Home SK - Stocks, Property, Investment Chamas - Investment Groups BIZ - Small Business Soko - Market Wazua Life About Wazua
SIGN IN REGISTER
Friday, Oct 18, 2019
Groups
To contribute to these and use other features, please register.
LATEST DISCUSSIONS
Cytonn Investments [643]
UNAITAS [1194]
Fountain Enterprises Programme - FEP [276]
Best Trees for a Tree Forest? [98]
Supermarket Supplies [9]
Safaricom Investment Cooperative [408]
Holidays in Mombasa [9]
World Ventures - Scam or Genuine? [40]
stima investment cooperative [135]
Urithi Housing Sacco [184]
Being a professional trader takes time [1]
A new source of Forex Learning [1]
investment group !!! [1]
Stock Market in Uganda [3]
investor from Poland - a request for help and info... [4]
 
Forum Jump








Welcome Guest Search | Active Topics | Log In

2 Pages<12
What is your experience with Suraya?
enyands
#21 Posted : Tuesday, March 12, 2019 3:16:32 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,294
Location: kenya
Angelica _ann wrote:
https://www.businessdailyafrica.com/news/Bank-puts-Suraya-s-Lavington-houses-up-for-auction/539546-5020694-5makev/index.html


Bank puts Suraya’s Lavington houses up for auction

A bank has put up for auction Sh384 million luxury residential houses in the upmarket Lavington suburb after the developers, Peter and Susan Muraya (Suraya), failed to settle a loan.

The development, Tiara Villas, is part of the vast Suraya real estate empire that is valued at billions of shillings.

The auction notice published Monday by Garam Auctioneers invited potential buyers of the estate to attend a fire sale Tuesday, signalling distress for off-plan buyers who were to pay Sh48 million for each town house.

The estate sits on a 0.809-acre parcel of land in the wider Lavington Estate in Nairobi and features more than eight town houses.

The Business Daily had not established how many buyers have so far paid for their houses by the time of going to press.

Both Peter and Susan Muraya had not responded to our queries by the time of filing this story.

“Under instructions from the chargee’s advocates, we shall sell by public auction the properties together with buildings and improvements erected therein,” said the auctioneer’s notice.

“Each town house has five bedrooms, all en suite. The title is freehold interest.”

Sh48m per unit

The real estate developers had set the price of each off plan development at Sh48 million, putting the minimum possible value of the development at Sh384 million.

House prices ordinarily go up on completion of construction, which means the town houses are now probably worth much more than they were before completion.

“These properties have been designed by reputable architects. They will be complemented by exemplary detailing and tasteful specifications,” says Tiara on its website.

“Arranged on three levels, with five bedrooms all ensuite, the property also has staff quarters, parking for three cars, individual garden, a pool, club house and entertainment area.”

A dip in house prices and the slow uptake of newly-built units have heightened fears of renewed pressure on developers who borrowed to fund for-sale projects as obligations mature.

In March last year, the Murayas were dragged into a legal battle after a contractor filed a high-profile petition in court seeking to wind up two real estate companies associated with the couple over non-payment of debt.

Eternal Foundation Construction then wanted the Murayas’ two companies, one of which holds a vast real estate property valued at more than Sh1 billion, liquidated.

Sucasa and Encasa West Limited, the two companies that were at the centre of the liquidation suit, are owned by the Murayas.

High profile

The dispute joined a series of high-profile real estate disputes to go to court in what was being seen as reflecting the difficulty property developers are facing on the sales front.

The number of properties put up for auction rose last year compared with 2017, but auctioneers struggled to sell them.

Auctioneers said they were holding more auctions last year compared to 2017 following a growing pool of distressed borrowers, whose assets were seized by aggressive lenders.

In February last year, Nairobi auctioneers put on sale a Sh1.19 billion residential estate in upmarket Kitisuru estate belonging to Homex Developers, citing the developers’ failure to repay a bank loan.


Hii ndiyo inaitwa market crunch. I think there are no more moneylaunders to hide stolen money in houses. ... just saying you know
Impunity
#22 Posted : Friday, May 24, 2019 9:38:55 AM
Rank: Elder


Joined: 3/2/2009
Posts: 26,150
Location: Masada
Stole customer millions....now issue with DCI.
Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.

Mike Ock
#23 Posted : Friday, May 24, 2019 9:43:35 AM
Rank: Member


Joined: 1/22/2015
Posts: 645
@Mugundaman , what's your view on this matter?
NewMoney
#24 Posted : Friday, May 24, 2019 11:16:52 PM
Rank: Member


Joined: 3/1/2019
Posts: 100
Location: Nairobi
Real estate threads zime mute sana on wazua off late, guess that is another sign of the calm waters in the market. My opinion is wacha market itulie so that only serious investors ndio watabaki. Time and again real estate has proved that it can rise back up after every crash (and this is not a crash, just wiping out of fake developers)
Lolest!
#25 Posted : Saturday, June 15, 2019 4:45:13 PM
Rank: Elder


Joined: 3/18/2011
Posts: 11,734
Location: Kianjokoma
Stories of tears, losses, being ignored
Quote:
Sometimes Pete and Sue would walk in, see and ignore him, lock themselves up in their offices and leave again without talking to him.

“By this point they had chase cars and mean-looking bodyguards. Pete would drive in in his Range Rover Autobiography, and Sue in a Porsche Cayenne, and neither of them would talk to me.” The starting price for a Range Rover Autobiography, per Land Rover Kenya’s website, is $338,600 (Sh34.4 million).

https://mobile.nation.co...item-1-241vmr/index.html
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
Mike Ock
#26 Posted : Sunday, June 16, 2019 12:24:58 AM
Rank: Member


Joined: 1/22/2015
Posts: 645
Lolest! wrote:
Stories of tears, losses, being ignored
Quote:
Sometimes Pete and Sue would walk in, see and ignore him, lock themselves up in their offices and leave again without talking to him.

“By this point they had chase cars and mean-looking bodyguards. Pete would drive in in his Range Rover Autobiography, and Sue in a Porsche Cayenne, and neither of them would talk to me.” The starting price for a Range Rover Autobiography, per Land Rover Kenya’s website, is $338,600 (Sh34.4 million).

https://mobile.nation.co...tem-1-241vmr/index.html


This to me sounds like a story of over ambitiousness mixed with their risky ways of fundraising through off plan + bank financing that eventually caught up with them. They made a good attempt to finish a number of projects, so this can't be attributed to malice. The only bad image here is that the Surayas seem to be living large while their customers suffer, but you could say they are living off the profits of their successful projects. Best thing here is for them to sell off the idle assets of the company for peanuts to people who have the financial muscle to finish off the job. Many Chinese entities can fit the bill.
Users browsing this topic
Guest
2 Pages<12
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.

Home | . .. Investor | .. . Groups | .. . SME | . . . Market | .. . Club SK | . ..... About Wazua | . .. Search | . ..Sitemap | . ..Support | . ..Disclaimer | . ..Privacy Policy | . ..Terms of Use | . .. Contact Us
Copyright © 2019 Wazua.co.ke. All Rights Reserved.