Checklist prepared for 40/60 condos

40/60 condominium

The Addis Ababa Savings & Houses Development Enterprise (AASHDE) and Commercial Bank of Ethiopia are preparing a check list so that new owners can review condominium houses when they are transferred. One thousand two hundred and ninety two homes that are commonly called 40/60, will be delivered to people selected through a lottery system.

Houses in the Senga Tera and Kality sites originally were supposed to be delivered to lottery winners in June 2015 but because of a price revision and finishing work it took a bit longer.

Yohannes Abayneh AASHDE Communication head says they are almost ready to put the identifying blocks and numbers on the houses.

The houses will soon be transferred to CBE who then will give the houses to the lottery winners. The check list is being prepared so the new residents can review what is in the house. The exact delivery date is still unknown as the enterprise awaits the approval of the vice mayor who is responsible for approving the price of the new condos based on a study carried out by the Addis Ababa University, Ministry of Urban Development and Housing, CBE and Urban  Development Institute.

As Capital previously reported the new 40/60 condo prices have gone up to 2,100 birr per square meter based on the increasing price of construction, labor, land water, electricity and building design.

If the vice Mayor approves the new price structure, the prices of one, two and three bedroom condos – currently at 162,000, 250,000 and 386,000 birr respectively – will increase by 2,100 birr for every square meter.

When the 40/60 condo housing schemes began in 2013, AASHDE set the price at 2,289, 3,300 and 3,860 birr per square meter for one, two and three bedrooms respectively.

Currently, 39,000 condominium units are under construction on 12 sites and 18,000 are expected to be completed this year. The condos closest to completion are in Senga Tera, Gerji, Bole Bulebula, Hayat Meri and Summit areas.

For the current fiscal year 6.5 billion birr has been approved for the 40/60 condos and 150 contractors are working on constructing the houses