Effects of tough economic times have continued to affect several sectors including the real estate industry where property owners are selling off their prized parcels of land to raise capital.
On Monday, December 2, multiple parcels worth millions of shillings were put up for sale, in an advertisement in a local daily.
Among the properties are 15 vacant properties in Thika Town. The titles of the 15 are held on leasehold interest for a term of 99 years with effect from July 1, 1990 at varied ground rent based on size.
Similarly, a block, two-acre vacant prime property is up for sale.
An aerial view of Thika Town.
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Further, 46 residential parcels of land were also advertised for sale. The parcels are located in Serene Park, Gatitu Area, Thika in Kiambu County.
Like the aforementioned property, the 46 parcels will have a leasehold of 99 years with effect from August 1991. The rent will be varied based on size.
All the parcels are set to be auctioned on Friday, December 13 at 11 am at the auctioneer’s offices in Kileleshwa Estate along Kandara Road opposite White Star Centre.
How to Bid
According to the notice shared by the auctioneer, all intending purchasers are requested to view the property and verify the details.
“All interested purchasers are required to view the above-mentioned properties and verify the details as these are unwarranted by the auctioneer or their clients.”
The sale of the properties is on an as-is, where-is basis. Interested bidders will be required to pay a refundable deposit banker’s cheque drawn to the auctioneer to obtain a bidding number and a catalogue at the auctioneer’s offices. With the bidding number, interested purchasers are free to proceed to the public auction on the said date.
“The declared purchasers of properties must pay a deposit of 10 per cent of the purchase price to the charge by close of business of auction day, failure to which the auction deposit will be forfeited without further reference to the purchaser,” read the notice in part adding the sale will be subject to reasonable reserve prices.
For the 46 residential parcels, purchasers will be required to pay a deposit of Ksh200,000 for each property.
A spike in the number of auctions signifies an effort by lenders to get as much as they can from the parcels when borrowers default on loans.
Directional signage for an auction.
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courtesy