Ethiopian Prime Abiy Ahmed officially launched the first Community Housing Development project, one of the largest mixed-use Community House in Addis Ababa, offering more than 4,000 residences, a mall and three hotels.
The La Gare housing project will largely be owned by Eagle Hills – an Abu Dhabi-based private real estate investment and development company which ventured with the government in Addis.
The leading real estate developer organized a launch event in the renowned Addis Ababa La Gare train station, after which the project is named, revealing the master plan.
Located in the capital of Ethiopia, Addis Ababa, La Gare represents an integrated community comprising residential, commercial, hospitality, retail and leisure facilities in a single, secure and exclusive setting surrounding a park. The development spans an area of approximately 360,000 sqm in proximity to the Addis Bole International Airport, with a rail line running along its northern edge.
The Project consolidates Eagle Hills’ mission of developing integrated communities in emerging markets.
The government of Ethiopia, in partnership with Eagle Hills, aims to develop a social housing component within the master-plan, where residential units will be built to permanently accommodate the existing residents currently living in the project site.
Commenting on the expansion, Mohamed Alabbar, Chairman of Eagle Hills, said: “As one of Africa’s hidden gems, Ethiopia is rich in history, culture and natural beauty. 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 energizing the economy.”
“La Gare is a project of passion that will be developed on a land of heritage. It will be built upon the historical grounds of La Gare train station that has stood the test of time, and with our project, will live in people’s collective memories for even longer,” Mohamed Alabbar added.
The construction of the first phase of project will be finalized within three years. The project will take a total of seven year for completion.
The project is expected to create jobs for 25,000 people.