MIDROC, the largest business entity in Ethiopia, launched an astounding 50billion birr residential development scheme in the capital of the country. Our exclusive interview with Ato Seid Mohammed, Head of Communications and PR at MIDROC, shed much light on the intricate details of this mega project.
Named ‘Mahmadya Residential Village’, the venture was envisioned to provide its occupants with every imaginable necessity and comfort, all within a short distance. “As Ethiopia’s foremost and finest private institute,” Ato Seid said, “it seemed natural to take on this new challenge and pioneer the construction of an expanded real estate.”
Situated near Sarbet at Mechare Meda, the village will occupy a total space of 250,000 square meters and will be composed of a variety of facilities. Mahmadya will feature 1,224 apartments and 24 villas, in addition to a global standard mall, a hotel with 150 rooms, a large gym, a movie theater, and the ninth branch of MIDROC’s signature supermarket, Queens. 58,000m2 has been allotted to office buildings, while another 12,000m2 has been saved for constructing the “Mechare” Plaza. The cherries on top of these include a parking lot capable of accommodating 8,812 cars simultaneously, a car-free public park, and a 45,000m2 outdoor retail space.
MIDROC Construction is in charge of the construction process, while the listed owner is Huda Real Estate, one of the 50 companies under the Group. ZIAS International is serving as the consultant for this particular endeavor. According to Ato Seid, the village will take 5 to 7 years to complete, with the choice of which facilities to finish first left up to the contractors.
During the launching ceremony held on September 10, 2022, construction machinery was already in place and ready to begin work. However, whether the establishments are up for sale, rent, or lease has yet to be decided, and neither is the particular target customer. “The focus at the moment is on the construction. Separate market research will be conducted to determine which customer segment to aim for and what form of revenue generation strategy we will pursue,” Ato Seid informed us.
Concerning other similar projects, Ato Seid notified us of many upcoming plans. “We have different things planned in all the 6 fields MIDROC operates in, most notably in the hospitality and agriculture sector.” Primarily concerned with renovation, the Group aims to refurbish, upgrade, and rebrand Wabishebelle #2 Hotel in Hawassa and Blue Nile Resort and Tana Hotel in Bahir Dar to Sheraton standards. Westin Hotel near the African Union headquarters in Addis is yet another major venture near completion, aiming to chiefly serve leaders and diplomats that visit Ethiopia.
On the agricultural front, MIDROC has been making improved seeds accessible to society at large. Even more impressive, the Group has been investing heavily to commercialize coffee in the Amhara region, a Northern part of the country where these seeds remained untapped. “It indeed requires an expensive investment in center pivot technology,” Ato Seid gingerly said, “but it has proved to be quite profitable.”
Above and beyond the business side of MIDROC, our informant commented on how the firm takes Corporate Social Responsibility (CSR) seriously to a point of arranging a separate department for it. Between 2013 and 2014 E.C., MIDROC collaborated with Dashen Bank to develop two of the largest feeding centers in Addis and spent around two billion birr on CSR in the latter year alone. The Group aims, as per Ato Seid, to further give back to society that has allowed it to thrive.
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