Abiy Hailemariam, General Manager of Noah Real Estate, speaking at a press briefing on Wednesday.

Noah Real Estate to Transfer 200 Homes Sunday

By Mhret G/Kristos

ADDIS ABEBA – Noah Real Estate Plc announced on Wednesday that it will transfer 200 homes built at a cost of over 300 million br. to their owner on Sunday, June 2, 2019.

The four-storey residential apartments to be transferred are located in Gurd Shola area of the capital and host two-bedroom and three-bedroom houses.

The construction firm said the apartments are sold within a million to 2.5 million Br price range and are equipped with waste management systems, water tanks, and electric generators.

While developing the properties, the real estate company faced various setbacks related to access to electric power and water, said Abiy Hailemariam, General Manager of Noah Real Estate.

But it took us 18 months to finish up the Construction, he told journalists at a press briefing on Wednesday.

The Real Estate firm has been targeting middle-income earners with Noah garden apartments and developed 20 similar projects.

Noah Real Estate was established in 2012 and has sites at 14 different locations in the capital.

It is one of the 630 real estate investment companies across the country with a total investment capital of 3.5 billion Br.

The real estate business has contributed 12.5 percent on average to domestic growth in the past decade and incomes generated by the real estate market have been growing an average of 14.1 percent annually.