489 condo shops up for sale today

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Addis Ababa, 28 June 2014 (WIC) - The tender floated by the Addis Ababa City Administration Housing Development Administration Agency for the sale of 489 business units is set for opening today at 8:30 am at the Arat Kilo Gymnasium, The Reporter reported.

The Agency auctioned 489 business units at the beginning of this month with the floor price of 6,742 birr per square meter.

According to information obtained from the agency, more than 20,000 businesses and individuals have bought the bid document at 200 birr during the last 21 days in three different housing development offices.

The agency offered business units in six sub cities. The business units are located on the ground floor of condominium blocks on 11 different sites.  

The largest number of business units offered was in Yeka Sub city, a total of 293 units in two sites, Yeka Ayat 2 and Yeka Ayat 3. The Agency floated 127 units at Bole Sub city on four different sites, Summit 1, Summit 2, Bole Ayat 1 and Bole Ayat 2. Some 38 units were offered at Jemo 2 and Jemo 3 under Nifas Silk Lafto Sub city.

Under Lideta Sub city some 22 units were offered ranging from 23.4 to 98.76 square meters in size at the Lideta development site.

The smallest and the highest business units size were offered at Lideta development site, which attracted more than 14,000 bidders in December 2013 for 150 unit and won a high record price 56,164 birr for one square meter. The agency lifted the floor price to 6,742 birr from 6,606 birr in 2013 and 3,110 birr in 2012. In today’s bid, some 489 units measuring 26,000 square meters were floated.

The winners are expected to pay 50 percent or 100 percent of the price within a one month period or 25 working days after the official written announcement. He or she can also take a loan for 50 percent of the price from the Commercial Bank of Ethiopia payable within five years.

Winners are expected to cover the cost of the final finishing work and touches of the shops.