Estate announced that it will officially start selling its apartments on Monday September 15th as 70 percent of the construction on its residential buildings has been completed. According to Yijun Wang, Deputy General Manager of the real estate company, the price tags for the apartments per square meter starts from 16,000 Birr and goes all the way up to 28,000 Birr.
“We are targeting the higher income customers because it is a top quality project,” the Deputy General Manager said.
The manager added that once the project is finalized, experts from professional property management companies will be in charge of managing the property.
“We will bring in experts from property management companies in the beginning. Since we do not know the local habits very well, at first we will bring in the experts and localize the service and find out which methods fit well with the local people,” Wang stated.
Tsehay Real Estate commenced work on the real estate project located in Yeka Sub City commonly known as CMC, in December last year. The city center that is being built on 30,000 square meters of plot includes residential buildings, a four star hotel, office buildings, buildings for commercial use, a cinema, fitness amenities and children’s amusement park, among others. The center has 13 buildings each with 12 floors for luxury apartments.
According to the company, since the commencement of the construction, as many people as over 5,000 have registered to buy the apartments.
“It is very difficult to conclude how many people have shown interest in buying the apartments. We started construction last December, since then, more than 5,000 people have registered. But as you know, out of all that registered, only some are really serious. But we are not concerned with that, our concern is delivering on time with top quality. We are fully confident, with the completion of this project, and with the devaluation of the local currency, the prices of the houses will increase in the long term,” Wang also said.
The Deputy General Manager also said that the company will likely invest more in the real estate sector once they finish the apartment complex.
“This is our first project but it will never be the last project for our company. Especially in this sector, it cannot be a short term investment because we have already brought in so much equipment, so many machines and so many engineers here, so it is impossible to do just one project. For us, we want to first make the first project successful and then look forward to future opportunities,” he stated.
To enhance the technological transfer to the local work force, they plan to establish a training center in the future.
“For this project, Chinese engineers are in charge of quality control and they teach the local workforce how to do things in a proper way by making quality, top priority. We are also thinking about making technological transfer in a formal way such as establishing a training center as well as sending some workers to China to get more trainings as well as bringing in well experienced experts here to carry out trainings,” Wang added.
The whole center is expected to be completed by 2017.