Addis Ababa, April 3, 2024(Addis Walta) The PLC-Ovid Group is set to construct a housing project of 60,000 units under a 70/30 program agreement in the city.
The announcement was made after the Mayor of Addis Ababa City Administration, Adanech Abiebie, launched the construction yesterday. The project will be built on 558 hectares of land around the Kaliti area, with additional social service infrastructure in the vicinity.
The Mayor highlighted that the construction of 60,000 houses, with schools, commercial centers, health facilities, and greenery, would create jobs for approximately 250,000 citizens. She urged residents to understand the development potential of the project and engage positively in the construction process.
The City Administration will closely monitor the project to ensure it is completed on schedule. Over the past six years, more than 200,000 residential houses have been inaugurated, according to the Mayor.
She also called upon private developers to fund and invest in the housing sector, given the high demand in the city. Under the 70/30 program, developers can supply 70 percent of housing units for sale, while the remaining 30 percent will be reserved for the government.
Yonas Tadesse, the founder and CEO of the Ovid Group, stated that the project would create around 250,000 direct jobs. He added that the project would employ international quality standards and be completed in three phases, each lasting three years.