By Nasratu Kargbo
The Operations and Managing Director of TRIAD Engineering Company Ltd. Alhaji Amadu Sesay has said Sierra Leone has a 1,058,000 (one million and fifty-eight thousand) housing deficit. Sesay made this revelation at a press conference held on the 12th of October 2022.
He said they found out the country was in need of that number of housing units to enable every Sierra Leonean to have a place to dwell after they conducted a survey back in 2016.
The Director noted that this motivated TRIAD company to open the first-ever mortgage system in Sierra Leone. He also stated that they intend to do another survey by the end of the year.
Speaking on the mortgaging aspect, Sesay explained how they construct houses for those with land already, and also provide land for those without, and build for them homes. He said they also complete unfinished houses, and hand them over to their owners.
He noted that an individual is required to pay 30% upfront and 70% on the mortgage with 10% interest, over a period of time spanning from 1 to 30 years, based on what the individual is able to pay.
On what will be done to people who fail to pay their 70% commitment, Sesay explained that the institution will rent out the house in a bid to get their money back.
Sesay said a single storey house will be completed and delivered between 4-6 months whilst for a two or more storey building it will take 12-15 months to be ready.
The company director noted that they are into real estate investment trust which allows members of the public and institutions to invest in TRIAD for 15% or 20% return on investment.
Sesay explained that just like in developed countries, one can invest for themselves or their kids and can receive the agreed percentage after two years. He compared their investment to banks, noting that banks only give 2% or 3% return on investment whilst they give 15% or 20% depending on the inflation rate.
Director of TRIAD’s Real Estate Investment Trust, Patrick Kallon in his statement assured that the business has helped create permanent employment for 20 people, and temporary jobs for over one hundred young people at the different construction sites, usually hiring them in the locality.
Representing Skye Bank Sierra Leone Sia Betty Sesay called on TRIAD to do more in order for them to be recognized, stating most people do not know about them or what they do.
“You really need to do more in selling yourself, let people know about you”, Sesay told staff of TRIAD.
She commended TRIAD for hiring young Sierra Leoneans.
Copyright © 2022 Politico Online (14/10/22)
