By Kaleyesus Bekele

The renowned Ethiopian long distance runner Haile Gebressilassie is set to venture into a new investment in the real estate business here in Addis Ababa.  

Haile and Alem Real Esate ,the company owned by the athlete and his wife, has acquired a 40,000 sq.m of land in the eastern part of Addis Ababa in the Ayat locality. The company leased the land from the Addis Ababa City Administration two years ago. Haile and Alem Real Estate is planning to build 34 villas and 80 condominium houses. The architectural design work of the project has been finalized and work on the project would commence soon. Geretta Consult, consultant of the project, has undertaken the design work.

Getaneh Retta, owner and manger of Geretta Consult, told The Reporter that the project comprises two sites. “The first part is the construction of 34 spacious villas that have every required facility. The second part of the construction includes the construction of eight blocks of building each having four floors. Each block will have ten condominium houses,” Getaneh said. The construction would take two years to be finalized. “The company hopes to contribute its share in alleviating the housing problem in the metropolis,” Getaneh added.

Previously, Haile and Alem built four buildings in Addis Ababa. The first building, Eden building, named after his eldest daughter, is found on Haile Gebressilassie road. The, company has also built three buildings on Africa avenue (Bole Road). All the building are rented for business outlets. Haile owns a building in his home town of Assela and a school in Bahir Dar. He also had a plan to buy the Bahir Dar resort hotel on the shore of lake Tana, which later was bought by Sheik Mohammed Hussien Ali Alamoudi, owner and chairman of MIDROC Ethiopia. The Bahir Dar resort hotel was foreclosed by the Development Bank of Ethiopia after the owner failed to service its loans.

Haile, previously known as king of the track, is now also known for various investment projects. In the regional capital of the Southern Nations Nationalities and Peoples Regional State, Aawssa, Haile is constructing a five star hotel on the Awassa lake shore, 276 km south of Addis. The hotel which is under construction on a 35,000 sq.m of land will have 120 rooms, four restaurants, a conference hall which can accommodate more than one thousand people. Of the35000 sq km of land 5000 was a grant by the regional state and the rest is leased for 2.1 million birr. The first phase of the construction was launched a year ago.

The second phase of the project includes the construction of ten bungalows, concert hall, sport facilities such as squash, mini-golf course, ground tennis, horse track and swimming pool. The cost of the hotel construction is estimated at 150 million birr. The architectural design was undertaken by Geretta Consult. Getaneh said four architects went to Mombassa where there are many resort hotels to conduct  study. The interior design was laid by a south African company called Latheral Design in collaboration with local professionals.

According to Getaneh, 45 percent of the hotel construction is finalized adding the whole construction will be finalized within a year and half. The hotel would open job opportunities for 260 people. Haile acknowledged the regional state which he said was very cooperative in providing land and other assistance.

Haile is also set to build a second resort hotel in Debrezeit town(Bishoftu), 45 km east of Addis Ababa. There are four crater lakes in Debrezeit. The design work of the hotel been finalized. The hotel is planned to be constructed on the lakeshore will have 120 rooms, restaurants, conference rooms, recreation center and sport facilities. The design work is undertaken by the same company, Gerreta Consult. The hotel would be constructed on one of the lakes. We identified three or four places,” Getaneh said. Haile would soon submit the project proposal to the Oromia Regional State requesting for plot of land. Lake Hora has long been known for a recreation area.