While the government devised financing for prospective home owners through formulas of 10/90, 20/80, and 40/60, a private real estate introduced its own scheme dubbed 30/30/40. Nonetheless, the offer is limited to employees of Sunshine Construction and Real Estate, which was praised by Mayor Deriba Kuma (right) for honouring its commitment to home owners. In light of public fury directed at real estate firms, such as Access Real Estate, defaulting on home buyers, Direba complemented Sunshine on Saturday for its hand over of 88 villas and around 400 apartments built on two sites, in the CMC and Bole Beshale areas.
Graced with the presence of the president of the republic, Mulatu Teshome (PhD), middle, it was the second time for Sunshine to deliver homes to buyers. Years ago, the Company transferred over 308 villas and the same number of apartments in the Gerji and Meri Luki areas to home owners.
Known for its road projects, Sunshine observed its 30th anniversary on June 14, 2014, where its founder, Samuel Tafesse, awarded just less than 30 of its employees with homes – fully and half paid.
For the majority of the awardees, the company gave homes through a financing scheme its founder described as 30/30/40. The awardees pay for 30pc of the building cost, while the company facilitates bank loans for the other 30pc and pays the remaining 40pc.
“It is a scheme that will get broadened to include all our employees through time,” Samuel told homes owners and those gathered to commemorate the anniversary.