South African Company to Construct 500,000 Houses in Addis with 4.2 Bil USD

Addis Ababa, June 2/2021 ( ENA)  The Addis Ababa City Administration today signed an agreement with a South African housing company, ‘Property 2000 South Africa’ to build 500,000 houses in the city with a cost of 4.2 billion USD.

The full cost of the construction of the houses will be covered by the Company and the city administration will provide the construction sites with the necessary infrastructures and import duty-free inputs.

Deputy Mayor of the City, Adanech Abeibei and Company Chairperson Napo Eddie Modise signed the agreement.

During the occasion, Adanech said the agreement will enable Property 2000 South Africa housing company to construct 500,000 houses that will be handed over to low and middle income residents of the city with very low interest loan to be paid in 30 years.

Adanech further indicated that the city administration is working to address the urgent housing problems of city residents.

It is indicated that more than 650,000 city residents have been registered by the city administration and waiting for condominium Houses.  

According to her, the city administration has been working to build about 120,000 houses in this year out of which 80 percent of the houses will be constructed by the private sector.

Chairperson of the company Napo Eddie Modise said that the company decided to engage in housing development to be part of government’s effort to address the urgent needs of housing in Addis Ababa.

He pledged to hand over 100,000 houses with in a year adding that company has generally planned to build 500,000 houses in the city over the coming five years.

The overall plan designed by the Addis Ababa city Administration is to build one million houses in five years in partnership with other private companies.