Iconic, record 1 Bln Birr Worth Residential Building to be built in Ethiopia
Rockstone Ethiopia is set to spend 1 billion Birr to build a state of the art building in Addis Ababa. This is to be a 20 story apartment that is set to be built in partnership with HuaHong Construction PLC. To be designed by European architects, it is to integrate Ethiopian architects to embrace local that "will be distinctively Ethiopian".
"Rockstone is here for the long run; we have therefore set up a unique organization structure revolving around internationally and multidisciplinary to overcome best local challenges - such as material supply and foreign- currency shortages", said Benjamin Veteran, the Head off Rockstone Ethiopia at a ribbon cutting ceremony in the capital earlier today.
The apartment is to be completed in 2023 and is to have 100 units that are per international standard. "We work closely with local and international partners and are backed by foreign investors, which strengthens our confidence about the successful outcome of the project and that building will inspire similar projects in the future and change the face of Addis Ababa", Benjamin added.
This is to be a partnership between Rockstone Real-estate, BIGAR Builders and Developers, a noted company involved in restoration projects in the capital and Carberus Capital Management, partially funded by Open Society Foundation started by George Soros and whose investment is valued at 29 Billion USD.