Sunshine Construction has become the latest real estate firm to sign on for an Ethiopian Airlines project that would see thousands of housing units constructed for the carrier’s employees at a cost of close to half a billion USD.
In partnership with China Communication Construction Company (CCCC), Sunshine inked the deal late this week with Ethiopian for the delivery of five thousand housing units that will accommodate staff.
Ethiopian Airlines had last week signed a similar agreement with OVID Group, another local construction firm, to develop 5,000 housing units.
Samuel Tafesse, president of the Sunshine Group, disclosed his firm would take charge of construction of one half of the 5,000 units, while its Chinese partner would be responsible for the other half.
He told The Reporter that his company won the bid by teaming up with CCCC.
The project is to be inaugurated on March 9, 2024, with senior city administration and federal officials in attendance. Sunshine Construction is also expected to deliver another 5,000 completed units to homebuyers during the inauguration ceremony.
The project for Ethiopian Airlines will be located in Lemi-Kura Sub City, and will feature several buildings up to 20 floors high, according to the contractor.
Construction is projected to be completed in three years, Samuel told The Reporter.
Sunshine Construction is celebrating its 35th anniversary in the industry. The delivery of 5,000 units on Saturday will bring the firm’s total to 11,500 units.
The firm will also use the occasion of its anniversary to award houses to close to 20 members of its staff as a reward for their loyalty. It will bring the total number of residences bequeathed to employees to 65, according to Samuel.
Sunshine Construction is also gearing up to engage in a public-private housing partnership with the Addis Ababa City Administration, which would see it erect units under a 30/70 housing scheme. The city housing project is valued at an estimated 60 billion birr.
Samuel told The Reporter that the City Administration will hold on to 30 percent of the units under the scheme, while his firm will sell the remainder on the real estate market.
The project will reportedly feature 4,000 units and is scheduled for completion in four years’ time.
(Source : The reporter)
