ADDIS ABABA – The Federal Housing Corporation (FHC) has entered into an agreement with Ovid Construction company to build five mixed-use apartment buildings in Addis Ababa.
Reshad Kemal, Executive Director of the Corp, and Yonas Tadele, CEO of Ovid, signed the contract agreement on Monday.
Ovid Construction landed the latest contract six months after delivering the Gerji Federal Housing Corp Residential village.
The newly signed contract will task Ovid Construction to build five mixed-use apartments on two sites.
Four apartment buildings, each with 12 stories will be constructed in the Sholla area. The fifth building with 12 floors is planned to be constructed in the Bole Omedad neighborhood.
FHC Executive Director Reshad the buildings are designated for residential and commercial purposes.
The projects are expected to be completed in less than a year, he added.
The FHC, which administers 18,000 residential and commercial units built during the Derg Regime, started building new housing units a couple of years ago.
The Corporation inaugurated the Gerji residential village built with an outlay of over 3 billion Birr in July 2022. The village has 16 blocks with 510 apartments.
Currently, it Is carrying out 12 construction projects and has so far completed 23 blocks in six project sites.