Purpose Black claims that it has won the bid to purchase the main office building of BGI Ethiopia in order to construct ‘Farmer’s Tower’.
According to the firm, an advance payment of 1 billion birr was made.
In a competition to develop the “Farmer Tower Share Holder Model Building” in the heart of Addis Abeba, Mexico, Purpose Black Ethiopia announced that it won the BGI Ethiopia head office building. In a press conference held yesterday at the Skylight Hotel, it declared that a 1 billion Birr advance payment had been paid.
Purpose Around Black’s 115-story Tower are residential, commercial, and entertainment projects. The “Tower Share Holder Model” stock system, which comprises of 6 buildings for diverse services, should be highlighted, was formally opened in December.
Since the company revealed the project, the Keguri Tower will be built either in Mexico, Leghar, or Hot Springs, according to Purpose Black ETH CEO, Dr Fisha Eshetu.
Finally, the CEO announced that when BGI Ethiopia’s headquarters were relocated to Sebeta, the institution’s premises in central Mexico had been put up for sale. Black used this opportunity to win the auction prize.
In order to acquire the BGI Ethiopia headquarters, which the company won in a competition to create the skyscraper Kegerew Tower and the buildings to be erected under the Tower Share Holder Model project, he said that 1 billion birr had been paid in advance.
He continued, stating that Purpose Black and BGI Ethiopia have a contract requiring payment to be provided in three installments, including the advance, and that the remaining payments will be made later.
The BGI headquarters edifice will reportedly be included in the 30,000 square metre facility that the business aims to construct. According to reports, the construction would also include additional buildings, such as housing towers.
Dr. Fisha claims that the company has carried out a variety of operations using the stock system it put up to carry out the constructions. He asserted that between May 29 and June 14, 2023, he had already created 1.5 million birr in advertising stock for a 100 square metre, three bedroom house as a gift for 1,000 lucky people.
He consequently stated that he had planned for 1 lakh lucky shareholders who bought a 54-story residential apartment stock that comprises one of the building’s basement to receive a gift after the building’s development is complete.
The company also revealed that from July 1 to July 16, 2015, it will welcome 750 primary bidders in a second round of tower share holder model stock sales.
He then declared that he is currently providing the stockholders a 100 square metre, three bedroom flat as a gift at a share price of 3.5 million Birr.
According to the announcement, the price of the share sale will be 3.5 million birr, of which 3 million will be paid up front and the remaining 500,000 birr will be paid over the course of five years utilising an interest-free payment plan.
The “Tower Shareholder Model” has generated a great deal of debate.
Dr. Fseha further stated that the Federal Police had conducted an appropriate investigation into the property’s purchase, verified the legitimacy of the source of the funds, and established its eligibility to own the BGI Ethiopia headquarters.