Tsehay Real Estate disclosed it will start selling apartments beginning from Monday, September 15, 2014. The apartments’ are 70 percent completed and their price tags range from 16,000 Birr to 28,000 Birr per square meters.
Deputy General of the Real Estate firm, Yijun Wang, noted because of the projects’ top quality work, his company is targeting the higher income customers.
He furthered, once the project is finalized, management of the property is going to be done by experts from professional property management companies. He then commented, “We will bring in experts from property management companies in the beginning”. “Since we do not know the local habits very well, at first we will bring in the experts and localize the service and find out which methods fir well with the local people,” he added.
It was in December 2013 Tsehay started its work on the real estate project around situated at the commonly known CMC area. The city center is being built on a total acreage of 30,000 square meters, which includes residential buildings, a four star hotel, office buildings, a cinema, buildings for commercial use, fitness amenities and children’s amusement park. The center is going to have 13 buildings with 12 stories each.
According to Wang, “It is very difficult to conclude how many people have shown interest in buying the apartments. We started construction last December, since then, more than 5,000 people have registered. But as you know, out of all that registered, only some
are really serious”. “But we are not concerned with that, our concern is delivering on time with top quality. We are fully confident, with the completion of this project, and with the devaluation of the local currency, the prices of the houses will increase in the long
term,” he furthered.
The Deputy General Manager added his company will make more investments in the real estate sector once it is done with the apartment complex. He further commented, “Especially in this sector, it cannot be a short term investment because we have already brought in so much equipment, so many machines and so many engineers here, so it is impossible to do just one project. For us, we want to first make the first project successful and then look forward to future opportunities”.
He also discussed the firm’s intention to enhance technological transfer to the local work force. According to him the current project was carried out by Chinese engineers for quality control purpose and they have been teaching the local workforce how to do things in a
proper by making quality top priority.
In addition to this, according to the Deputy General Manager, they are thinking to make formal technological transfers via establishing a training center and sending some experts to China for trainings as well as bring experienced experts to Ethiopia for training purposes.
The entire center is scheduled to be finalized by 2017.
Source: Capital
