Wazua
»
Market
»
to Barter
»
Race Course Garden, Ngong Rd, Are They Real ?
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Race Course Garden Apartments, Ngong Road, Are They Real ?Dear All, In the spirit of Wazua, are these guys reliable or con men ? Is it advisable to subscribe for the Pre Sale apartment offer. Their website is www.peninsula.co.keIf they are genuine, is the location okay for investment purposes (rental income) and have they delivered a project before ? Please advise to make an informed decision on their proposal ?
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
The correct website is www.peninsula.co.keWhat of the security factor of locating property near forest (Ngong Forest) ? Has the ground breaking been done ? Thanks in advance for your responses
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Wazua real estate gurus, anyone ?
|
|
|
Rank: Veteran Joined: 11/11/2006 Posts: 971 Location: Home
|
Are you referring to project being done by Adventis In Africa architects and Getso as Quantity Surveyor? If so, it's not in a forest but adjacent to the railway line. It's off Ngong Road at Kenol petrol station. A Chinese contractor is on site making rapid progress.The site used to be very swampy, I hope the engineers did a good job of the design. Ps. I have not checked your link so can't answer the funding concept. I'll give you the exact GPS coordinates later.
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
holycow wrote:Are you referring to project being done by Adventis In Africa architects and Getso as Quantity Surveyor? If so, it's not in a forest but adjacent to the railway line. It's off Ngong Road at Kenol petrol station. A Chinese contractor is on site making rapid progress.The site used to be very swampy, I hope the engineers did a good job of the design.
Ps.
I have not checked your link so can't answer the funding concept. I'll give you the exact GPS coordinates later. Thanks sir for your response. No the developers are Home Find Properties. http://www.homefindersproperties.comWe are planning a site visit but I want to be well informed before I travel all the way to see their site, so as not to waste air ticket money.
|
|
|
Rank: Elder Joined: 5/1/2010 Posts: 3,024 Location: Hapa
|
Realcement wrote:holycow wrote:Are you referring to project being done by Adventis In Africa architects and Getso as Quantity Surveyor? If so, it's not in a forest but adjacent to the railway line. It's off Ngong Road at Kenol petrol station. A Chinese contractor is on site making rapid progress.The site used to be very swampy, I hope the engineers did a good job of the design.
Ps.
I have not checked your link so can't answer the funding concept. I'll give you the exact GPS coordinates later. Thanks sir for your response. No the developers are Home Find Properties. http://www.homefindersproperties.comWe are planning a site visit but I want to be well informed before I travel all the way to see their site, so as not to waste air ticket money. i think the projects are the same going by what is mentioned on peninsula website and homefinders are (one of) the realtors Float like a butterfly, sting like a bee. - Muhammad Ali🐝
|
|
|
Rank: Veteran Joined: 11/11/2006 Posts: 971 Location: Home
|
butterflyke wrote:Realcement wrote:holycow wrote:Are you referring to project being done by Adventis In Africa architects and Getso as Quantity Surveyor? If so, it's not in a forest but adjacent to the railway line. It's off Ngong Road at Kenol petrol station. A Chinese contractor is on site making rapid progress.The site used to be very swampy, I hope the engineers did a good job of the design.
Ps.
I have not checked your link so can't answer the funding concept. I'll give you the exact GPS coordinates later. Thanks sir for your response. No the developers are Home Find Properties. http://www.homefindersproperties.comWe are planning a site visit but I want to be well informed before I travel all the way to see their site, so as not to waste air ticket money. i think the projects are the same going by what is mentioned on peninsula website and homefinders are (one of) the realtors Thanks, yes, they are the same. The Coordintes are 1.2993233 south,36.7464257 East. The contractor works during the weekend Sunday included. I have gone through the facebook page. https://www.facebook.com/photo.p...e=1&relevant_count=1
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Thanks to all, that means that project exists.
Is the location okay ?
Can I trust them that they will deliver as scheduled ie 2016 or thereabout ?
Is the offer prices fair
1 bedroom ranges from ksh 4.1m to 4.8m ?
Thanks once again sir @holycow & @butterflyke
Please I need more responses to make an informed decision and to make assurance being given doubly sure.
|
|
|
Rank: Member Joined: 5/28/2014 Posts: 149 Location: Nairobi
|
@Realcement - Check Suraya prices on Ngong Road to compare. See http://www.suraya.co.ke/...ynx-ngong-road?start=7.
In general the prices of these sorts of developments have gone up a lot. Who knew one would ever buy a 1 bedroom flat for 5M in a lower middle class area? Suraya projects can take a long time to complete, but they did a good job at Fourways Junction once they got the court issues out of the way. On Racecourse Gardens - they are legit. On location - it is an okay location. I think this development will also change the area quite a bit - both the expectation and the future developments. 2 bedroom flats in the area now fetch about 40k a month. I think the quality of these will be competitive. When you live for others' opinions, you are dead.
- Carlos Slim Helu
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Thanks sir DBLyon for your contribution.
This is eye opening.
|
|
|
Rank: Member Joined: 5/28/2014 Posts: 149 Location: Nairobi
|
You are welcome. Also compare floor areas - Racecourse Gardens against the Suraya Ngong Road. For the studios I think the difference is 2sqm. Whilst this seems small, it is the difference between being able to fit in a 2-seater sofa or not. Or having a small balcony or not. :) As for delivering on time, I'm yet to see a large development in this city that delivers when they said they would. Not that I'm an expert, but I'm very interested in housing and I've seen a few. The Suraya at Ngong Road is a lot closer to town, but again - their construction period is really long. I think they are yet to demolish the original structures on the site. When you live for others' opinions, you are dead.
- Carlos Slim Helu
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Sir @DBLyon,
Thanks for your in depth analysis. I will stick to Race Course garden after making comparative analysis on 1 bedroom.
|
|
|
Rank: Elder Joined: 5/1/2010 Posts: 3,024 Location: Hapa
|
Realcement wrote:Thanks to all, that means that project exists.
Is the location okay ?
Can I trust them that they will deliver as scheduled ie 2016 or thereabout ?
Is the offer prices fair
1 bedroom ranges from ksh 4.1m to 4.8m ?
Thanks once again sir @holycow & @butterflyke
Please I need more responses to make an informed decision and to make assurance being given doubly sure. @Realcement, I agree with DBLyon, most developments end up taking more time than planned. I have not heard of Peninsula before and from their website, this could be the first development they are doing. That may not necessarily be a bad thing. What you may think of doing to safeguard your investment is to look at the payment plan. From the website, you can plan to pay as the completion progresses or you can choose to pay after completion, at a higher price but then you will only have paid 10% until they complete. Something to think about especially if you are not around to check on it regularly. Float like a butterfly, sting like a bee. - Muhammad Ali🐝
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
butterflyke wrote:Realcement wrote:Thanks to all, that means that project exists.
Is the location okay ?
Can I trust them that they will deliver as scheduled ie 2016 or thereabout ?
Is the offer prices fair
1 bedroom ranges from ksh 4.1m to 4.8m ?
Thanks once again sir @holycow & @butterflyke
Please I need more responses to make an informed decision and to make assurance being given doubly sure. @Realcement, I agree with DBLyon, most developments end up taking more time than planned. I have not heard of Peninsula before and from their website, this could be the first development they are doing. That may not necessarily be a bad thing. What you may think of doing to safeguard your investment is to look at the payment plan. Thanks sir @butterflyke rom the website, you can plan to pay as the completion progresses or you can choose to pay after completion, at a higher price but then you will only have paid 10% until they complete. Something to think about especially if you are not around to check on it regularly.
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
My reservation about Race Course Garden apartment is
Their ability to perform.
This is very difficult to tell since this is their first project
So there is no precedent or reference point.
In addition the project is massive, a whole 460 units of
Apartments in their debut. Can they cope financially?.
Delay in delivering on schedule is typical of this kind of project
Including big players like Hassconsult, my concern is their
Ability to deliver at all without the project running into hitches
Like land litigation or cash flow problem that might abort the
project mid way.
If this happens refund especially for non resident
Foreigners like us becomes a very big problem.
|
|
|
Rank: Member Joined: 7/21/2014 Posts: 100 Location: Ghana
|
Please post your opinions dear @wazua family ?
|
|
|
Rank: Veteran Joined: 4/27/2010 Posts: 951 Location: Nyumbani
|
DBLyon wrote:@Realcement - Check Suraya prices on Ngong Road to compare. See http://www.suraya.co.ke/...ynx-ngong-road?start=7.
In general the prices of these sorts of developments have gone up a lot. Who knew one would ever buy a 1 bedroom flat for 5M in a lower middle class area? Suraya projects can take a long time to complete, but they did a good job at Fourways Junction once they got the court issues out of the way. On Racecourse Gardens - they are legit. On location - it is an okay location. I think this development will also change the area quite a bit - both the expectation and the future developments. 2 bedroom flats in the area now fetch about 40k a month. I think the quality of these will be competitive. Quite a lot , be ware if you plan to rent their appartments. There is one on MBS road , i got in in 2012 they had said through their letter of offer that you pay the last installment in Dec 2013 . The construction was also to be for Dec 2013. Checkig on their website, i think they are still on first floor. I saw they pushed the completion date to 2015. Luckily i got off the bus before it was too late. First year wakakula my 50K but it was better i could not wait till 2015. So chunguza, the people who recommended also talked about their success on Fourways junction.
|
|
|
Rank: Member Joined: 5/28/2014 Posts: 149 Location: Nairobi
|
kiash wrote:DBLyon wrote:@Realcement - Check Suraya prices on Ngong Road to compare. See http://www.suraya.co.ke/...ynx-ngong-road?start=7.
In general the prices of these sorts of developments have gone up a lot. Who knew one would ever buy a 1 bedroom flat for 5M in a lower middle class area? Suraya projects can take a long time to complete, but they did a good job at Fourways Junction once they got the court issues out of the way. On Racecourse Gardens - they are legit. On location - it is an okay location. I think this development will also change the area quite a bit - both the expectation and the future developments. 2 bedroom flats in the area now fetch about 40k a month. I think the quality of these will be competitive. Quite a lot , be ware if you plan to rent their appartments. There is one on MBS road , i got in in 2012 they had said through their letter of offer that you pay the last installment in Dec 2013 . The construction was also to be for Dec 2013. Checkig on their website, i think they are still on first floor. I saw they pushed the completion date to 2015. Luckily i got off the bus before it was too late. First year wakakula my 50K but it was better i could not wait till 2015. So chunguza, the people who recommended also talked about their success on Fourways junction.  @kiash - Suraya was brought up for comparison purposes, not as a recommendation to buy. Which ones on Mombasa Road did you look at? They are completing the finishes at Loneview at the moment. Sucasa in Mlolongo took a long long time to even begin. They are now building, albeit slowly, after a few investors raised hell. They are beyond first floor, for sure, I've seen the pictures. Suraya are now doing lots of projects - I suspect cashflow may be an issue, hence the slow pace of some of the developments. They also seem to select some projects above others...some recent projects are beginning to be worked on before much older projects - I suspect it is because the newer projects are more lucrative for them. A cash payment plan is not a great idea with Suraya, but like butterflyke said, the 10% option is not a bad one. It pins down your price and you do other things with your money until completion. The mentioned Fourways Junction - in 2005 the 2-bedroom flats were going for 4.5M. The people who paid 450k deposit only paid 4.05M at completion years later, and at the time the value had gone up to 7.2M. For rental purposes - in 2005 the expectation was that the properties would rent for 30k a month. By completion the rents were 55k. Not a bad return for one who only put down 450k. When you live for others' opinions, you are dead.
- Carlos Slim Helu
|
|
|
Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
|
kiash wrote:DBLyon wrote:@Realcement - Check Suraya prices on Ngong Road to compare. See http://www.suraya.co.ke/...ynx-ngong-road?start=7.
In general the prices of these sorts of developments have gone up a lot. Who knew one would ever buy a 1 bedroom flat for 5M in a lower middle class area? Suraya projects can take a long time to complete, but they did a good job at Fourways Junction once they got the court issues out of the way. On Racecourse Gardens - they are legit. On location - it is an okay location. I think this development will also change the area quite a bit - both the expectation and the future developments. 2 bedroom flats in the area now fetch about 40k a month. I think the quality of these will be competitive. Quite a lot , be ware if you plan to rent their appartments. There is one on MBS road , i got in in 2012 they had said through their letter of offer that you pay the last installment in Dec 2013 . The construction was also to be for Dec 2013. Checkig on their website, i think they are still on first floor. I saw they pushed the completion date to 2015. Luckily i got off the bus before it was too late. First year wakakula my 50K but it was better i could not wait till 2015. So chunguza, the people who recommended also talked about their success on Fourways junction. What do you mean by this statement? Life is short. Live passionately.
|
|
|
Rank: Member Joined: 10/19/2009 Posts: 671 Location: Nairobi
|
DBLyon wrote:kiash wrote:DBLyon wrote:@Realcement - Check Suraya prices on Ngong Road to compare. See http://www.suraya.co.ke/...ynx-ngong-road?start=7.
In general the prices of these sorts of developments have gone up a lot. Who knew one would ever buy a 1 bedroom flat for 5M in a lower middle class area? Suraya projects can take a long time to complete, but they did a good job at Fourways Junction once they got the court issues out of the way. On Racecourse Gardens - they are legit. On location - it is an okay location. I think this development will also change the area quite a bit - both the expectation and the future developments. 2 bedroom flats in the area now fetch about 40k a month. I think the quality of these will be competitive. Quite a lot , be ware if you plan to rent their appartments. There is one on MBS road , i got in in 2012 they had said through their letter of offer that you pay the last installment in Dec 2013 . The construction was also to be for Dec 2013. Checkig on their website, i think they are still on first floor. I saw they pushed the completion date to 2015. Luckily i got off the bus before it was too late. First year wakakula my 50K but it was better i could not wait till 2015. So chunguza, the people who recommended also talked about their success on Fourways junction. @kiash - Suraya was brought up for comparison purposes, not as a recommendation to buy. Which ones on Mombasa Road did you look at? They are completing the finishes at Loneview at the moment. Sucasa in Mlolongo took a long long time to even begin. They are now building, albeit slowly, after a few investors raised hell. They are beyond first floor, for sure, I've seen the pictures. Suraya are now doing lots of projects - I suspect cashflow may be an issue, hence the slow pace of some of the developments. They also seem to select some projects above others...some recent projects are beginning to be worked on before much older projects - I suspect it is because the newer projects are more lucrative for them. A cash payment plan is not a great idea with Suraya, but like butterflyke said, the 10% option is not a bad one. It pins down your price and you do other things with your money until completion. The mentioned Fourways Junction - in 2005 the 2-bedroom flats were going for 4.5M. The people who paid 450k deposit only paid 4.05M at completion years later, and at the time the value had gone up to 7.2M. For rental purposes - in 2005 the expectation was that the properties would rent for 30k a month. By completion the rents were 55k. Not a bad return for one who only put down 450k. Indeed. May I ask, if they started 2005, When did they finish?
Life is joy, death is peace, but the transition is very difficult.
|
|
|
Wazua
»
Market
»
to Barter
»
Race Course Garden, Ngong Rd, Are They Real ?
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|