Condominium shops in Lideta area of Addis Ababa sold for a record amount according to the city Housing Development Projects Bureau. The municipality earned 284.8 million birr from the sale of the condominium shops that sold more than eight times the floor price.

The Housing Development Projects Bureau received 14 thousand bids for the 150 shops it had on offer and announced 149 successful bids.

The successful bidders will pay 50 percent of the agreed upon sum upfront and the balance over a period of five years through the Commercial Bank of Ethiopia.

The highest price offered per meter square was 56,164 birr, significantly higher than the 15,000 birr per meter square which was the highest bid received last year.

The highest offer was received from an individual bidder who won a further five shops, for a total of 4.3 million Br.

Abyssinia Bank and Horn of Africa Shipping Lines each acquired four shops, whilst Addis International Bank and Kuraz International Publisher Plc bought three shops each.

Source: Fortune