CBE starts receiving 40/60 condos

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40/60 Condo construction

The Addis Ababa Savings & Houses Development Enterprise (AASHDE) which delayed the first 40/60 Condo construction is now getting relief after the Commercial Bank of Ethiopia (CBE) began receiving some finished condos.
According to AASHDE officials CBE received the Senga Terra sites on June 3, which have five blocks and 310 houses. Now the bank is checking the sites at Kality which have 14 blocks and 980 houses that began inspection last Tuesday.
The CBE  committee  which is made up of  electrical, construction, mechanical, and water engineers came back to receive the houses from  the enterprise because the houses came with many obstacles in  properly constructing  the sewer system and toilets, the installation, the water pipes, and the paint work of the houses.
The Addis Ababa city Administration was expected to deliver the condos in 2015 but due to management, finance land issues the delivery was delayed for over two years.
Yohannes Abayneh AASHDE Communication head told Capital that the lottery draw of the condo will  be carried out after CBE fully receives the house.
‘’ Our job is to construct the homes and give them to CBE and  then in the final  stage to deliver 1,292  condo houses to the bank which has the mandate to  give the lucky winners who saved their money in a bank the condo.”
According to sources in CBE the bank will give a priority to the people who first deposit the full payment of the house. From 146,000 people who are registered in the scheme 16,000 of them deposited the full payment for the homes.
CBE is expected to soon announce the exact number of people included in the lottery draw  set to be carried out before the end of the Ethiopian year.
As Capital previously reported new 40/60 condos are worth an additional 2,100 birr per square meter more than their current price. The new price takes into account the increasing price of , labor, land, water, electricity and building design.
If the vice Mayor approves the revaluation, the prices of one, two and three bedroom condos – currently at 162,000, 250,000 and 386,000 birr respectively – will increase accordingly by the square meter of the apartments.
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 in one year. They are located in Gerji, Bole Bulebula, Hayat,  Meri and Summit.
For the current fiscal 6.5 billion birr has been approved for the 40/60 condo and 150 contractors are  working on the construction.