How does this model work?
They have been advertising their new project in Syokimau. Where apparently you rent for 6 years at Sh75,000 a month and then own it after.
The house is a 3-bedroom apartment.
They are saying that deposit is Sh50,000 but it does not make sense that a 3-bedroom apartment will cost Sh5.4 million. Mind you it’s a very fancy apartment, the kind that you can rent out for over 40k a month.
They are telling us that it’s a KCB mortgage plan, but at the same time advertise it’s 0% interest.
What they are not saying is that by the time you finish paying off for that apartment, they will have dry fried you HKM bila lube and on top of that after umemaliza payment bado utakuwa unalipa some few thousands kama “service charge”
Service charge is normal in every apartment. Lakini at the moment, Sh5.4 million cannot get you a two bedroom apartment in Nairobi, leave alone the 3 they are offering.
I suspect there is something they are not saying about that initial deposit.
Uuuuuuuuuum 1 bedroom apartments on kindaruma road behind good shepherd church (ngong road) at 2m going up. With 4m, that kind of counts as 2 bedrooms … in different apartments though
If you have your own compound, you’ll likely need a gardener, garbage services, cleaner, watchman etc.
In an apartment you pay for that in the form of service fee. And this includes lift service, security, consistent borehole water etc.
In short, every house no matter the size or ownership has fees associated with living there.
They propably operating with an economies of scale view point. If they are a legitimate company be rest assured there is profit in that 5.4 million. It just shows real estate is way over priced in this country. They propably hope to get popular and make decent profits from attracting a huge client base.
I think with your own compound you have an option of being your own watchman, choma takataka, and tend your garden - kwa gated areas and apartments you have to pay, but considering the cost of the apartment, the service charges are usually negligible
You specifically said “at the moment, Sh5.4 million cannot get you a two bedroom apartment in Nairobi”. You never mentioned standards or anything else.
The point is that you CAN get an apartment for 5.5million in Nairobi. TWO APARTMENTS! … MAYBE EVEN MORE IF YOU CHECK OUTSIDE OF KILIMANI.
Are these apartments ready ama ni Off-plan??
Great Wall were selling three bedroom apartments off plan at 3.5M last year so 5.4M is feasible.
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Venye tu @sitaki amesema hapo juu ni ukweli that with your own compound, hyo “service charge” expense(s) is not fixed e.g unaeza opt kutohire watchman, ukuwe your own gardener na kama ni borehole utaundergore the whole cost once rather than paying for it forever through hyo kitu inaitwa “service charge”
5,4 million is enough to buy land and build a decent three bedroom home in one year… hiyo model ni umeffi… ohh and buying an apartment ni one of the worst financial mistakes you can make… value goes down, you may end up reselling it for peanuts
Erdermann like @Kdawg254 has posted are offering something similar in the same locality at a lesser price, KCB are simply factoring the interest in the purchase price to come up with 5.4
Paying service charge is more convenient given that maintenance of common amenities will be a shared responsibility with your neighbours, it doesn’t have dent your wallet like it would if such arrangement wasn’t there in the first place.
Organic waste - can be composted and used in the shamba
Paper (old newspapers, notebooks, printing paper, cartons, the wrapper and roll from tissues, etc) plastic, metal and glass etc - can be recycled. Make a bit of money … its actually a source of income for me.
Medical and personal hygiene waste {Diapers, needles (for those with family who need shots for various conditions), tampons, pads} - There’s a few companies who offer these services at a subsidized rate based on the number of times they do pick ups.
Your initial investment is no more than 4k and all you have to do is learn a bit of discipline with how you handle your waste;
a bin for the plastics
a bin for the glass
a bin for the paper
a pit for your organic waste
the medical and hygiene waste bins are provided by the company taking care of that
Costs barely less than 10%, if at all, compared to monthly service charges.
For things like water, I don’t see why a person who can afford a service charge of 30k per month can’t buckle down and save 160k to get a borehole drilled (if you live outside of the reach of county council water provision that is).
If there’s nothing else I’ve learnt, the one thing I can vouch for is that living in a gated community sucks monkey balls because you have to put up with shitty neighbours AND ONTOP OF IT ALL, pay to share the shitty same main gate. For what? Bragging rights?
I still remember simple homes. I almost fell victim. I asked about their ongoing and finished projects. That’s how I grew cold feet and saved my ass. Proceed with caution MF’ers and biatches
Off Ringroad Kilimani, to the right. Just drive on Kindaruma road starting behind that church and go all the way till you reach Marcus Garvey. Take that left and prowl George Padmore too. There’s two more new ones.
