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Residential Skyscrappers and Verticle Farms
Rank: Member Joined: 6/17/2011 Posts: 229
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In the more developed cities of the world, it is not a wonder to own an Apartment on 25th Floor. With the burgeoning population in Nairobi, foreseen to hit 15 million in 2030, Verticle Homes [ http://tinyurl.com/42yhbp7 ] and Farms [ [ http://www.verticalfarm.com/ ] will be a welcome idea. As we have a limitation on the x-axis (land is not expanding as the populations do), while there is every possibility on the y and z-axis as far as the structural engineers say we are ok. In the proposed Kasarani development, it will be interesting to see how the developers address the issue of parking for the 2500 units...underground parking under each skyscrapper or verticle parking itself too? In developed world, it is not a major problem as you park on the road (controlled), and walk to your house or office. In Nairobi, corner lights, alloy rims and other toys zinatembea.....
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Parking is not an issue in developed cities, hence there is no requirement for vast amounts of parking space. This is because the public transportation system is very well developed and reliable.
Another challenge we will have in Kenya is the maintenance of elevators in these highrise buildings, as you can't expect tenants to scale 20 floors to get to their apartments. This calls for a very effective system of service charge collection (to maintain the lifts), a matter that is a major challenge where people have bought their apartments. This suggests that such developments should be constructed for rent, and the investor can enforce service charge collection with payment of rent.
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Rank: Member Joined: 1/24/2008 Posts: 46 Location: Embu
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The sector is mature now,it can handle such projects.All residential properties within a radius of 20km should pave way for such structures.The apartment prices would even come down,bearing in mind the current hike is due to shortage of appropriate land- with infrastructures.
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Rank: Member Joined: 6/17/2011 Posts: 229
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Gordon Gekko wrote:.......
Another challenge we will have in Kenya is the maintenance of elevators in these highrise buildings, as you can't expect tenants to scale 20 floors to get to their apartments. This calls for a very effective system of service charge collection (to maintain the lifts), a matter that is a major challenge where people have bought their apartments. This suggests that such developments should be constructed for rent, and the investor can enforce service charge collection with payment of rent. Good comment @GG about the collection and administration of service charges in Condominiums. You have inspired me to start a thread on the topic ‘Common Area Management’ here http://tinyurl.com/3er9lz7
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Rank: Member Joined: 11/17/2009 Posts: 99
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I have always wondered, when one buys a house from these real estate companies are they issued with any paperwork from the Govt! I know my question may sound naive, but how would it feel spending millions and no Title. Ownership docs from the Firm would leave one beholden to the Co. in question. What normally happens? First they ignore you, then they laugh at you, then they fight you, then you win!
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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@kingauwi, the Sectional Properties Act allows for the registration of those sub-titles under the main title.
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Rank: Veteran Joined: 12/23/2010 Posts: 1,229
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Lolest! wrote:@kingauwi, the Sectional Properties Act allows for the registration of those sub-titles under the main title. True that registering flats under the Sectional Properties Act is the better approach but few developers have put it to use , preferring instead to create sub leases. Under the sub lease approach, the buyer of the flat gets inferior rights to whoever holds the main lease. And you are married to that person for as long as you hold an interest in that property.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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The main lease is usually owned by a company in which all apartment owners have an equal share. Sale of an apartment mandatorily goes with transfer of the share, so the issue of being beholden to the main lease holder is moot.
On the contrary @For Sport, a lease arrangement is better as you can incorporate into the lease conditions like payment of service charge, which becomes enforceable when one defaults as opposed to the case of a sectional title arrangement the owner can refuse to pay and you can't do anything, thereby potentally devaluing a property.
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Rank: Veteran Joined: 12/23/2010 Posts: 1,229
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Gordon Gekko wrote:The main lease is usually owned by a company in which all apartment owners have an equal share. Sale of an apartment mandatorily goes with transfer of the share, so the issue of being beholden to the main lease holder is moot. Maybe (meaning I doubt this) What ownership document does the owner of the apartment get? A share certificate?
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Rank: Member Joined: 6/17/2011 Posts: 229
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For Sport wrote:Gordon Gekko wrote:The main lease is usually owned by a company in which all apartment owners have an equal share. Sale of an apartment mandatorily goes with transfer of the share, so the issue of being beholden to the main lease holder is moot. Maybe (meaning I doubt this) What ownership document does the owner of the apartment get? A share certificate? The owner of a unit apartment within a condominium gets two documents: A Sub-lease, registered with the Ministry of Lands (verifiable like any other title), and a Share Certificate for x share(s) = x unit(s) [x≥1] in the management company (registered with the Registrar of Companies). Company returns has to be done annually, thus in case you sell your unit, the Registrar of Companies recognizes the new shareholders. The mother lease, is registered in the name of the management company as @GG alluded, and is usually held in safe custody by the appointed Company Secretary.
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Rank: Member Joined: 8/29/2008 Posts: 571
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REDI,GG & Others: The major question is,who wants to buy an apartment on 20th floor??If there is black-out and power-rationing,I will have to scale 20 floors on foot?I mean,its better than paying for a gym but let me not loose weight like that.As for me,I'll be living in Thika and commuting to the city......
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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Who wants to buy an apartment on the 25th Floor in a city where amenities like water, electricity and waste management are either rationed or non-existent? Better to commute daily from Nakuru! "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Veteran Joined: 12/23/2010 Posts: 1,229
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Thanks for the link @ for sport
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Rank: Member Joined: 11/17/2009 Posts: 99
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This link, seems to confirm my fears. The fate of an apartment owner is tied to the firm that owns the main title. That isnt so neat! First they ignore you, then they laugh at you, then they fight you, then you win!
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Rank: Member Joined: 6/17/2011 Posts: 229
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Towering luxury comes to NairobiImpressive! We need more people thinking vertically.
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Rank: Member Joined: 11/9/2007 Posts: 288 Location: OZ
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Guys will this project rake good returns for investor and attract high end tenants?? More monies, more problems...
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Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
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Seles83 wrote:Guys will this project rake good returns for investor and attract high end tenants?? I think it is great when this kind of housing concept is done for the high end. It would be a disaster in my opinion if it's done for middle and low end with problems of fires, water, electricity, parking, tidiness etc. It would be a nightmare for the residents.
BBI will solve it :)
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Rank: Member Joined: 6/17/2011 Posts: 229
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2012 wrote:Seles83 wrote:Guys will this project rake good returns for investor and attract high end tenants?? I think it is great when this kind of housing concept is done for the high end. It would be a disaster in my opinion if it's done for middle and low end with problems of fires, water, electricity, parking, tidiness etc. It would be a nightmare for the residents. The price range alone dictates the class, those mostly interested in Serviced Apartments. Westlands, Yaya vicinity, and along Mombasa Road up to around the airport is ripe for such.
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Rank: Member Joined: 11/9/2007 Posts: 288 Location: OZ
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The Construction is set to be 1st QTR next year..how much 1br or 2bdr apartment fetch..unfurnished? More monies, more problems...
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