PHILADELPHIA, Aug. 5, 2021 /PRNewswire via COMTEX/ — PHILADELPHIA, Aug. 5, 2021 /PRNewswire/ — Jobomax, West Africa’s premier homebuilder, announced their first model in the critical $10,000 – $20,000 price range. Given the company’s existing housing finance solutions, the new product delivers the possibility of homeownership to African communities unserved by the current market.
The company has a strong track record of success in the Guinea and Sierra Leone markets, delivering houses ranging between $25K-$150K focused on the local middle class and diaspora customers. These projects allowed Jobomax to grow and develop its Guinean-based business staff, increase its local labor force, and create cost-saving building innovations. With the new product, its target customer will expand to a greater proportion of the populace in its operating markets. Jonathan Halloran, Co-Founder and CEO, offered some background on the strategy to provide low cost and social housing, “The new $10,000 starting price means we expand our ability to serve much more of the local market in West Africa. Our new two-bedroom, one-bath house is our first real mass-market offering and is a natural extension for Jobomax. We are proud of our team’s incredible work in establishing a local business that builds to international standards. Our new product takes these accomplishments to greater heights and realizes our vision for enabling widespread local homeownership. We are so excited this day has arrived.”
Co-Founder and CFO Robert Hornsby added, “Jobomax’s new offering is the culmination of nearly a decade of design iteration. Delivering a low-cost, high-quality product has been our guiding star from the beginning. I’m proud of the design and construction teams’ hard work to achieve Jobomax’s chief mission: a high-quality home for all. We are excited to work with local financial partners to serve local resident buyers in West Africa with a combination of housing products and housing finance services that expand the notion of what ‘affordable’ can mean for them.”
Asked about the impact that this model has on the company’s long-term financing, SVP of Finance Alex Tounkara said, “development finance institutions and impact funds alike are always looking to support sustainable businesses that also serve the needs of the poorest members of the community. This new model takes us one step closer to significantly tackling the West African housing crisis and moves us squarely into the sweet spot for institutions looking to impact affordable housing in Africa while also having the comfort and benefit of working with an experienced management team and institutionally managed business. We have already had a fantastic response from DFIs and private investors and expect that this rollout will increase the number of inquiries we receive about long-term financing.”
Jobomax plans to start offering this model as part of a new low-cost project in suburban Freetown, Sierra Leone. The development is near Jobomax’s existing, mid-level housing development in Newton. Each semi-detached home will feature integrated, independent solar power driving a smaller carbon footprint than traditional reinforced concrete builds. The company expects strong demand from the local community and diaspora communities interested in high-quality housing for family members in Sierra Leone. Jobomax intends to deliver the model to other markets starting in 2022.