Seventeen thousand 40/60 condos to be transferred soon

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Studios to be rented to civil servants  

The Addis Ababa Saving House Development Enterprise is in discussions with the Commercial Bank of Ethiopia (CBE) to transfer 17,000 40/60 condos which are on the verge of completion in Gerji, Bole Bulebula, Hayat, Meri and Summit.
Right now the Enterprise is completely responsible for finishing the entire home including what is termed as ‘finishing work’. However, many of the homes need work done on them, for example doors and windows need fixed as well as toilets and kitchens and ceramic floors. To speed up the process, the Enterprise wants the new home owners to be responsible for those finishing works. Hopes are that the condos can be transferred within a month.  Sources at the Enterprise told Capital that first opportunity will be given to people who save can pay the entire amount of the home.
“There is some delay in delivering the houses and the Enterprises is now thinking that  it is better to leave the finishing works to the beneficiaries by drawing a lottery, the idea will be attempted if  CBE and municipal can agree on this issue .’’
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. But the price of the 17,000 condos will be revised when they are delivered soon.
Capital’s effort to get CBE to comment on the issue was not successful.
When the 972 houses were delivered last year ASHDE raised the prices from 3,200, birr to 4,918 birr per square meter which meant that a 124sqm two bedroom condo cost 609.8 thousand birr, and a 150sqm three bedroom 737.7 thousand birr and a 168sqm four bedroom 826.2 thousand birr.
Then  CBE told winners to add the interest rate price from the previously increased price which meant that one bedrooms buyers paid 701,270 birr while the two and three bedrooms paying 847, 650 birr and 950,000 birr respectively.
Currently 39,000 houses including the nearly completed 40/60 condos are under construction.
In other related news more than 1,500 houses of 20/80 condo houses will be rented to the government workers who earn less than 2,000 birr per month.
The houses will be rented to the workers in the draw which will be expected to be held very soon. The rental price is expect to be 350 birr per month. The studios are coming from the recent counting and are illegally occupied by some people.