The 150 shops made available for bidding at the Lideta site of the Addis Ababa condominium housing projects have attracted large amount of attention.
More than 14 thousand individual bids were received for the shop space with interest seen from a diverse range of parties including insurance companies and banks.
The current round of bids attracted a record 56 thousand birr per meter square at the tender floated by the city administration for the Ethiopian capital at a floor price of 6 thousand six hundred birr.
The highest bid per meter square every received in a bid like this was 15 thousand birr offered for space at the Jemo site eighteen month ago according to Fasil Assefa, Information Technology and System Administrator of Housing Development Project Bureau with the Addis Ababa administration.The administration expects to announce the winners of the bid by the end of December. Those who win the bids will be expected to pay 50 percent in advance to secure the shops after which they can sign a five year mortgage agreement with the Commercial Bank of Ethiopia explained Fasil.
Condominium shops are located on the first floor of the multi-storey housing complexes constructed by the city administration and generally range from 20 to 117 meter square in size.
Source: Fortune
