Major Residential, Business Center Begins Construction Near CMC

Construction of the, USD 200 million, Addis Ababa International Center, has begun at Yeka Sub City in front the CMC roundabout.

This Chinese foreign direct investment (FDI) project is owned by Tsehay Real Estate Plc.

Qian Tang, a shareholder in Tsehay, said the urban complex will become the second icon of Sino-African cooperation next to the African Union Headquarters. The Chinese Chamber of Commerce in Ethiopia, Chinese funded organizations, Chinese merchants, a Sino-Ethiopian industrial and commercial platform and an information center all plan to move into the complex. Mr. Tang added that this will become the largest urban complex in Ethiopia and an architectural landmark.

The residential buildings will be constructed first and should be completed within the next two years. Eighteen months later, the commercial center is expected to be completed, according to Tang.

Teshay has secured about 40,000sqm of land for the site from investors experienced in construction and cement manufacturing.

The center will feature a high star hotel, international standard offices, high-end residences, a commercial pedestrian walkway, cinema, fitness amenities and children’s amusement park. It will also feature a high tech security system, independent water and power supply systems and an international project management service.

Qian Tang told Capital that the construction is being done in cooperation with the Institute of Architecture Design and Research, the Chinese Academy of Science and Qian Tang Construction Plc.

“We want to help develop the urban area, create a comfortable living space and boost the real estate industry,” Tang said.

Last week’s three-day-long 2013 (Africa) China Commodities, Technology, and Services Expo at the Millennium Hall, saw long lines. Tsehay and over 150 Chinese companies exhibited the design of the buildings.

“We had a significant number of people queuing up, registering to purchase space when the building is completed, the manager told Capital.

The rising housing demand continues to be an issue for Addis Ababa. Research indicates that the need grows by 100,000 residents every year.

Source: Capital