Condo lottery winners are on tight deadlines to make down payment

The Addis Ababa City Housing Development Program (AACHDP) summoned at the end of last week, 4500 city dwellers whose names were on the waiting list for the fourth round condominium lottery drawn a month ago. The lottery was to distribute 15,000 individual apartments to the winners.
AACHDP called in those on the waiting list when only 10 days remained before the deadline April 8 for the winners to complete the procedures and enter into contract to receive their apartments. The next lucky winners were given 10 days as of March 30to process the down payment and enter into contract for obtaining a one bedroom, two or three bedrooms apartment houses as per their choice upon registration.
The new comers are requested to pay 20 percent down payment in a Certified Payment Order from the Commercial Bank of Ethiopia to the Addis Ababa Housing Development project office and wait for their names to be posted praying that some of the original winners of the lottery would default.
A source at the AACHDP public relation office told Capital that they [those from the waiting list] may not get their house straight away.
“There are still a couple of days for the first winners to report to AACHDP, meeting all the set pre conditions. In which case, all the 4500 applicants may not be serviced. So there may even be another round of draw to distribute the remaining condos among the 4500,” said the source.
However, there are winners of the last round’s condo lottery who failed to cover the down payment and AACHDP passed them to those on the waiting list.
Some who are on the first list of winners complain they cannot afford the 20 percent down payment, and have been looking for financial support throughout the week going from families to friends and employers.
In the three consecutive lotteries previously held, AACHDP had registered 10 percent extra from the available condos on its waiting list in cases of no show.
On this last lottery, 30 percent more dwellers were listed for the total available 15,000 condominiums.
Such a bold increase in the waiting list volume was due to the many apartments that were left unclaimed by the winners of the first three lotteries.
The fourth round distribution scheme involves condominiums located at Jomo sites 1 and 2 and around Mekanisa area in the city.
According to the city’s Housing Agency, construction of 70,000 condos will commence this fiscal year. Depending on the existing price of construction materials a condo block consisting of 20 units costs on average close to 2.3 million birr. Currently work is underway in Jomo, Mekanisa, and Gotera by various local contractors.
Addis Ababa City Administration Housing Development Project Office foresees generating 3.3 billion birr revenues in 2008/2009 fiscal year from the transfer of houses and sale of shops. The project office had submitted a request of 5.7 billion birr budget for the entire project, but was awarded only 2.5 billion birr.
Recently the city housing agency has approved a new design for the condos which will be introduced at the CMC Summit Project.
An official at GTZ told Capital that the topography and layout, as well as houses and other socioeconomic facilities, are included on the new plan. The new plan aims to hit many socioeconomic sectors of society rather than merely lower-middle income inhabitants to grant some diversity to the project.

Source: Capital

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