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real gooner
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Discussion Starter · #1 ·
NAIROBI, May 30, (Xinhua) -- The ground-breaking ceremony of a Chinese bank-financed housing project targeting low and middle income people in Kenya was kicked off in Nairobi on Friday.

Financed by the China Development Bank, the project will provide Kenya citizens with about 528 apartments, as well as facilities including shops and school.

According to the Development Financial Cooperation Framework Agreement signed by the Kenyan government and the China Development Bank last December, the bank would operate in accordance with market principles to support Kenya's construction of infrastructure, basic industries and pillars industries.

"After the success of this project," said Zhu Qingdong, senior commissioner of China Development Bank, the bank "would also work with the Government of Kenya and Kenya Development Bank and other relevant financial institutions to support the building of more low-cost housing, so that more low- and mid-income people will benefit."

Yang Zeyun, managing director of the Erdemann Property Limited, said at the ceremony that, as a developer, the company's objective was to help realize the dreams of many Kenyans to own a decent and comfortable dwelling place.

The project, dubbed "Greatwall Apartment ", is scheduled to be finished in June 2009, with each apartment priced at 3 million Kenyan shillings (about 50,000 U.S. Dollars).

The Development Bank of Kenya would provide long-term finance of up to 15 years to the customers.
 

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real gooner
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Discussion Starter · #2 ·
GREATWALL APARTMENTS is a comprehensive fully serviced development comprising 528 apartments each 2 bedroomed.

THE PROPERTY IS LOCATED along Mombasa road near Mlolongo Township along Beijing road. When visiting the property from Nairobi just after the gate to Directorate of civil Aviation take the road on left side of main highway and pass the gate of All-pack Industries to join Beijing Road. It is approximately 18 km from Nairobi town center and 9 km from JKIA.

The property is securely stone perimeter walled, one gate and security guard house. The access road namely Beijing road is cabro surfaced to the newly constructed Mombasa highway.

WATER is supplied from bore hole as well as from EPZ Athi-river to ensure there is plenty of clean water supply throughout.

The structural work is by well known contractor namely China Wu Yi construction who in teamwork with the developer, project management team and other technical consultants insist on highest technical skills and materials for the entire project.

EACH APARTMENT is finished with colored ceramic tiles on floor, all wet areas and full wall in the kitchen. The kitchen is fitted with inbuilt MDF cabinets and solid work-tops. Both bedrooms have inbuilt MDF wardrobes .The kitchen has an adjacent laundry area .All rooms are well lit with large windows for adequate ventilation.

The COMMERCIAL center comprise of shops, restaurant and kindergarten.

FINANCE is available from Development Bank of Kenya Ltd to ALL qualifying buyers. The minimum requirements are 10% deposit namely Kshs 300,000/= and Kshs 2,700,000/= mortgage finance at 12% interest rate for maximum 15 years repayment period. The monthly installment is Kshs 32,600/= .Whereas the Bank shall lend within their terms and conditions, the following are the key requirements:1.IDENTIFICATION DETAILS (Personal applicants) Copy of national identity card, copy of PIN card (Company/institutional applicants ) Registration certificate, memorandum & Articles of association ,directors resolution.2.FINANCIAL DETAILS (Personal applicants) certified copy of 1 year bank statement, application letter and profile of income expectation for next two years.(Company/institutional applicants) 1 year certified bank statements, two years audited accounts current year management accounts (where current year accounts are not already done) and 2 years cash flow projection. The requirements may vary depending of the number of apartments applied for financing but maximum is 20 apartments per applicant. The application shall be accompanied by a letter of offer for the apartment selected. For more details on the financing kindly contact Development Bank of Kenya Ltd Finance House Loita Street Tel 340401/2/3, 340478/340416, 340426,340198.

The property is as at End February 70% sold.

Price: KES 3,000,000.00

link http://www.sebestates.com/?itemId=100&projectId=146&typeId=2&subTypeId=1&subCat=Vmlldw==
 

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looks like the dragon may burst the Kenyan Housing bubble
 

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real gooner
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Discussion Starter · #4 ·
Support investors in housing industry, Government urged

The Government has been asked to support investors in the housing and property industry to make Vision 2030 a reality.
Erdermann Properties Ltd and the China Wu Yi Company managers, who have partnered with the Government to put up low-cost housing in Mlolongo area, said the housing deficit can be scaled-down by 2015.
Erdermann Managing Director Zeyun Yang said the company targets to reduce the deficit by building more than 150,000 decent houses for Kenyans. "This will give Kenyans the surest way of owing a home. The property is secure with stone perimeter wall and a shopping mall," added Yang.
The 528 units, dubbed Great Wall Apartments, are fully serviced two-bedroom apartments.
Job creation
They are located along Beijing Road in Mlolongo township.
Gender Minister Wavinya Ndeti, who is also the area MP, said the Chinese-Kenya partnership has also helped create jobs.
Kenyans interested in the property can access it through available financial arrangements from the Development Bank of Kenya.
The minimum financial requirement is 10 per cent deposit of Sh300,000 and a monthly instalment of Sh32,600 to service the Sh2,700,000 mortgage by Development Bank of Kenya.
China Development Bank Commissioner Fan Jinsong said foreign companies investing in the country should focus on Kenyans’ welfare. "The completion of this project is a goal that we have made to support Kenya’s economic development."


http://www.standardmedia.co.ke/news/InsidePage.php?id=1144030781&cid=159&

:cheers::cheers:
 

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That's good news.

i thought you guys where immune to Chinese in this house thing?
Its one case in many...make that very many considering the number of estates and apartment blocks that have sprung up countrywide in the recent past. Though this is good news.
 

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Mutu ya Chuma.
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Its one case in many...make that very many considering the number of estates and apartment blocks that have sprung up countrywide in the recent past. Though this is good news.
Its good indeed. Better thing most of your estate is dominated by Kenyans themselves.
 

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ilete baraka kwetu
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Its just yesterday that I toured estates like Doonholm, Tena, Savannah, Jacaranda and Komarock area after 3 years. I was surprised at the rapid development that has taken place in these areas. Areas that were bushy and empty are now fully built up with modern appartments and maisonettes, within only three years. I will post some photos later...
 

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Its just yesterday that I toured estates like Doonholm, Tena, Savannah, Jacaranda and Komarock area after 3 years. I was surprised at the rapid development that has taken place in these areas. Areas that were bushy and empty are now fully built up with modern appartments and maisonettes, within only three years. I will post some photos later...
Sometimes Im in and out of Nairobi after 2 or 3 months and I still get disoriented. One day, you know a certain friend lives in a bungalow in neighbourhood X and the next day you find a bunch of apartments there instead.

Waiting for those pics.:)
 
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