GCR global construction review.
20 November 2018 | By GCR Staff
In a sign of confidence in Ethiopian capital Addis Ababa, Abu Dhabi developer Eagle Hills has revealed plans for a large mixed-use downtown development there, featuring hospitality, retail, commercial and leisure elements, and more than 4,000 residences.
Set to cover 360,000 square metres in the city centre, on the former site of the capital’s central train station, La Gare, from which the scheme takes its name, the development is the first foray into Ethiopia for Eagle Hills, established in 2014.
In its press release yesterday, Eagle Hills said the scheme, described as “a secure and exclusive setting surrounding a park”, had the “patronage” of Ethiopia’s new prime minister, Abiy Ahmed, whose government would aim to develop a social housing component in the masterplan to accommodate residents now living on the site.
The developer said the project “consolidates Eagle Hills’ mission of developing integrated communities in emerging markets”.
Ethiopia has been rapidly developing its transport infrastructure, with last year’s opening of a railway to the port in neighbouring Djibouti.
It has been expanding its industrial base equally fast, with a slew of new industrial parks announced this year, predominantly developed by Chinese entities, but lately also by Turkish investors.
Anticipating an influx of foreign businesses and tourists, Eagle Hills said La Gare would be anchored by four and five-star hotels, supported by retail outlets, offices and residential buildings. La Gare will be a new commercial hub for the city, Eagle Hills said, offering Grade A offices and leasehold commercial property.
“As one of Africa’s hidden gems, Ethiopia is rich in history, culture and natural beauty,” said Eagle Hills chairman Mohamed Alabbar.
“Our vision is to bring attention to such locations across the globe, revealing the charm and potential within them and inviting future residents and tourists to consider making new homes for themselves there.
“In addition to creating a brand-new skyline and city centre, La Gare is set to contribute to the local market by creating jobs, further bolstering market sentiment and energising the economy.”
Image: La Gare, in Addis Ababa, will be “a secure and exclusive setting surrounding a park” (Render courtesy of Eagle Hills)
Abu Dhabi firm launches $2b Ethiopia construction
Tuesday November 20 2018
An artist’s impression of the estimated $2 billion integrated community development project in Addis Ababa to be undertaken by the United Arab Emirates firm, the Eagle Hills. ANDUALEM SISAY | NATION MEDIA GROUP
In Summary
- The Ethiopia government will have 27 percent share in the project which includes malls
- The project is estimated to take up to seven years to be completed
- The first phase, which will have shopping malls, will be finalised in three years
The United Arab Emirates firm, the Eagle Hills, has launched an estimated $2 billion integrated community development project in Addis Ababa.
The Ethiopia government will have 27 percent share in the project which includes malls, 4,000 apartment houses, three star hotels and recreation centres, according to Prime Minister Abiy Ahmed, who launched the project Monday night.
The project is estimated to take up to seven years to be completed.
According to the masterplan, some 1,600 households whose current dwellings will be demolished, will be absorbed in the proposed apartments.
Communal values
“Eagle Hills has given us 1.8 billion birr ($65 million) that will allow us to provide housing for those 1,600 households in the new project without being displaced from where they have been living for long,” Mr Abiy said.
The first phase, which will have shopping malls, will be finalised in three years.
“It is expected to energise the economy by creating around 25,000 jobs for Ethiopians. The development project also aims to preserve the historical and communal values of the area, while ensuring the current dwellers are also beneficiaries of the development project through ownership of some of the apartment units, challenging the previous practice of displacement,” explained the premier.
Source – The East African