Prices on Senga Terra and Crown condos up by 53%


The price for new condos in Senga Terra and Crown sites, being transferred by the Addis Ababa Saving Houses Development Enterprise (ASHDE), to the Commercial Bank of Ethiopia has risen by 3,200, birr to 4,918 birr per square meter.
The 972 houses, being sold under the ‘40/60’ plan, include some being sold as four bedrooms, catching buyers off guard. The prices are as follows: a 124sqm two bedroom will cost 609.8 thousand birr, a 150sqm three bedroom 737.7 thousand birr and a 168sqm four bedroom will set you back 826.2 thousand birr.
The lottery draw occurred on July 8. The winners of that draw are expected to fork over 240,000 birr for two bedrooms and 320,000 birr for three, now they will have to add approximately 245,000 more birr.
Some changes include using aluminum frames to build the windows instead of PVC, reinforcing the roofs with concrete and making the partition out of bricks instead of agro stone. These all cost more money. The design change adds around 50 square meters more to the two and three bedroom condos as well.
The Addis Ababa Saving House Administration also announced that it included 324 houses with four bedrooms in the July 8 lottery draw, which were not part of the plan when the condo project began four years ago.
Abate Sitotawe, Vice mayor of Addis Ababa City Administration said the fourth room was added when they discovered extra space in the condos.
“We didn’t have a plan to build four bedroom condos but we found vacant space in the room so instead of leaving it empty we build an extra room but we don’t plan on doing this in the future rather we will keep the size as planned,” he said.
Abate added that his administration is studying how to speed up condo construction.
“We are looking at the possibility of including others in the building process, we will disclose it when we finish our study.”
In related news, ASHDE announced it would open bidding on 320 ground level studios for business purposes.
The initial bid of the studios will be 17,000 birr per square meter. Currently over 38,000 40/60 condos are under construction and 20,000 will be completed in the next Ethiopian year. More than 139,000 people are on the list for these houses.