property investment is dead, banks are closing in

Broke Former MP Erastus Mureithi to Lose Entire Property Portfolio over Sh1.6 Billion Unpaid Loan

Nov 13, 2018 6:51 PM

Former Ol Kalou MP Erastus Mureithi is set to lose almost all properties registered under his name over a Sh1.6 billion unpaid loan.

This comes after Keysian Auctioneers put on sale thirty four parcels of land belonging to Mureithi for failing to service a Sh1.6 billion loan taken from a Nairobi bourse listed lender.

The property to be auctioned on December 5th include pieces of land near the Kenya Institute of Highways and Building Technology in Ngong, Business Dailyreports.

“They (plots) are situated in Kibiko area of Kajiado County about 3.5kms north-west of Ngong town and a kilometre off the Ngong-Kimuka road,” reads the auction notice by Keysian Auctioneers.

The plots are registered under Suera Flowers, a rose flower company ran by Mureithi and his wife Susan.

Last month, a rival firm, Subati Group, purchased six pieces of land from Suera Flowers, in Nyandarua County for an undisclosed amount. The sale is part of assets disposal aimed at serving the loan.

Other properties set to be sold include residential houses, office blocks and greenhouses with horticultural crops.

His residential flats comprising of eight four-bedroom apartments in Nairobi’s Karen estate are set to be auctioned at Sh960 million while a 89-acre prime land located on the Nyahururu-Ol Kalou Road is expected to fetch Sh393 million.

aaaaaaah… that pure unadulterated pain.

Mali ya wizi huwa haidumu.

Real estate iko.chonjo,jamaa labda siasa ndio imemuangusha

How is this property investment? His parcels were acquired by a rival flower farm!,

There’s no bubble. There’s not going to be one anytime soon. Stop trying to feel good coz you didn’t invest in real estate.

birrionaires are having it rough. Ni kubaya sekta zote. Hapa quarry hatuchapi mawe vilivyo

Auctioneers huwa hawatambui tucker tucker. Hata uhunye ile siku atakataa kulipa loan wataenda pale kwa podium hadharani during national holiday…akipeana speech live na wareposess ile Rolex yake. Mofos simply don’t give a shyeeet.

Who’s the lender?
Looks like mpig Pwagu alipatana na pwaguzi…
This stinks of predatory lending at it’s best.
Akina @uwesmake na maboy wake maauctioneer wana meriamata hapa…watafagia kila kitu bila huruma…

The guy has no peace, halali

Si alikuwa former CEO wa Coop bank?

It states in the article he borrowed the money. He didn’t steal that money. This one I can sympathise

This dude made major moves way before he got into politics. Makes one wonder how such a business savvy man mismanaged that huge loan hadi ashindwe kuilipa.

Mapoko will be the downfall of many

Yes he was the CEO. Labda alichukua funny insider loans akiwa at the helm of the bank, sasa anakujiwa.

He is probably of the same mindset ya akina @Mturandom that u can never lose in real estate so he over-extended himself.

Property bubble about to student bedsitter because of no para degree ,devolution many niggas are working near home thus rental house demand fall.

Warehousing is the next fad in Kenya.

To store what? purchasing power iko low sana labda ujenge brothel/studio:D:D