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The Addis Ababa Saving Houses Development Enterprise (ASHDE)is preparing the first tender to sell 372 condo shops built under the 40/60 scheme. They plan to sell them at a floor price of 19,634 birr per square meter.
The shopsare located in Senga Terra and Crown sites on the ground, first and second floors. They are from 62 to 120 square meters and have communal toilets, marble stairs and emergency exit doors.
A water tanker which can hold 300 liters, a common satellite antenna, an eclectic and telecommunication line are also being installed in the shops.
The area also has a parking lot for 80 vehicles on each block.
The tender is expected to open in less than two weeks, according to the enterprise.
Capital asked the public relations department of ASHDE why the price has increased. The department replied that the floor price is determined by the cost of constructing the buildings.
“Having neat shops, with ample parking space and in the business hub of the city are the characteristics of the condo shops that we have built in Senga Terra and Crown sites and the price reflects that,” he said. Businesses like a barber shop, supermarkets, restaurants, and convenience stores will occupy the area.
This shops were constructed together with the 972 houses that were recently transferred to the winners of the 40/60 condos.
It is expected that they will pay 50 percent of the price in advance with the balance paid through the Commercial Bank of Ethiopia (CBE), with interest, over the next five years.
In the previous 20/80 condo schemes, banks and insurance were highly involved in the tender to use the condo grounds for branches.
Nib Bank offered up to 101,111 birr per square meter to buy condo shops in the 12th round of the 20/80 condo shop bid.
With the high demand of houses and the cost of labor condos are now getting million birr offers.
Last week Capital reported that the prices of the 40/60 condoswould increase upto124,000 birr. This was done by the Commercial Bank of Ethiopia (CBE) and they claimed that this was simply due to an interest rate hike.
The interest rate increase means that two-bedroom buyers will add 91, 470 birr and three and four bedroom buyers will add 110, 650 and 124,000 birr respectively on the total prices that they’ve paid for houses.