Hosea Trading House plc accomplishes timely turn-key of its construction project of over 310 residential apartments and shops within two and a half years.
The real estate developer and successful investor on various sectors disclosed that the houses have been transferred for buyers.
The project called ‘Yerer Homes Residential Village’ located at Ayat 49, Lemi Kura Sub City of northeastern Addis Ababa was constructed on a 23,000 square meter plot of land.
The project has 14 apartments with four flats and 20 villas resting on 250 square meters each.
The apartments accommodate 280 houses that have from one to three bedrooms. The apartments have also 10 shops behind the residential compound.
The state of the art village has an underground water system, anaerobic baffled reactor system that manages liquid waste, different sport fields and a children playground.
According to the developer, buyers have secured their title deeds. In the different construction phases, ten contractors are said to have been involved for the success of the project.
The developer stated that there were several challenges including dynamic and heavy price hikes on construction material. Nonetheless, Hosea has successfully accomplished the project as per the time frame it gave to its buyers.
“Compared with the contract agreement signed, the price of construction materials has spiked ten folds. But we never adjusted the initial contract with the home buyers and we have stayed true to our word,” officials of the company explained.
Hosea Trading House is involved in different business including importing of medical equipment, steel wholesale, and hotel and tourism sector besides the real estate development.
About two years ago it also transferred an apartment that holds 30 houses.