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Ethiopia - Addis Ababa float 2nd round lease auction

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12/19/06

  01:40:49 pm, by admin, 473 words  
Categories: Business, Ethiopia

Ethiopia - Addis Ababa float 2nd round lease auction

City float 2nd round lease auction

By Groum Abate

Capital Ethiopia

The Addis Ababa City Land Administration put out 87 plots for public bidding in five sub cities of the city.
In its 2nd round of land lease tender, the city has offered plots mostly for residential but one plot in Yeka sub-city and another in Akaki/Kaliti sub-city have been stated purposes for multi-purpose buildings. Another plot measuring 1780 sq. mt. is also floated for tender by Kolfe Keranio sub-city for kindergarten construction.

Addis Ababa Ethiopia skyline

Arada sub-city has also offered two plots located in front of Churchill road opposite Universal Clinic. These two plots are offered with the highest floor price of 1,313.21 birr for the first plot of 1,000 sq. mt. The second plot, which is 1,100 sq. mt. is offered at a floor price of 1,195.76 birr per square meter.

The lowest floor price was offered in Yeka sub-city commonly known as Dehininet. All the 16 plots offered in the sub-city are set a floor price of 150.30 birr.

Experience from previous rounds of tenders indicate that the city would definitely double or triple its income from this round due to the growing interest of individuals to lease land in the city.
Arada Sub City, Bole Sub City, Kolfe Keranio Sub City, Yeka Sub City, and Akaki/Kaliti Sub City are the five sub cities where land is leased on bid in this round.

The administration requires a specific amount of money to be deposited in a blocked account, verified by a bank and submitted with the bidding document. The amount is also attached with the floor price of the area at the auction announcement posted on the city’s newspaper Addis Lisan on its Saturday December 16 issue.

This scheme is introduced so as to exclude those who participate in the tender without the necessary financial backup.
25,000 birr is required for bidding for a 200 square meter segement and one million birr for a 1,000 square meter plot.
Recently, following the Addis Ababa Caretakers Administration first round auction announcement for bidders interested in leasing land, a plot around Merkato, commonly known as Berbere Tera, fetched 10,000 birr per square meter, which was the highest ever submitted for a plot in the city.
A residence plot located around Ayat area has also fetched a maximum of 3,125 birr per square meter, which is almost double than the last auction that took place a year ago.

A plot in Yeka sub-city commonly known as Dehninet has also demnded a staggering price of 2,051 birr per square meter. Plots in this area have been auctioned with a maximum price of 400 birr per square meter in the last auction.
The administration prepared 167 plots located in different sub-cities of the city in the first round of auction.

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