To pave way for real estate homes
Musons Group Incorporated, a Liberian-owned real estate development and construction company, has opened its first international branch in Newark, State of Delaware, United States of America. The president and chief executive officer (CEO) of the Musons Group, Joe Gene Mulbah, in an exclusive with the Daily Observer newspaper, said the need to set up an international branch with five staff, came through the intervention of the group that has been working with his company to attract financing for its multi-million dollar resort project in the county.
Mr. Mulbah said the setting up of the international office will serve as a guarantor to those Liberians in the Diaspora, who are expected to engage Musons Group in the construction of private and real estate homes, trusting that their money will not be squandered as is currently the case with many Liberians who entrust construction of their homes with friends and family members.
“For the past two years, Liberians coming home from the Diaspora to inspect construction projects have always come to our offices crying over failure of those projects; families squander their money and take pictures of other people’s homes and send same to them,” Joe said.
To show seriousness and determination, Mr. Mulbah said his company carried out its own business case study for over two years, and that at present there are over 150 persons who are standing by to start their projects. He further disclosed that a website is going to be launched this weekend, “so that when you start your project we will give you coordinates of where your project is being carried out, and through our website you will see live what is happening in Liberia with your money; nobody will give you cellphone talks.
While giving a breakdown of how his company will carry out projects, Mr. Mulbah said it will be based on what he described as ‘Triple Seven,’ “you will deposit the first amount, which has a baseline of US$7,000 upward, then every month you make US$700 payment in continuation of your project; and within seven years you should be able to pay for your home, and you will live in there while you continue to pay as is done like mortgage.”
Continuing, Mulbah said that with the expected huge demand for housing and estate projects, Musons Group is currently training Liberians, while considerations will be given to people in the sub-region with the same basic training, who will work along with their Liberian counterparts.
The Musons boss asserted that he is currently holding discussions with the company’s banks in Liberia aimed at partnering, “because all the payments that will be made in the United States by individuals for projects will be transferred to the bank that we will be dealing with in Liberia.
“As well as that, Joe said, discussions are being held with financing companies in the United States that are in the mortgage business, some of which he said have bought the idea and expressed willingness to work with them, “and that maybe within the next 60 days we will have the first US$1.5 million that will go into that project account. Some will be transferred here and when those people begin to pay we will start the project with that; so the financing option has been worked out and the prospect is good.”
With respect to the US$71.6 multi-million hotel investment agreement ratified by the Senate in 2017, Mulbah said that investors have already expressed interest and have held meetings with them in the U.S. on procedures of implementing the project, “and have given a letter through the agent representing them that they are prepared to finance the project and within 90 to 120 days, we should be getting initial funding to do the ground breaking this dry season.”
With the expected continuing moral support from the government, Joe expressed optimism that in no time Musons Group, Incorporated will be one of the biggest Liberian-owned companies providing thousands of jobs. “All we need is moral support and from our interactions, we are already receiving that from government officials.” He said when the projects kick off, based on demand, the Musons Group, Inc. will definitely subcontract some of the projects.
“This is not just about Musons, we alone will not be able to handle all demands that will be coming from the Diaspora so we will include other Liberian institutions and subcontract them to to do some of the units.”
In a related development, Mr. Mulbah has paid special tribute to the staff of the Musons Group, especially his wife, Mrs. Tanneh P. Mulbah, vice president for Administration of Musons, who, he said, continues to stand by him and is dedicated to the institution, “because as the saying goes, behind every successful man is a successful woman.”
Musons Group, Incorporated was founded on August 5, 1996, and in recent years, has gained recognition for marvelous engineering and architectural works, with the latest being the diagnostic health facility at the ELWA Junction in Paynesville.