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Old October 26th, 2010, 10:12 PM   #41
MkateWaMayai
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President Kibaki did a no-show. What a shame - I wonder what he had that was so pressing that he cancels his attendance at the launch of the biggest private investment in the country, an event that was in his schedule for a while.
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Old October 26th, 2010, 10:35 PM   #42
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Tatu City partners invite investors to build complex


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Local investors seeking opportunities in the real estate sector have the chance to take part in the construction of Kenya’s single biggest project by buying parcels of land to build residential houses, office blocks, schools and hospitals.

The shareholders in the multibillion shilling project, dubbed Tatu City, invited applications from interested investors yesterday during official launch of the project, whose actual construction is set to begin in 2012.

Nahashon Nyaga, chairman of the project, said investors will from next month be allowed to apply to be part of the project after approval of the development plan by the different regulatory bodies.

“We are inviting individual investors, developers and corporate bodies to submit their applications for the property they are interested in according to the master-plan,” said Mr Nyaga.

The residential complex will be developed in 10 phases. It is expected to be home to about 62,000 people in a work-live-play environment.

Main promoters of the scheme, who will construct basic infrastructure on the 1,000 acre property behind Kenyatta University, are Renaissance Capital from Russia, Nahashon Nyaga- a former governor of the Central Bank of Kenya and managing director of Bidco, Vimal Shah.

The Kenyan shareholders own a 50 per cent stake in the company which has so far allocated Sh200 billion for infrastructure development.

Stephen Jennings, the CEO of Renaissance group which owns 50 per cent of the project says that investors will be allowed a maximum of five years to complete their developments, implying that completion of the first phase will be in 2016.

“We will allow investors a maximum of five years to complete the projects they take on,” said Mr Jennings, adding that the city offered an opportunity for investors to earn high returns on their investments.

The value of the minimum investment is yet to be arrived at, but investors will have to purchase whole blocks of land and show ability to finance the development as designed in the master plan.

Tatu City will feature privately-run establishments including residential and commercial property and other facilities including hospitals, schools and recreational developments.

“It is open to anyone who has the funds and is interested in investing in any sector as outlined in the master-plan,” said Mr Shah.

Lenders are already lining up with the aim of financing the construction of the different developments and the eventual acquisition of homes, with the first phase constituting 1,400 two-and three-bedroom apartments.

The project is betting on the short supply of commercial and residential developments in Nairobi where property has been identified as the best asset class owing to high returns it has consistently generated over the past decade, outperforming the stock market over the period.

A recent housing survey indicates that property as an investment class has more than tripled in value over the last 10 years while a comparable investment in the stock market appreciated by 2.4 times.
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http://www.businessdailyafrica.com/T...j/-/index.html
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Old October 26th, 2010, 10:37 PM   #43
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Originally Posted by MkateWaMayai View Post
President Kibaki did a no-show. What a shame - I wonder what he had that was so pressing that he cancels his attendance at the launch of the biggest private investment in the country, an event that was in his schedule for a while.
I am surprised,a project of this magnitude needed all the media attention it could get.
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Old October 27th, 2010, 12:01 AM   #44
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Thanx Maasai1
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Old October 27th, 2010, 10:54 AM   #45
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Tatu city on Citizentv

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Old October 27th, 2010, 11:22 AM   #46
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The video is not playing..sorry my bad,its working now.
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Old October 27th, 2010, 11:51 AM   #47
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lol it does play. This is another one: http://www.youtube.com/watch?v=FYwRRYr5DGM
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Old October 27th, 2010, 01:39 PM   #48
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Ubaks probably feared the project will never live up to its hype, in which case history would judge him harshly. Something just doesn't feel right about the project. The sums are huge, and no one knows where it will come from (save for the 50 percent the Russians have promised). And why is there so much tinkering with the numbers? Mara we are told its 200 billion, tena unasikia its 400 billion.

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Old October 30th, 2010, 02:07 PM   #49
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Originally Posted by Sehemu_nyeti View Post
Ubaks probably feared the project will never live up to its hype, in which case history would judge him harshly. Something just doesn't feel right about the project. The sums are huge, and no one knows where it will come from (save for the 50 percent the Russians have promised). And why is there so much tinkering with the numbers? Mara we are told its 200 billion, tena unasikia its 400 billion.


Thinking long-term and strategically, I think government policy should ban new developments on agriculturally rich land like that which exists in Kiambu county. Uprooting coffee to put up houses, a city for that matter is unwise. Populations are growing at a constant rate. Food requirements will grow with population growth. Where will the government get the food to feed its citizens from when agricultural land is occupied by cities? Look at the arabian countries like Qatar, they are currently looking for places where they can plant crop to feed their citizens. Global warming is here and the desert is inching closer to the tropics by the day. I would not have approved this project in Kiambu and uprooted coffee plants for it. I would have advised that this development be put up at an open space like the loads of open land in Kajiado, Mavoko, basically semi-dry places. Settlements thrive even in very dry places but plans and crops don't do so well. It is a great project but its location is not very well thought out. I hope this is the last project that will involve uprooting of plantations of crops.
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Old October 30th, 2010, 03:00 PM   #50
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Quote:
Originally Posted by abckris View Post
Thinking long-term and strategically, I think government policy should ban new developments on agriculturally rich land like that which exists in Kiambu county. Uprooting coffee to put up houses, a city for that matter is unwise. Populations are growing at a constant rate. Food requirements will grow with population growth. Where will the government get the food to feed its citizens from when agricultural land is occupied by cities? Look at the arabian countries like Qatar, they are currently looking for places where they can plant crop to feed their citizens. Global warming is here and the desert is inching closer to the tropics by the day. I would not have approved this project in Kiambu and uprooted coffee plants for it. I would have advised that this development be put up at an open space like the loads of open land in Kajiado, Mavoko, basically semi-dry places. Settlements thrive even in very dry places but plans and crops don't do so well. It is a great project but its location is not very well thought out. I hope this is the last project that will involve uprooting of plantations of crops.
I am glad that it is only coffee which is being uprooted. It doesn't earn much cash these days, maybe it is good ridance coffee, welcome tatu fancy city.
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Old October 30th, 2010, 10:47 PM   #51
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Originally Posted by abckris View Post
Thinking long-term and strategically, I think government policy should ban new developments on agriculturally rich land like that which exists in Kiambu county. Uprooting coffee to put up houses, a city for that matter is unwise. Populations are growing at a constant rate. Food requirements will grow with population growth. Where will the government get the food to feed its citizens from when agricultural land is occupied by cities? Look at the arabian countries like Qatar, they are currently looking for places where they can plant crop to feed their citizens. Global warming is here and the desert is inching closer to the tropics by the day. I would not have approved this project in Kiambu and uprooted coffee plants for it. I would have advised that this development be put up at an open space like the loads of open land in Kajiado, Mavoko, basically semi-dry places. Settlements thrive even in very dry places but plans and crops don't do so well. It is a great project but its location is not very well thought out. I hope this is the last project that will involve uprooting of plantations of crops.
Nice points, but Tatu City looks quite dense for it expecting to have over 60,000 inhabitants. So I think the sprawl and gobbling up of agricultural land will be put to a minimum. I am just ashamed that I haven't seen any news on at least a light-rail service in it.
Disregarding Tatu City, new projects in Kenya should look to revive old/slum areas of cities. It decreases agriculture land grabs and increases density/skyline appeal. I love the way the Japanese have emulated this with over half of their population living in a few large metro areas. Though Japan doesn't have much fertile/flat land to begin with, I think its model of urban development should definitely be followed.
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Old October 31st, 2010, 01:36 PM   #52
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Originally Posted by abckris View Post
Thinking long-term and strategically, I think government policy should ban new developments on agriculturally rich land like that which exists in Kiambu county. Uprooting coffee to put up houses, a city for that matter is unwise. Populations are growing at a constant rate. Food requirements will grow with population growth. Where will the government get the food to feed its citizens from when agricultural land is occupied by cities? Look at the arabian countries like Qatar, they are currently looking for places where they can plant crop to feed their citizens. Global warming is here and the desert is inching closer to the tropics by the day. I would not have approved this project in Kiambu and uprooted coffee plants for it. I would have advised that this development be put up at an open space like the loads of open land in Kajiado, Mavoko, basically semi-dry places. Settlements thrive even in very dry places but plans and crops don't do so well. It is a great project but its location is not very well thought out. I hope this is the last project that will involve uprooting of plantations of crops.

I have only one comment: Coffee is not food!
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Old October 31st, 2010, 01:48 PM   #53
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Nice points, but Tatu City looks quite dense for it expecting to have over 60,000 inhabitants. So I think the sprawl and gobbling up of agricultural land will be put to a minimum. I am just ashamed that I haven't seen any news on at least a light-rail service in it.
Disregarding Tatu City, new projects in Kenya should look to revive old/slum areas of cities. It decreases agriculture land grabs and increases density/skyline appeal. I love the way the Japanese have emulated this with over half of their population living in a few large metro areas. Though Japan doesn't have much fertile/flat land to begin with, I think its model of urban development should definitely be followed.
Theres a railway line passing through Ruiru on its way to Thika. I guess it will probably serve residents of Tatu as well.

On the issue of it being built on agricultural land (coffee plantations) Tatu will bring more income from that land than if it remained under coffee. Plus they did mention something about their plans with the current coffee estates. Picked this from the first post.

Quote:
Part of the land to be developed is currently a producing coffee farm and coffee production will continue during development of Tatu City. In fact the planners have insisted on maintaining respect for the coffee farming heritage as evidenced in the attention shown to the environment planning and design.
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Last edited by Kenguy; October 31st, 2010 at 02:07 PM.
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Old October 31st, 2010, 03:56 PM   #54
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Originally Posted by MkateWaMayai View Post
President Kibaki did a no-show. What a shame - I wonder what he had that was so pressing that he cancels his attendance at the launch of the biggest private investment in the country, an event that was in his schedule for a while.
My guess is that the president could still attend a groundbreaking ceremony. Iam interested to know more about that stadium what will be its capacity and if they will permit out of city programs.
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Old November 1st, 2010, 10:05 AM   #55
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I have only one comment: Coffee is not food!
LOL.

Kenyan coffee is the worlds best (pretty much) and commands the highest prices due to limited production. The fact that coffee farmers are giving their land over to developers is down to the coffee marketing system in Kenya. Corruption and middlemen skive of the largest chunk of the sale price, and the farmer doesnt get a huge return. The direct marketing system (the 2nd window) hasn't really worked. I too was a bit concerned that coffee farms are giving way to this, but then again, some of the people behind Tatu actually already own some of the biggest coffee farms in the country.
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Old November 2nd, 2010, 03:21 PM   #56
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LOL.

Kenyan coffee is the worlds best (pretty much) and commands the highest prices due to limited production. The fact that coffee farmers are giving their land over to developers is down to the coffee marketing system in Kenya. Corruption and middlemen skive of the largest chunk of the sale price, and the farmer doesnt get a huge return. The direct marketing system (the 2nd window) hasn't really worked. I too was a bit concerned that coffee farms are giving way to this, but then again, some of the people behind Tatu actually already own some of the biggest coffee farms in the country.

I have been observing this trend over the years. Farmers are uprooting coffee and planting more lucrative horticulture/food crops or rearing dairy cattle instead. Kiambu isn't the only place coffee farms are losing out to real estate developments. Towns like Nyeri are also experiencing coffee plantations being turned into suburbs.
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Old November 4th, 2010, 05:42 PM   #57
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This project is already having an effect on the Nairobi Stock Exchange. I cant wait to see phase one completed. It will definitely be something...designer shops, beautiful malls and apartment blocks fronting manicured pedestrian walkways with pavement cafes...
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Old November 5th, 2010, 10:49 PM   #58
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This project is already having an effect on the Nairobi Stock Exchange. I cant wait to see phase one completed. It will definitely be something...designer shops, beautiful malls and apartment blocks fronting manicured pedestrian walkways with pavement cafes...
yes it will be nice.. lakini it will be an extension of the gated communities you see all over Nairobi, keepin the haves and the have-nots apart. While potentially TC will mean living in a contemporary, well-planned and properly functioning city (say goodbye to dealing with NCC crap, KPLC crap etc), the common wananchi have no interest in this project.

Really we need massive job creation to reduce the income disparity we see currently, and this will reduce the slums.
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Old November 5th, 2010, 10:51 PM   #59
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Tatu City rocked by shareholder wars

Moscow-based investment bank, Renaissance Capital’s quest to firm its grip on Nairobi’s Sh240 billion real estate project dubbed Tatu City has sparked a vicious boardroom battle that has now spilled over to the courts, casting dark clouds over what promises to be Kenya’s single largest investment plan.

Steve Mwagiru, a minority shareholder, has moved to court seeking the dissolution of Tatu City Limited – the company that owns the project — on grounds that the majority shareholders led by Renaissance Capital have blocked him from the running of the firm.

Mr Mwagiru, a coffee dealer, wants the other shareholders to pay him about Sh11 billion for his 14.5 per cent stake in the project or have the company closed down, according to court documents seen by the Business Daily.

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Old November 6th, 2010, 07:37 PM   #60
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Now thats the last thing I wanted to read....Im fed up with court cases!
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