Our Development Journey
1995/1996
Kirichwa Place Development
The developer founded Mwafa Court Limited in 1995/96 for the primary purpose of developing decent affordable housing for sale. The company was started with a great idea but with little capital. We acquired our first plot on Kirichwa rd in the up market Kilimani area of Nairobi and developed 10 No. 3 bedroom apartments with financial back up from Housing Finance company who advanced us Kshs.10M (Ten Million) US $ 200,000.(Two Hundred Thousand) These were difficult times. The money was not enough and we had to depend on deposits that were slow in coming. We went to site early 1996 and left late 2001. By this time, the loan was attracting interest at 27% per year and the bank ended taking everything that came from sales
By the end of the project the loan had climbed to Kshs. 29M (Twenty Nine Million) due to the interest rates. We completed the project but came out deeply in debt.
2001
Forty Place - Lavington
We started this project early 2001.We put up 40 No. apartments on a plot located in the upmarket Lovington area of Nairobi Plot No. 330/465 Valley Arcade. In 2002 we obtained a credit of US$ 475,000 From Shelter Afrique –A housing parastatal owned by member countries of AU-African Union.
Project description 40 No. two, three and four bedroom apartments complete with a swimming pool, sauna and steam
Project Cost =Kshs .145,332,000 Project Sales =Kshs. 185,000,000
Project Return=Kshs. 39,668,000
Project completed Dec 2003 and sold out by June 2004.
2004
Riara Downs - Kilimani
68 No. one, two, three and four bedroom apartments on plot No. 330/350 Riara road-Thompson Estate in Nairobi. Facilities include parking, swimming pool, sauna and steam for men and separate for women, common gymn and a clubhouse capable of hosting up to 200 people. We borrowed USD 1M from Shelter Afrique. We paid.
Project cost Kshs. 225,920,000 Project sales Kshs. 411,500,000
Project Return Kshs.185,580,000
Project commenced March 2004
Project completed March 2006
2006
Peace Court - Lavington
34.No. two, three and four bedroom apartments on plot No. 330/353 Leroghi rd /Mbaazi Avenue/Kingara road Lovington Nairobi. Facilities as in above
We borrowed Ksh.50m bridging finance from DTB and paid off.
Project cost Kshs. 131,232,800 Project sales Kshs. 241,100,000
Project Return Kshs.109,867,200
Project commenced June 2006
Project completed June 2007
2008
Park Gardens - Langata
60.No. Two and three bedroom apartments on LR No. 209/11629 in Langata area of Nairobi near Wilson Airport and the main entrance to Nairobi National Park.
Facilities as usual except all parking are in the basement. This releases more space for garden as similar ground cover and plot ratios are preserved. We borrowed USD 1M from Shelter Afrique and paid off.
Project cost Kshs. 191,275,250
Project sales Kshs. 468,000,000
Project Return Kshs. 276,724,750
Project commenced – March/April 2008
Project completed - May 2010
2010
Tepro Homes - South C
16No. Two bedroom apartments on L.R No.209/18186-89 in South C Nairobi West area of Nairobi neighboring Wilson Airport.
Basement parking provided
Generous caved children play area provided
Project built with own funds
Project cost 39,660,000
Bank valuation 124,000,000
Currently on rental
