The new fresh face of the housing development industry, NMC Real Estate announces that it has begun operations for construction of its 600 houses.
NMC which was founded by Meseret Mekonnen stated that is project located in front of Tulu Dimtu, Aqaqi-Qaliti Sub City will have a total area of 35,000 square meters.
During a press conference and official signing ceremony held on Saturday June 24, the real estate company announced that the construction of the 600 houses had already commenced with about 20 villa units well in pace to be finalized soon.
As per the plan, the project will include 30 G plus 2 villas and 14 apartments with 12 stories.
“In total the project will consume 8.5 billion birr,” said representatives of the company at the press conference.
The contractor leading the project is non-other than Huahong Construction, a Chinese company that is not new to similar projects in Ethiopia. Currently, about 400 employees including expats are involved on the construction.
Internal road connection as well as the drilling of water well has already been accomplished. According to the company, the project is scheduled to be accomplished within two years’ time.
“Regarding addressing the housing scheme the company would have similar projects in other cities in the country,” the company leaders explained.
NMC Real Estate stated that it decided to join the real state sector to play its part on the housing problem that is one of the major socioeconomic challenges in the country, mainly in major cities.
The investor is involved on different businesses including the hospitality industry, while its ventures on the real estate industry are relatively new.
In the ten year plan, the government has projected about 4.4 million houses will be built .Of that, the major stake of about 80 percent will be handled by the private sector.
The real estate industry was one of the mistrusted sectors for buyers up until recently when new comers changed the trend by keeping their words on transferring houses on time.
