Geeska Afrika Online

40/60 Condominiums to be transferred to Commercial Bank for lottery

Ethiopian Commercial Bank (CBE) preparing to administer lottery based distributions for 1292 condominiums under the 40/60 Housing Program.

It is widely expected that Yidnechathew Walelign Addis Ababa Housing Development Agency head is transferring the Senga Terra and Crown area sites after inspections by CBE’s team.

Although a price increase due to design changes and building costs is expected, the exact amount per condominium unit is not yet known. Last year the Addis Ababa Saving Houses Development Enterprise (AASHDE) released plans to build 75,000 condominiums in the coming 5 years.

Currently, 38,709 condominium units are under construction on 12 sites around Addis Abeba. However, most of the projects are behind schedule which has brought serious backlash from people saving money.

160,000 people registered for the 40/60 condominium scheme on 2013 and around 154,000 are saving money each month. Out of these people, an estimated 13,000 people have paid the full amount (100%) while an estimated 29,000 people have paid (40%) of the total cost.



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