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Pure millioneare(PM)
#61 Posted : Friday, June 02, 2017 10:30:04 AM
Rank: Member


Joined: 11/1/2008
Posts: 38
@Ryko
That was a very good assessement of the project. I am also in it after buying phase 1 in Jun 2016. I was in their office recently and I was told the completion date is 31st Aug 2017 for Phase 1. This date has been moving, so don't hold your breath..

I was told that the delay was caused by an environmental court case affecting the sewer line. Now they have been ordered to do an indepedent sewer treatment plant.

Now that our money is on the lockdown, we can only hope that the 20 billion Chinese supermarket coming up next door will provide some flow of tenants. Also we pray that Jubilee will speedup the dualling of Mombasa road to Machakos junction to encourage tenants. The SGR Athi River station is also nearby and might have a positive impact in the long run. So we sit tight!!
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mufasa
#62 Posted : Wednesday, June 07, 2017 9:49:09 PM
Rank: Member


Joined: 4/15/2008
Posts: 190
"13 The completion is Dec 31st but those who know erdemann will tell you work with May-June 2017 ul never go wrong."

More like May 2018 for occupation. He's already selling phase 3 @ 3million and he hasn't handed over the first 200 houses. I think he has hit a cash crunch. Buy @ 3million if you'll wait till December 2019
Do it today! Tomorrow is promise to no-one.
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Impunity
#63 Posted : Saturday, June 10, 2017 9:15:12 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
mufasa wrote:
"13 The completion is Dec 31st but those who know erdemann will tell you work with May-June 2017 ul never go wrong."

More like May 2018 for occupation. He's already selling phase 3 @ 3million and he hasn't handed over the first 200 houses. I think he has hit a cash crunch. Buy @ 3million if you'll wait till December 2019


There are guys who bought Nyayo Embakasi (don't know which phase) at 2.7M a few years back.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Impunity
#64 Posted : Saturday, June 10, 2017 9:39:26 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
Ryko wrote:
Magunia wrote:
Any updates? My brother and I bought 2 units in 2016 and we are still waiting to come back home to see them but the Erdemann people say they're still building, does anybody know if it is true and why they are late? Any latest pics? Thank you!


Dont worry @Magunia we SUNK cash .....

1. I was there a few weeks ago(4 or so)..Phase 1 is complete but they were doing the internal finishing like smoothing the walls and crap like cabinets (door,windows, exterior,painting is completed). I was told the earliest they can complete is August. But mentally i would advice you to works with sept/oct/Nov to be realistic. They kept saying the interior finishing will take time. Personally i am working with end of 2017

The biggest challenge with phase 1 is that people cant move-in because of the dust and ongoing construction of phase 2 & 3. They have to build phase 2 & 3 to the top as they clear the internal finishing for phase 1. Phase 2 is nearly in the last floor if i am not wrong.

2. Currently they have announced an offer of 3 Million for (3 bedrooms). Yes 3 M for three bedroom (May 28 - June 8th). They have began selling the final phase. I wonder who will buy after visiting that site.
From what i gathered they have not finished selling 2 bedrooms in phases 1 & 2 but all the 3 bedroom were snapped.

3. Photos: The photos above are not the finished product (this was an undercoat), the finished looks creamish/yellow. I did not take any photos and i dont intend to visit that site again till end year. Any person visiting can post the final photos/product. Only the colour looks different.


To be honest that site has a Zillion houses, i have never seen such numbers i wonder where tenants will come from and how much the rent will be. They are M.A.N.Y i mean M.A.N.Y houses.

In the finished product the two bedroom looked spacier, 3 bedroom looked abit congested. May be it was my eyes...

Next to it is a big factory "chinese construction supermaket, the construction is in high gear and seem like there will be lots of manufacturing.

As i left towards the main Mombasa highway.. Safaricom Mall and safcom town houses were already up (though incomplete), the mall looked like it was on the 2nd floor and contructions in high gear.

That place looks like massive constructions taking place all round..

Apo pesa imelala give it more years for any returns.I even doubt you can get a buyer because of those numbers, may be after some years


Can the MANY houses beat the numbers for Nyayo Embakasi?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Magunia
#65 Posted : Friday, June 23, 2017 11:33:40 AM
Rank: New-farer


Joined: 5/29/2017
Posts: 13
mufasa wrote:
"13 The completion is Dec 31st but those who know erdemann will tell you work with May-June 2017 ul never go wrong."

More like May 2018 for occupation. He's already selling phase 3 @ 3million and he hasn't handed over the first 200 houses. I think he has hit a cash crunch. Buy @ 3million if you'll wait till December 2019


May 2018??😨😨 This is very very wrong. They clearly lied to Kenyan investors about the completion dates. There should be a legal redress to this injustice. What would happen if we came together and sued the company? Any legal precedent that anybody can think of similar to this one?
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Pure millioneare(PM)
#66 Posted : Friday, July 07, 2017 4:45:19 PM
Rank: Member


Joined: 11/1/2008
Posts: 38
Dear Esteemed Client,

We are pleased to inform you that the Great Wall Gardens Phase I is complete and ready for inspection and occupation.

You are hereby requested to make time to inspect your respective unit(s) in preparation for occupation. The site will be open from 8am to 5pm Monday to Saturday.

We have already been issued with the certificates of occupation by Mavoko Sub County. Your copy is available at the office for collection.

Also make arrangements to settle the stamp duty, legal fees and service charge fee note which is available at our offices.

Kindly arrange to clear your balance at the earliest as we will ONLY hand over to owners who have cleared ALL payments including Legal Fees, service charge and Stamp Duty.

IF you have already cleared your balances, kindly collect your handover letters at our offices after inspection. Your apartment's keys will be handed over to you on site after signing the handover letter.

Thank you for your continued support and patience.

--
Regards ,

Erdemann Property Limited.
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Magunia
#67 Posted : Sunday, July 09, 2017 1:42:44 PM
Rank: New-farer


Joined: 5/29/2017
Posts: 13
Pure millioneare(PM) wrote:
Dear Esteemed Client,

We are pleased to inform you that the Great Wall Gardens Phase I is complete and ready for inspection and occupation.

You are hereby requested to make time to inspect your respective unit(s) in preparation for occupation. The site will be open from 8am to 5pm Monday to Saturday.

We have already been issued with the certificates of occupation by Mavoko Sub County. Your copy is available at the office for collection.

Also make arrangements to settle the stamp duty, legal fees and service charge fee note which is available at our offices.

Kindly arrange to clear your balance at the earliest as we will ONLY hand over to owners who have cleared ALL payments including Legal Fees, service charge and Stamp Duty.

IF you have already cleared your balances, kindly collect your handover letters at our offices after inspection. Your apartment's keys will be handed over to you on site after signing the handover letter.

Thank you for your continued support and patience.

--
Regards ,

Erdemann Property Limited.


I thank you for this update. I saw it then logged into my Yahoo inbox and found they had sent me the same email.
Does anybody know how much or an estimate of how much the Legal fees, Stamp duty and Service charges will amount to?
This is good news. Let's cross our fingers that the quality of the workmanship is of high quality.
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webish
#68 Posted : Tuesday, July 11, 2017 3:28:41 PM
Rank: Member


Joined: 10/19/2009
Posts: 671
Location: Nairobi
I believe this is about the Greatwall Project - Sewer Line:
Was the issue eventually resolved?

GREATWALL ARTICLE

Life is joy, death is peace, but the transition is very difficult.
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maka
#69 Posted : Tuesday, July 11, 2017 3:32:02 PM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
webish wrote:
I believe this is about the Greatwall Project - Sewer Line:
Was the issue eventually resolved?

GREATWALL ARTICLE


That Chinese guy is mad...If am not wrong some case is being filed against them because of Phase 3...The bugger should be deported.
possunt quia posse videntur
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hardwood
#70 Posted : Tuesday, July 11, 2017 4:56:12 PM
Rank: Elder


Joined: 7/28/2015
Posts: 9,562
Location: Rodi Kopany, Homa Bay
maka wrote:
webish wrote:
I believe this is about the Greatwall Project - Sewer Line:
Was the issue eventually resolved?

GREATWALL ARTICLE


That Chinese guy is mad...If am not wrong some case is being filed against them because of Phase 3...The bugger should be deported.


#Impunity
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Impunity
#71 Posted : Tuesday, July 11, 2017 7:02:44 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
maka wrote:
webish wrote:
I believe this is about the Greatwall Project - Sewer Line:
Was the issue eventually resolved?

GREATWALL ARTICLE


That Chinese guy is mad...If am not wrong some case is being filed against them because of Phase 3...The bugger should be deported.


Are people really occupying the greatWall gardens as at today really?
Where is that sewage coming from?
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Ryko
#72 Posted : Tuesday, July 18, 2017 11:24:15 AM
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Joined: 5/27/2016
Posts: 274
Location: Pub
looks like an industrial park coming up over there
I work so I can afford the amount of alcohol required to continue going to work
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Impunity
#73 Posted : Tuesday, July 18, 2017 11:54:13 PM
Rank: Elder


Joined: 3/2/2009
Posts: 26,325
Location: Masada
Ryko wrote:
looks like an industrial park coming up over there


This place will be hawt.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Magunia
#74 Posted : Saturday, July 22, 2017 6:19:42 PM
Rank: New-farer


Joined: 5/29/2017
Posts: 13
Impunity wrote:
Ryko wrote:
looks like an industrial park coming up over there


This place will be hawt.


They have informed me that I'll pay 425,510/= for fees and taxes before taking the unit (3 bedrooms, in phase 1). Are you guys charged similar especially for the 3 bedroom buyers? Just curious
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Ryko
#75 Posted : Sunday, July 23, 2017 9:29:03 AM
Rank: Member


Joined: 5/27/2016
Posts: 274
Location: Pub
Magunia wrote:
Impunity wrote:
Ryko wrote:
looks like an industrial park coming up over there


This place will be hawt.


They have informed me that I'll pay 425,510/= for fees and taxes before taking the unit (3 bedrooms, in phase 1). Are you guys charged similar especially for the 3 bedroom buyers? Just curious


The answer is "YES" & "NO"

Let me explain:

This is what basically happens, based on previous project, if you look at the cost break down it looks like this
i) Stamp Duty (4% of House Value by government valuation) 280,200
ii) Registration fees 500
iii) Consent to lease 1000
iii) Stamp duty on Sale Agreement 310
iv) Legal Fees (VAT inclusive) 40,000
v) Disbursements 10,000
vi) Transfer of Reversionary interest 500
Then there is another "93 K"


There is one outlier in this costs
i) Stamp Duty (4% of House Value by government valuation) 280,200


There is NO way on earth those houses can be valued at 7M, Infact the Valuation is not yet done. But why do they do that?

There are people who are eager and waiting to get in to their houses so the will pay a valuation of "7M" hence the 280K, however once the correct valuation is done you will be refunded the upper amount. Assume the valuer values the house at 4M the 4% moves to 160k, that means you will get a refund of (280k -160K= 120K)

My brother you will chase that cheque, several trips to their lawyers.. its not worth.

Then there people who are not in a hurry or (dont care) they will wait for the correct valuation, once its done that outlier will be changed to the correct value, and you will pay less by around 120K.

But you have to wait, the valuation can be done in Nov/December/Jan call their lawyers office to confirm.

I hope thats clear it:

"Yes": if your in hurry you will pay 425K to access the house. But you will be left "fighting hard" for a refund cheque

"No": If you are patient, you will pay less but be patient for several months
I work so I can afford the amount of alcohol required to continue going to work
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obiero
#76 Posted : Sunday, July 23, 2017 6:50:32 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,475
Location: nairobi
Impunity wrote:
mufasa wrote:
"13 The completion is Dec 31st but those who know erdemann will tell you work with May-June 2017 ul never go wrong."

More like May 2018 for occupation. He's already selling phase 3 @ 3million and he hasn't handed over the first 200 houses. I think he has hit a cash crunch. Buy @ 3million if you'll wait till December 2019


There are guys who bought Nyayo Embakasi (don't know which phase) at 2.7M a few years back.

Phase 1 & 2

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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Magunia
#77 Posted : Monday, July 24, 2017 1:38:23 PM
Rank: New-farer


Joined: 5/29/2017
Posts: 13
Ryko wrote:
Magunia wrote:
Impunity wrote:
Ryko wrote:
looks like an industrial park coming up over there


This place will be hawt.


They have informed me that I'll pay 425,510/= for fees and taxes before taking the unit (3 bedrooms, in phase 1). Are you guys charged similar especially for the 3 bedroom buyers? Just curious


The answer is "YES" & "NO"

Let me explain:

This is what basically happens, based on previous project, if you look at the cost break down it looks like this
i) Stamp Duty (4% of House Value by government valuation) 280,200
ii) Registration fees 500
iii) Consent to lease 1000
iii) Stamp duty on Sale Agreement 310
iv) Legal Fees (VAT inclusive) 40,000
v) Disbursements 10,000
vi) Transfer of Reversionary interest 500
Then there is another "93 K"


There is one outlier in this costs
i) Stamp Duty (4% of House Value by government valuation) 280,200


There is NO way on earth those houses can be valued at 7M, Infact the Valuation is not yet done. But why do they do that?

There are people who are eager and waiting to get in to their houses so the will pay a valuation of "7M" hence the 280K, however once the correct valuation is done you will be refunded the upper amount. Assume the valuer values the house at 4M the 4% moves to 160k, that means you will get a refund of (280k -160K= 120K)

My brother you will chase that cheque, several trips to their lawyers.. its not worth.

Then there people who are not in a hurry or (dont care) they will wait for the correct valuation, once its done that outlier will be changed to the correct value, and you will pay less by around 120K.

But you have to wait, the valuation can be done in Nov/December/Jan call their lawyers office to confirm.

I hope thats clear it:

"Yes": if your in hurry you will pay 425K to access the house. But you will be left "fighting hard" for a refund cheque

"No": If you are patient, you will pay less but be patient for several months

I'm new to this industry and that's why I didn't know about valuation. It makes sense to wait a little bit longer then.
Can they allow someone to inspect their unit even if you won't take possession of it at that time?
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Ryko
#78 Posted : Tuesday, November 07, 2017 7:57:07 PM
Rank: Member


Joined: 5/27/2016
Posts: 274
Location: Pub
Bad News: The valuation report is out na serikali haichezi it maintained the same rates (meaning no change in initial figures, you got to fork 425K)
3BD valued at 7M
2BD valued at 6M
Here is a glimpse of the report - (owner names & crucial details blacked out)



Being the Kenyan in me i decided to combombulate & analyse this valation report since it has all names owners of (462 apartments Phase 1)
I found this very intresting

1. Women!! Looks like nearly half or more of the owners are women (intresting enough approximately 75% could be from one tribe). If you include husband & wife (woman name included) they are more.

So does it mean, men don't but apartments? ama ni watu wa kujenga? ama wanalewa as the ladies buy properties.? Can the "sponsors" be buying for women this apartments? i highly doubt.
To me it looks like girl child empowernment is real.... if this represents a fraction of apartment buying then the ground is shifting.

2. 60%-70% of the owners are from one tribe (censored). The have & the havenots.. its not fair to be tribal but this tells alot

3. There is one big vocal tribe that comprises of approximately 4% of the owners.
I work so I can afford the amount of alcohol required to continue going to work
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Angelica _ann
#79 Posted : Tuesday, November 07, 2017 8:10:04 PM
Rank: Elder


Joined: 12/7/2012
Posts: 11,901
Ryko wrote:
Bad News: The valuation report is out na serikali haichezi it maintained the same rates (meaning no change in initial figures, you got to fork 425K)
3BD valued at 7M
2BD valued at 6M
Here is a glimpse of the report - (owner names & crucial details blacked out)



Being the Kenyan in me i decided to combombulate & analyse this valation report since it has all names owners of (462 apartments Phase 1)
I found this very intresting

1. Women!! Looks like nearly half or more of the owners are women (intresting enough approximately 75% could be from one tribe). If you include husband & wife (woman name included) they are more.

So does it mean, men don't but apartments? ama ni watu wa kujenga? ama wanalewa as the ladies buy properties.? Can the "sponsors" be buying for women this apartments? i highly doubt.
To me it looks like girl child empowernment is real.... if this represents a fraction of apartment buying then the ground is shifting.

2. 60%-70% of the owners are from one tribe (censored). The have & the havenots.. its not fair to be tribal but this tells alot

3. There is one big vocal tribe that comprises of approximately 4% of the owners.


Great smile
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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obiero
#80 Posted : Tuesday, November 07, 2017 9:13:04 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,475
Location: nairobi
Angelica _ann wrote:
Ryko wrote:
Bad News: The valuation report is out na serikali haichezi it maintained the same rates (meaning no change in initial figures, you got to fork 425K)
3BD valued at 7M
2BD valued at 6M
Here is a glimpse of the report - (owner names & crucial details blacked out)



Being the Kenyan in me i decided to combombulate & analyse this valation report since it has all names owners of (462 apartments Phase 1)
I found this very intresting

1. Women!! Looks like nearly half or more of the owners are women (intresting enough approximately 75% could be from one tribe). If you include husband & wife (woman name included) they are more.

So does it mean, men don't but apartments? ama ni watu wa kujenga? ama wanalewa as the ladies buy properties.? Can the "sponsors" be buying for women this apartments? i highly doubt.
To me it looks like girl child empowernment is real.... if this represents a fraction of apartment buying then the ground is shifting.

2. 60%-70% of the owners are from one tribe (censored). The have & the havenots.. its not fair to be tribal but this tells alot

3. There is one big vocal tribe that comprises of approximately 4% of the owners.


Great smile

One big vocal tribe?? Which tribe could this be.. Oh.
I can't guess!

HF 30,000 ABP 3.49; KQ 414,100 ABP 7.92; MTN 15,750 ABP 6.45
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