Noah Real Estate is to hand over 120 housing units to homebuyers which the company said was built with a total cost of 200 million birr.

The housing unit, named Noah East Gate Residential Apartment, consists of a 7 floor residential complex. Located around CMC Summit area, the housing units comprises two and three bed room apartments.

Noah, a sister company of Great Abyssinia, is among those local companies who joined the industry six years ago. Over those years, it has managed to complete more than 3,500 apartments, houses and commercial properties handed-over to its homebuyers.

Known for its well branded motto “Yaltgeneba Anshetim” meaning “we don’t sell what we haven’t built,” Noah is shaping out to be a major player in Ethiopia’s tricky real-estate industry as housing demands from the upper class is growing impressively from time to time.

In a press brief given to the local media, the company’s representatives said that they are also working to exploit emerging market opportunities in the industry.

“Following the new political scene in the country where many Ethiopians who are living abroad are expected to return; we have prepared a new package,” said Abiy Hailemariam, marketing agent for Noah Real-estate.

“Our company is ready to offer a 10 percent discount for diaspora returnees who buy housing units from Noah,” he added.

In addition, Noah is also working with different private banks to commence mortgage financing arrangements where buyers will have the chance to have a house with affordable prices.  This specific package will be available in its projects of Noah Garden apartments, Noah Terrace and Noah Adey Abeba village located around Gurd Shola and Ayat roundabout.

In relation to handing over houses in a timely fashion, it is to be recalled that the Company have suffered to deliver its apartment projects located around Atlas. The problem specifically is related with installing utilities such as power and water.

After taking more than six months till the contract time of delivery for homebuyers, the company just a couple of days ago, managed to install the required utilities.

“The problem specifically was beyond our capacity and it took the concerned offices a longtime fix,” said Abiy.

“We are now working with those offices not to repeat that same mistakes,” he added.

Currently, Noah is planning to start five additional projects consisting of 798 house units of apartments, houses and commercial properties.