Lease House Project Prepared by: Alemat H.

FEASIBILITY STUDY
ON
REAL STATE HOUSE PROJECT

Prepared by: Alemat Hagos

OWNER: WOIZERO HADASH TEDLLA

LOCATION: TABIA SELAM (KEDAMAY WOYANE)

JANUARY, 2006

Owner: W/ro Hadash T. Tabia: kedamay Woyane 1

Lease House Project Prepared by: Alemat H.

PROJECT PROFILE

1. PROJECT OWNER: WOIZERO HADASH TEDLLA

2. PROJECT NAME: LEASE HOUSE OR REAL STATE
3. LOCATION: INFRONT OF HASHENGE COLLEGE LOCALLY IN
ENKODO AREA
4. PROJECT TOTAL COST: 3 MILLION
5. CURRENTLY INVESTED AMOUNT: 2 MILLION
6. LOAN FROM BANK: 1 MILLION
7. MARKET ANALYSIS: THE PROJECT IS SOUND IN DEMAND AND
SUPPLY AND AMOUNT OF RENT
8. TECHNICAL ANALYSIS: THE PROJECT IS TECHNICAL FEASIBLE IN
LOCATION, SIZE, RECURRENT COST AND ENVIRONMENT
CONSIDERATIONS.
9. FINANCIAL ANALYSIS:
RELEVANCE IN TERMS OF PROJECT BENEFICIARIES AND
FINANCIAL INTERMEDIARIES

PROJECT STATEMENTS
CASH FLOW WITH NPV OF 1,930,762.00
BALANCE SHEET DONE
PROFIT AND LOSS STATEMENT WITH NET INCOME OF 368,805.00
INVESTMENT PROFITABILITY ANALYSIS
SIMPLE RATE OF RETURN WITH 67.8 PER CENT
PAY BACK PERIOD 8 YEARS

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Lease House Project Prepared by: Alemat H.

1. INTRODUCTION

1.1 BACKGROUND OF THE STUDY AREA

Urban areas differ from rural areas in the structure of economy, social and
political administration. It is known that there are four important factors
for the development of urbanization. These are technological
advancement, suitable climate, social structure and population. These
factors are interrelated to each other in sense that the growth of one
factor will lead substantially to the growth of the other factor.
Technological advancement in one area accompanied the growth in
agricultural and industrial outputs. This growth in output leads to attract
people from nearby areas with shortage of output and as a result create
market. Then market expansion necessitates increase in other basic
services and factors of production. In order to satisfy the basic needs and
factors of production, small-scale entrepreneurship skill developed in these
areas. It is through this continual process that urbanization takes place.
Mekelle, as an urban city of the region, is expected to bring its
urbanization process through the interaction of the above factors.
According to historical literature, Mekelle is said to be established in the
regime of Atse Wadme Reheod and expanded latter by Atse Seife Ared
and Atse Zera Yacob. The town flourished as a modern urban center when
Emperor Yohannes IV chose it as his administration center in 1864.
As we have seen above population constitutes the basic factor for
urbanization development. Accordingly, the population of Mekelle was
estimated at 100,508 in 1994 census (CSA, Mekelle branch) and the
projected 2000 figure of Mekelle population (Planning and Economic Office

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Lease House Project Prepared by: Alemat H.

of Mekelle Zone) is expected to be 122,939 and a total housing stock of

24,803. This indicates that there are on average 4.96 persons per
housing unit. The projected population figure for the year 2005 is
estimated at 161,827 for the year 2005.
The annual migration rate of Mekelle city is estimated at 4.3 per cent
(approximately 6.45 persons in 2001) and the total annual growth rate is
5.3 per cent (approximately 7.95 persons in 2001). The war with Eritrea,
2000, also aggravated the migration rate and according to EDRP, Mekelle
office, some 30,000 to 40,000 deportees and demobilized soldiers
migrated to the city.
From the total population, around 60 per cent is youth, adult and old age
people, that is people above 15 years old. These 60 per cent (around
90,000 people according to 2005 figure) people are capable to form their
own family. The basis for a family formation is having ones own house or
shelter. A house or shelter is a basic human need and man is well within
his rights if he aspires a home or shelter for himself. However, owning a
house or shelter for the majority of the population becomes a lifelong
struggle owing to a number of problems. A house is then acquired through
either own home construction or renting home. When we look the
availability of rented house in Mekelle area, government or private owners
of house provide it.
When we look the owned rented houses it can be provided by either
dependently residing with owners (joint living) or independently residential
houses. Most of the private rented houses in Mekelle exhibit the former
case where most people rented jointly with the owners. This form of joint
living of the owner and the renter is sharply in contrast with the advanced
form of city life.

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Lease House Project Prepared by: Alemat H.

Joint residing or living the owner family with the renter family has a lot of
problems ranging from imposing unfair rate of rent to the loss of privacy.
It is a common practice in the country in general and the region in
particular to observe where the renter is subjected to continuous
unnecessary rent rate increment, insecurity, humiliation and loss of
privacy. The problem with joint residing system is a multi-faceted
disturbing the economic and social status of renters.
Therefore, the problem with the joint residing system observed in most
urban areas including Mekelle city can be reduced, if not removed, by
constructing a house to be independently rented for house rent seekers.
The independent rent house system has the following advantages. In the
first place, there will not be unnecessary rent rate increment because the
municipality will control the rent rate and everybody is expected to pay a
constant rate throughout unless there is an agreement between both
parties. Second, renter people are always secured about the rented house
because when they made agreement it is in the face of a government
body and it is rare for its failure. Renters are secured for the time horizon
they agreed. Third, renters have full privacy in the house and there will
not, or it is rare case, be any interference by the owners. Therefore, when
there is house construction for independent renting it promotes to bring a
modernized urban life.

In order to achieve the above advantages, Woizero Hadash Tedlla

lease house is under construction in Mekelle city.

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Lease House Project Prepared by: Alemat H.

1.2. STATUS OF THE PROJECT

The lease house is designed for ground and three floors and yet the first
floor is finished; the others under construction. The construction of the
lease house started in 1997 (Ethiopian calendar) and the project owner yet
expended an amount of birr two million for the construction of the ground
and the first floor of the lease house. However, the total project cost to
complete the three floors including for the purchase of materials and
equipment is expected birr three million. Therefore, the difference of the
total project cost and the current expended cost is expected to cover from
the any banks in the region or the country.
It is obvious that in order to get loans the feasibility of the project will
have a paramount importance. Therefore, the major components of
project feasibility are market, technical, institutional, financial and
economic analysis should have to be done in order to convince that the
project is worthy investing and at the same time has good returns to cover
its costs. It is with this notion that the project analysis is intended to study
here under.

2. ANALYSIS OF THE PROJECT

In any project formulation including the construction of houses for lease or

rent, there is a need for project feasibility study. There are five important
aspects of project feasibility study.
These are:

Market analysis

Technical feasibility

Institutional feasibility

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Financial (commercial profitability) analysis

Economic (national profitability) analysis

Project preparation process almost always involve trade offs between the
above five factors. The process is essentially the same for all the processes
of project planning both at preparation and appraisal phases. The content
of the study vary according to the projects size and technical
sophistication.

2.1. MARKET ANALYSIS

Demand and Supply:

The housing problem is one of the major challenges for urban residents
besides employment and other facilities necessary for life. Although
government and individuals have tried to alleviate the problem in housing,
it is getting worsening due to the rapid increase in urbanization.
The amount of the existing housing units is inadequate and could not
accommodate the rapid growing population of the city. According to CSA
reports in 1984 there were 11,475 housing units available in Mekelle, but
the demand for house far exceeds to 13,731 and there were about 2,256
unsatisfied demanders for house. The trend increase when we look figures
for the year 2000 arriving for the available housing units at 23,803 and the
demand for house in the same period was 28,845 and there were 5,042
unsatisfied demanders for house. It is crystal clear that the amount of
unsatisfied demanders for house is increasing from time to time and
governments and individuals could not be in a position to solve the
problem.

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Lease House Project Prepared by: Alemat H.

When looking the projection of demand and supply, we observe that the
gap will widen from time to time.
The basic assumptions employed for projecting the demand and supply
figures are specified below. Similarly the gap will supply figures less for
demand figures. The formula used is:
t
Yt = Yo (1+r)
Where: Yt is the project figure for the 17th year, that is the year 2000
Yo is the initial year figure that is the year 1984
R is the rate at which the number grows per annum
T is the time taken for the projected period
Year Supply Demand Gap
1 11475 13731 -2256
2 11968 14321 -2353
3 12483 14937 -2454
4 13020 15580 -2560
5 13580 16249 -2670
6 14164 16948 -2785
7 14773 17677 -2904
8 15408 18437 -3029
9 16070 19230 -3159
10 16761 20057 -3295
11 17482 20919 -3437
12 18234 21819 -3585
13 19018 22757 -3739
14 19836 23735 -3900
15 20689 24756 -4067
16 21578 25821 -4242
17 23803 28845 -5042

Price:
As mentioned earlier, the price for rent house or the rate for rent house is
mostly arbitrarily determined by the owners. There is no standard form for
fixing prices looking the quality, availability of services and its location.

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Lease House Project Prepared by: Alemat H.

2.2. TECHNICAL FEASIBILITY

Location:
The location of W/ro Hadash Tedlla lease house is in the Eastern part of
Mekelle at Selam tabia (sub city) particularly at a place commonly known
as Enkodo area. The lease house is specifically located at the junction of
four important roads coming from the regional administration office in the
east, coming from Aider area on the north, coming from Adi Haqi market
on the south and coming from Hawzen square on the west. Its location is
generally within easy access to market and taxi car services going to Aider
area and Adishmudhun area.
The location of the lease house is nearer to the following economic and
social institutions. ADI HAQI MARKET, GEREBTSEDO ELEMENTARY
SCHOOL, FIREABIOT HIGH SCHOOL, HASHENGE COLLEGE, NEW
MILLENIUM COLLEGE, MEKELLE UNIVERSITY-ADI HAQI CAMPUS,
REGIONAL ADMINISTRATION OFFICE AND MANY MORE RELEVANT
INSTITUTIONS.

Size:
The total area size of the lease house is 1200 square meters where the
area under construction is 150 square meters. The optimum area to be
covered by the project in terms of the long-term perspective is 1200
square meters, which is believed as actual size to manage and control the
resources.

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Lease House Project Prepared by: Alemat H.

Recurrent Costs:
The project owner is aware and has made adequate provision for recurrent
costs of operating the lease house’s clean and neat looking including
maintenance and repair of the house. Renters may knowingly or
unknowingly damage the different services such as toilet, kitchen, tape
water or others and the owner will continuously look after the above
services and if need arise there will be prompt maintenance and repair of
the services.

Environmental Consideration:
The location of the area, as stated before, is not located near factories or
dams or insecticide and pesticide vendor areas. Therefore, the area is safe
and comfortable for residence. There are no factories to damage the air
condition of the area or to disturb in noise. Similarly, the area is too far
from farmlands and in nearby there are not commercial crop growers or
animal breeders. As a result there will not be contamination in air, water or
soil by pesticides or other chemicals for agriculture.
2.3. INSTITUTIONAL FEASIBILITY
Projects on lease house are mainly subjected to institutional constraints,
which emanates from the infant stage of the system, standard agreement
procedures between parties, inadequate facility provision, and other
problems. Many institutional constraints including the specified ones can
be tackled through good project preparation and implementation
processes. Some of the salient factors of institutional feasibility study in
lease house in particular and service provision in general include:

Identification of the activities which can be controlled and those
which can be influenced in the lease house system;

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Lease House Project Prepared by: Alemat H.

Sound internal organizational structure of the project to lead the

lease house;

Competent management and supervisory personnel to the lease
house in regular intervals and discuss the issue with the
beneficiaries;

Adequate technical and skilled personnel to maintain and repair the
lease house and its services like toilet, kitchen, water supply and
others;

Effective channel of communication between the owners and the
beneficiaries in accommodation, service, price and other issues;

2.4. COMMERCIAL (FINANCIAL) FEASIBILITY ANALYSIS

2.4.1. RELEVANCE
It is relevant to look the financial analysis for lease house system because
there are flows of expenditures (outflows) and incomes (inflows) as a
result of renting the houses. Therefore, when there is clearly money
expended for future expectation of incomes financial analysis is possibly
made at different levels.
For all such types of projects there are four ways to look at financial
feasibility:
 From the view point of the direct project beneficiaries,
 From the point of view of project as a whole,
 From the point of view of any financial intermediary,
 From the point of view of the government.

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Lease House Project Prepared by: Alemat H.

PROJECT BENEFICIARIES
Financial analysis from the project beneficiaries is to mean that what
financial effects the project brought to the participants in terms of money.
Projects like lease house system is particularly important to look for
because most of the people in Mekelle city are too poor and are in such
risky situation that it is difficult to leave them to joint residing systems
where they are forced to pay high rent rates above their capacity.
It is necessary, therefore, to draw up cash flow projection for typical types
of lease houses especially at urban areas like Mekelle city.
The cash inflow coming as a result of payments from the rented house
should have to exceed cash outflows as a result of the investment cost
made and the regular repair and maintenance costs incurred.
THE PROJECT
It is necessary to draw up a project cash flow projections over the lease
house project expected life to ensure that in all years cash inflow will at
least equal to cash outflows.
THE FINANCIAL INTERMEDIARIES
Public and private sector financial intermediaries are recently the finance
source for projects like the lease house and other types. It is also
important to look from the point of these financial intermediaries in order
to within policy regulations and receive their funds from their borrowers.
To continue to operate effectively, these financial intermediaries must be
financially viable.
THE GOVERNMENT
Full cost recovery may be undesirable because some of the project
beneficiaries cannot afford to pay for any or all of the services and inputs

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Lease House Project Prepared by: Alemat H.

provided by reason of their poverty, even with the higher incomes the
project will provide. Hence some subsidization is necessary. However, for
projects like the lease house system under study there will not be any
expectation from government in the form of subsidy or any forms. Hence,
this part will not have any relevance with this project type.

In general, financial feasibility analysis:

 Values directly quantifiable project inputs and outputs at market
prices;
 Government policy measure effects can impose at either costs or
benefits;
 Debt services are costs; and
 Presents an entity’s point of view.

2.4.2. PROJECT STATEMENTS

A. CASH (RESOURCE) FLOW STATEMENT

The beginning of the financial analysis of a project is drawing up of a

statement of project costs (outflows) and benefits (inflows), which are a
result of the project investment. Different types of projects will have
different profiles for the cost and benefits; and the project statement will
differ partly between statements for the financial analysis of projects.
Cash (resource) flow statement is a summary of the sources and uses of
cash during a given accounting period. It is basically used to provide
information on the following activities of an entity:
 Operating activities
 Financing activities
 Investing activities

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Operating activities: the benefits or an inflow of the lease project is the

rent revenue collected while the costs or outflows are the construction cost
and the repair and maintenance costs associated with it.
There are two methods to calculate for such activities and seems relevant
here to use the direct method:
Net cash inflow/outflow = Total Inflow – Total Outflow
Therefore, at this point we must clearly indicate the cost and benefit
components for the lease house project. Accordingly, the principal
elements of project resources are:

1. Costs

1.1. Investment costs

1.2. Repair and Maintenance costs

2. Returns
2.1. Rent house income

1. COSTS
The major costs for the lease house are investment and operating costs.
1.1. Investment costs: these costs are incurred for the construction
of the house, construction of fences and gardening of the areas.
The investment period is assumed as two years hence the costs
will be distributed within these two periods.
Accordingly, the costs associated with are:
A) Construction of the house: when looked the design of the
house it is ground and three floors. The engineering

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estimated cost for the construction of the house is birr 2.7

million. The detail cost structure are:
B) Construction of fence: similarly there is a need for
constructing fences and the engineering estimated cost is birr
200,000.
C) Gardening of the house: for the good look of residence
gardening is also another major importance. The expected
cost for gardening is birr 100,000.

1.2. Repair and Maintenance cost: these costs are incurred to

repair and maintain for the toilets, kitchen and water supply of
the house. It is expected that birr 100.00 will be needed for
repair and maintenance every month and annually birr 1200.00is
allocated for this purpose.

2. BENEFITS
The benefits expected from such lease house project is the income derived
from the rent houses. Incomes from the rent houses are incurred starting
the third year of the project life. An annual income is then derived as
follows:
2.1. Rent house income: the lease house will have some 17 rooms
in the ground level, some 17 rooms each in the upper three
floors. Totally the house will have 68 rooms available for rent.
Here all the rooms will have good access for toilet, kitchen and
water supply and these are not accounted because they are
considered as basic services.

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 Lease House Project Prepared by: Alemat H.

The rate of rent will differ among the rooms according to their
positions. The floor rooms will be rented for commercial purposes
and the upper rooms for residential purposes. Inconveniences
will not be created among the commercial renters and the
residential renter, as there is separate service for each of them.
Accordingly, the rent rates are:
Ground: there are 17 rooms each with monthly rate of birr
1,000.00 will work out at birr 204,000.00 annually.
Floor: there are 51 rooms each with monthly rate of birr 700.00
will work out at birr 428,400.00 annually.
Therefore, total rent income in one year is birr 632,400.00.

CASH FLOW STATEMENT FOR THE PROJECT LEASE HOUSE

Project COST BENEFIT
year INVESTMENT R AND M TOTAL INCOME NET CASH FLOW
1 1,500,000.00 -1,500,000.00
2 1,500,000.00 -1,500,000.00
3 1200.00 632,400.00 620,400.00
4 1200.00 632,400.00 620,400.00
5 1200.00 632,400.00 620,400.00
6 1200.00 632,400.00 620,400.00
7 1200.00 632,400.00 620,400.00
8 1200.00 632,400.00 620,400.00
9 1200.00 632,400.00 620,400.00
10 1200.00 632,400.00 620,400.00
11 1200.00 632,400.00 620,400.00
12 1200.00 632,400.00 620,400.00

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13 1200.00 632,400.00 620,400.00

14 1200.00 632,400.00 620,400.00
15 1200.00 632,400.00 620,400.00
16 1200.00 632,400.00 620,400.00
17 1200.00 632,400.00 620,400.00
18 1200.00 632,400.00 620,400.00
19 1200.00 632,400.00 620,400.00
20 1200.00 632,400.00 620,400.00
21 1200.00 632,400.00 620,400.00
22 1200.00 632,400.00 620,400.00
23 1200.00 632,400.00 620,400.00
24 1200.00 632,400.00 620,400.00
25 1200.00 632,400.00 1,106,000.00

In resource flow net benefits are negative in the first years whilst
investment is taking place, and while utilization of the new assets in
building up. Net benefits then become positive for the remaining years,
except the year when the major construction materials are being replaced.
In the final year (year 25) we include the expected salvage value
estimated at 500,000.00 birr. This net benefit row summarizes the
investment dilemma. Is it worth committing resources to this project now
in the expectation of future net benefits? Or are the future positive net
benefits sufficient to justify the immediate negative net benefits during the
early years? This basic question can only be assured if there is a means of
adding the benefits from different years together. This can be done using
discounting.

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Lease House Project Prepared by: Alemat H.

Proj. yr Net Return discount rate (10 %) Cash Flow

-1500000 0.909 -1363500

-1500000 0.826 -1239000
620400 0.751 465920.4
620400 0.683 423733.2
620400 0.621 385268.4
620400 0.564 349905.6
620400 0.513 318265.2
620400 0.467 289726.8
620400 0.424 263049.6
620400 0.386 239474.4
620400 0.35 217140
620400 0.319 197907.6
620400 0.29 179916
620400 0.263 163165.2
620400 0.239 148275.6
620400 0.218 135247.2
620400 0.198 122839.2
620400 0.18 111672
620400 0.164 101745.6
620400 0.149 92439.6
620400 0.135 83754
620400 0.123 76309.2
620400 0.112 69484.8
620400 0.102 63280.8
620400 0.092 57076.8
NPV 1953097

SELECTION CRITERIA
The approval for projects depends on the values of NPV. If the value
exceeds zero we can accept the project. Therefore, the result for the lease

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Lease House Project Prepared by: Alemat H.

house project is remarkably positive and is worthy to invest in such

projects.

B. BALANCE SHEET FOR BUSINESS WORTH

Balance sheet shows resources and claims to the project owner in order to
provide information about nature and amounts of investment, obligations
and net worth. It is used as a basis for:
 Computing rate of return (to compare interest opportunities) as:
Rate of return = Net Income
Total asset
 Assessing liquidity (to see working capital’s ability for payments to
liabilities) as:
Current ratio = current assets
Current liabilities

It also gives a snap shot status of a directly productive investment

undertaking. The common practice is to divide into:
Assets- what a project would own
Liabilities- what a project would owe
Capital- what a project would worth (a-b)

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Lease House of W/ro Hadash Tedlla

Balance Sheet – Report Form
As of June 30, 2006

1. Asset
[Link] assets
Cash…………………………………………………………. 10,000.00
Supplies……………………………………………………. 8,000.00
1.2. Fixed assets
Building…………………………………………………3,000,000.00
TOTAL ASSETS …………………………………………….3,018,000.00

2. Liabilities
2.2. Current liabilities
Interest payable………………………………….105,000.00
2.3. Long term debt ……………………………………1,000,000.00
TOTAL LIABILITIES……………………………………. 1,105,000.00

3. Capital
w/ro Hadash capital ……………………………………1,913,000.00
TOTAL LIABILITIES AND CAPITAL……………….3,018,000.00

C. PROFIT AND LOSS STATEMENT (FOR PROFITABILITY)

It provides the financial performance of a project during a physical or an

accounting period (a year). It gives details of revenues to be earned, and
costs to be incurred including expected gains and losses in a financial year.

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Lease House of W/ro

Profit and Loss Statement – Single Step Report Form
As of June 30, 2006

1. Rent Revenue …………………………………………………………… 607,200.00

2. Less Expense:
Repair and Maintenance…………………………………1,200.00
Salary expenses…………………………………………….6,000.00
Insurance expenses……………………………………….6,500.00
Depreciation expenses………………………………..108,000.00
Interest expenses……………………………………….105,000.00
Supplies expenses………………………………………….8,000.00
Miscellaneous expenses………………………………….3,000.00
TOTAL EXPENSES……………………………………….238,395.00
3. Net Incomes or Net Loss……………………………………………….368,805.00

ADDITIONAL ASSUMPTIONS:
 Salary expenses, there will be 2 guards with monthly salary of 250
 Depreciation expenses is calculated using the direct method where:

Amortization = total cost – salvage value

Economic useful life
= 3,000,000.00 – 500,000.00
23
= 108,695.00

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Lease House Project Prepared by: Alemat H.

 Interest payments, for a debt of 1,000,000.00 birr from a bank with

annual interest rate of 10.5 per cent is calculated at 105,000.00

2.4.3. ECONOMIC AND SOCIAL OR COMMERCIAL PROFITABILITY

ANALYSIS

The basic component of economic and social or commercial profitability

analysis comprises Investment profitability analysis.

[Link]. INVESTMENT PROFITABILITY ANALYSIS

It is a measurement of the profitability of resources put into a project,

more directly the return on the capital no matter what source of financing,
in other words, investment profitability analysis is an assessment of the
potential earning power of resources committed to a project without taking
into account the financial transaction occurring during the project life.
Methods of investment profitability can generally be divided into two:
static and dynamic measures of profitability.

STATIC METHODS
A. SIMPLE RATE OF RETURN METHOD
It is a ratio of net profit in a normal year to the initial investment. This rate
could be calculated for both total investment and equity.

Rr = NP+i where Rr = simple rate of return

I i = annual interest charges

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I = total investment
For the lease house project:
Net Present value is calculated at
Interest charge annually is 105,000.00 (as seen in the previous cases)
Total Investment is also 3,000,000.00 (as seen in previous)
Therefore, Rr = 1,953,097.00 + 105,000.00 = 68.6 per cent
3,000,000.00

SELECTION CRITERIA

If Rr is greater than the rate of interest prevailing in the capital market,

the project is good. Therefore, according to the above results for the lease
house project it is worthy to invest in the project because the rate of
return is six times higher than the current interest rate.

B. THE PAY BACK PERIOD

The pay back period measures the time needed for a project to recover its
total investment through its net cash earnings. It is the number of years
during which a project will accumulate sufficient cash earnings to cover
the amount of total investment.
p
I = ∑ NPt + Dt where I = total investment
t=o p = pay back period
NP = annual net profit in year t
D = annual cash earnings in year t.

Owner: W/ro Hadash T. Tabia: kedamay Woyane 23

Lease House Project Prepared by: Alemat H.

Decision making based on pay back period:

If a single project is being evaluated, it will be accepted for
implementation in case p (calculated cut off period) is less than pm (cut
off period determined by the owner) where pm is the cut off pay back
period adopted by the decision maker.
The owner Woizero Hadash Tedlla based on her past experience
determines Pm as 10 years. However, the calculated cut off period is
8 years and if we sum for year three-discounted cash flow up to year 10
its sum amounts greater than three million (I which is the total
investment).

Owner: W/ro Hadash T. Tabia: kedamay Woyane 24