Eritrea to build 1,680 modern homes and shops in Asmara

Render of some of the apartment buildings to be constructed this year in Asmara

The Housing and Commerce Bank of Eritrea says it will start construction of 1,048 modern apartments, 376 residential houses and 256 buildings for business ventures this year around the Halibet Hospital, Space 2000 and Sembel districts of Asmara.

"Potential buyers are required to meet their national obligations and make 25% deposit of the total price of the house or business," the bank said in its memo released yesterday. "Registration can be done in person at the headquarters of the Housing and Commerce Bank or in the Eritrean Embassies and Consulates in various countries."

The statement also advises nationals who had signed contract agreements or made deposits in the past can still switch into the new project by transferring their deposits to the Housing and Commerce Bank account entitled "Asmara Housing Project 2012 EURO C/A # 124-5."

In addition to this project, Eritrea will start building a number of multi-million dollar development projects throughout the country, including a US$300 million Massawa residential and businesses project; a US$115 million Dahlak Master Plan and several high-end resorts in Ras Harab and Halibay.


Funded by: Housing and Commerce Bank of Eritrea
Cost: Unknown - Estimation:  US$150-200 million
Construction Date: 2013
Location: Sembel, Halibet, and Space districts of Asmara
Project: Modern residential buildings and shops

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A small sample of prices and rooms taken from HCBE

Type of home	Living Area Size	Total Rooms	Home-Prices______
Apartment	70 sqm	2 rooms, 2 baths	€42,385 ($56,304)
Apartment	120 sqm angled	2 rooms, bath	€66,471 ($87,961)
Villa	175 sqm	4 rooms, 2 baths	€99,297 ($131,906)
Villa	200 sqm	4 rooms, 4 baths	€113,006 ($150,184)
Source: Housing and Commerce Bank of Eritrea

To view the styles and prices of the apartments, houses and shops, visit here

If you are interested in purchasing a home or a shop, print and fill this out and visit your nearest Eritrean Embassy or Consulate for further instructions.

The following are renders obtained of the projects. Click on the images to enlarge.

Render of 200 sqm modern houses, each featuring 1 living room, 4 bedrooms, 4  bathrooms, and
 1 kitchen that will be on sale for  €113,006 (US$150,184 ) - Sembel district of Asmara

Villas worth €113,006 (US$150,184 ) to be constructed in the Sembel district of Asmara

Sembel residential and business project

Halibet Housing Project in Asmara

Space 2000 apartment complex project in Asmara

The following is the memo posted by the Housing and Commerce Bank of Eritrea

Potential buyers are required to meet their national obligations and make 25% deposit of the total price of the house or business they select. 376 residential houses and 256 for business ventures would get underway this year around Halibet Hospital, Space and Sembel. The Registration form (FORM-1) to this end has been distributed.

1. Potential buyers are nationals who have fulfilled their national obligations.

2. Following the filling of the above stated Form, buyers are expected to make a 25% deposit of the total price for the chosen type of house at the account in the headquarters of the Housing and Commerce Bank (Bahti-Meskerm Square) entitled "Asmara Housing Project 2012 EURO C/A # 124-5." The remaining portions of the payments are due to be completed within two years and all transactions should be in EURO.

3. All applications are invalid without the aforementioned deposit.

4. Payment of deposits and the following transactions should involve full names of buyers and number of their Eritrean Identification Cards.

5. Registration can be fulfilled in person at the headquarters of the Housing and Commerce Bank or in the Eritrean Embassies and Consulates in various countries, while the relevant for in the Eritrean Embassies and consulates in various countries, while the relevant form can be download from the website www.Erheb.com, get filled and sent to the fax numbers +291-1-120401 or +291-1-127957, or the e-mail address asmarahousing2013@gmail.com Attachment of deposit invoice is an imperative.

6. In dealing with No. 7 of FORM-1, applicants should clearly select an area for the breadth of apartments and houses that range from 30 to 120 sq. meters and 125 to 200 square meters respectively. So as to prioritize choices, applicants out to fill the given 11 boxes in the respective options according to their choices as "1," "2," and "3," and placements would be made on this basis.

7. Entitled buyers or their agents would be notified through their telephone numbers or email addresses.

8. Nationals who had signed contract agreements and made deposits thereof in the past can shift into the new project through transferring their deposits to the above-mentioned Bank account. Such applicants are expected to attach document of money transfer order (Refer No. 6 of FORM-1)

9. Nationals who have already become beneficiaries of land plots could equally avail themselves of this opportunity (Refer No.5 of FORM-1)

10. In case of a need for additional information, reference could be made to the Housing and Commerce Bank: www.erhcb.com

PR Department, Tel. +291-1-120350 Ext. 216

Engineering Department +291-1-120350 Ext. 215 (Regarding the details of the apartments and houses)
PMS Department +291-1-120350 Ext. 149 (for countercheck of transactions).

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