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1 billion kshs' building.
Rank: Member Joined: 6/25/2009 Posts: 42
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Along ngong rd.5 storey,8000 sq mtrs with 150parking units n basement,fibre optic connections,cctvs(30 day video backup),executive finishing.5 year advance rent by ecobank for 3 floors.returns p.m are 80ksh per sq ft p.m(translates to around 7m).elsee plaza is the name.chek it out and drop me a line at juligachengo@gmail.com
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Rank: Member Joined: 7/22/2009 Posts: 120 Location: KENYA
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@Moshiwan..we check it out and drop you a line,then?
I think you are in dreamland. Whats with the 1 Billion Kshs?? in your dreams my friend.
5 floors,8000 square metres,150 parkings all for a billion Kshs.... wewe unajua B ni nini???? haaaaaaaaaaaaaaaaaaaaaaaahahaha
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Rank: Member Joined: 12/4/2008 Posts: 341 Location: Nairobi
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Take a firm grip on reality.Nowhere else does due diligence,economic sense all that financial prudence mambo jumbo take precedence than in commercial real estate. There are no whimsical or sentimental purchases in this section. Take an example of Corner House with its 20-plus floors in the heart of the city and a middle-profile tenancy.An area of couple of hundreds of thousands square feet.Price 850M last year. Wake up from your stupor!!!!!!!!!! Patience Pays in Guaranteed Checks Patience Pays In Guaranteed Checks.
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Rank: Member Joined: 2/8/2007 Posts: 808
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500m there can be a discussion. Anything above that sisi hapana Eero!(no pun intended).
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Rank: Elder Joined: 12/11/2008 Posts: 2,306
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Mosh, were you also selling plots in the CBD a while back? Do you still have them? God is good Great men are not always wise, neither do the aged understand judgement...
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Rank: Member Joined: 12/8/2008 Posts: 359
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The plots in the CBD have moved and grown into a KES 1B building on Ngong Rd. LOL.
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Rank: Member Joined: 8/11/2009 Posts: 302
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I also thought 1 billion for that building sounded like a KBS ride to Galapagos.
Anyway,you trying to sell 1 billion property hapa Sk. No pun intended lakini si tumezoea ma-toyota na maploti hivi. Si you place the advert kwa CNN ama Time Magazine. Ama kwa notice board ya parliament.
We tenda wema kisha wende zako. Usinipe macho ya kutarajia shukrani!!!
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Rank: Member Joined: 6/25/2009 Posts: 42
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Okay.A B is little money u people,be optimistic.as for corner hse,it actually cost 790m bt hey the returns are minimal.it depends on who or the guarantees given.3 floors are already rented out for 5YRS!!!!!!.()
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Rank: Member Joined: 6/25/2009 Posts: 42
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@robinhood,sure was.they went.Not moved as adept is claiming here but he rite on one thing;they have grown.
Infact,am looking for one anywhere in town to buy for a client.
@all,i also thought 1b was high bt its a willing buyer willin seller type of thing.kama hutaki,washana naye(no pun intended)
changin the topic kidogo,i think that commercial real estate within the cbd is going to reduce as tym goes by.this is becoz most firms,banks included nowadays prefer to set up their headquaters outside the cbd.luk at milimani for example.what do u think?
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Rank: Member Joined: 7/22/2009 Posts: 120 Location: KENYA
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Just to illustrate to you how kidogo a B is...
With a B you can actually spend Kshs10,000 every day for the next 274 years....
Now to your wishfully thought Kshs1 Billion Building.. Without even caring to know about the location of your building..the maximum it can get to is Kshs 550.0 million but even this is grossly inflated.rom your argument Ecobank have occupied 3 floor prorated to 4800 square metres i.e 52,000 square feet @ Kshs 80 per month. In 5 years time they will have paid roughly 250.0 million in rentals. Does this justify your 1billion for the project.
Come onget your facts right before hurrying to post threads here. No pun intended my broda!!
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Rank: Member Joined: 9/23/2008 Posts: 94
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@Moshi wa Kuni.....
Seems you are new in real estate business,just like when we were in college and we were fantasizing on our first job and owning that big car on road later to tarmack mpaka you borrow a shoe to go for interview.
After getting back to your senses please come back to SK and post sensible prices for your products and remember in most posts skerians talk about that kamugunda at kitengela to subdivide and build in groups,and how to deal with their 'Am a Member' accounts
life is an endless adventure
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Rank: Member Joined: 6/25/2009 Posts: 42
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@feish,i do hv my facts rite and believe u me,i have been around for long.lyk i said,it is a willing buyer willing seller thing.
@litro,much as i wud to get into petty maths i prefer not to. You cannot be able to quantify security in monetary terms.ecobank are offering a steady flow of income.most people wud prefer this instead of a cheap building that has no guarantess it will be occupied in this lyftym.
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Rank: Member Joined: 7/22/2009 Posts: 120 Location: KENYA
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@ Mosh
1. I think you are getting emotionally attached to your topic here on Sk.
2. So,take it easy and relax.
3. With my petty maths,i was trying to show you how big a joker you are,when it comes to making decisions of such magnitude.
4. With my petty maths as well,i was trying to tell you that you are making a concept which simply put is a tough one,nevertheless,its chances of success are minimal.
5. I totally agree with you on the steady flow of Y but again the Kshs 80,(i suppose is a net rent,minus service charge) is hard to comeby on Ngong road,the Hill yes bt ngong road? I doubt it. Someone somewhere in ecobank is not doing their job- they need to consult far and wide before committing themselves to your project. However,ecobank might take up that space but the other 2 floors will remain vacant for a very long time,not unless the rentals are reduced. Which again defies all logic to support the billion shillings input into your project.
6. Forces of supply and demand dictate the market,but with the going ons in the real estate,there is actually a reduced demand in this submarket,with most firms opting for owner occupation as well as cutting down on operational costs,the uptake of this building might take time.
7. I dont have any personal vendetta against architects,but i suppose you are not one of them,they convince their clients of some design concepts which are out of this world,exceptionally good. But when you put the bricks and mortar together and the building is up and running,several letting,operational,management,maintainance issues among others crop up and in 5 years time the running costs of such buildings exceeds the initial capital outlay.
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Rank: Member Joined: 6/25/2009 Posts: 42
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@litro,sorry i came across that way(no harm done i suppose).i do agree with u abt the possibility of the two floors remaining vacant bt the demand is rising for office space in nairobi and with it the amount payable per month.for example,if your lease expired in the course of this year,most buildings' rent has been increased by almost 100 percent(sonalux building from 8 to 40)even in downtown!a friend told me his rent rose from 4k to 9500.enwei,with this comes for any serious minded person an urge to relocate to the outskirts where they getaway from the hustle bustle of the city jams,polution,congestion etc.it might intrest you to know that most firms are relocating to milimani,ngong as at now.enwei,am open to other opinions.
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Rank: Member Joined: 10/11/2008 Posts: 134
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Cant say much really but by looking to contact you on your gmail account that tells me something is dodgy. No offense but if you strike deals of such figures you ought to have decent email address for a start.
Jay
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Rank: Member Joined: 6/25/2009 Posts: 42
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@jaheim,the idea that the beta the image,the mo legal n strait forward the dealer or deal is,is a fallacy.(no pun intended)infact,most people who believe in it have fallen prey to people with big,flashy names attached.the email has got nothing to do with this.furthermo,i neva did claim to be the owner(of which most building' owners have no official websites,email addresses etc-most are even computer illiterate).
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