UAE developer Eagle Hills enters Ethiopia market with new megaproject
Abu Dhabi-based developer Eagle Hills has made its first foray into the Ethiopian real estate market with the launch of La Gare in downtown Addis Ababa, which will offer more than 4,000 residences.
Anchored by four and five-star hotels, La Gare represents an integrated community comprising residential, commercial, hospitality, retail and leisure facilities in a single, secure and exclusive setting surrounding a park.
According to Arabian Business, the development spans an area of approximately 360,000m2 in proximity to the Addis Bole International Airport, with a rail line running along its northern edge.
The government of Ethiopia, in partnership with Eagle Hills, also aims to develop a social housing component within the masterplan, where residential units will be built to permanently accommodate the existing residents currently living in the project site.
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."
He added, “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."
La Gare, translated from French to 'The Station', was the main railway station in Addis Ababa, the terminal station of the first Addis Ababa – Djibouti train line in the Horn of Africa. Completed in 1917, the station was a central part of the capital and the main source of traffic into the city.
It includes a pedestrianised retail district with a wide range of indoor and outdoor food and beverage choices and also serves as a new commercial hub for the city.