In his quest to acquire a property, Samuel Gitari ended up establishing Rosam Real Estates to address existing gaps in the market
When Samuel Gitari was doing his Masters in Petroleum Engineering in the United Kingdom in 2013, he was also working part time and saved some money with the intention of investing in property. He however says owning a property was not easy as he thought. There is a huge gap in the market. “Prospecting, choosing and finally paying for a property in Kenya is hard even for someone living in the country.” It means that it’s even harder for someone living in the diaspora.
Bearing this in mind, Gitari kept his money safely until he came back to the country. He acquired his first property in Kitengela, and this was the beginning of his entrepreneur journey. “My friends and colleagues started requesting for similar properties and that’s how Rosam Real Estates was born.”
Rosam is a property investment company that was established to provide professional support to Kenyans looking to invest in strategic land around the country.
The company does not only sell land, but also adds value to it through fencing, grading roads, and providing water and electricity. “We sell land to people knowing that they will either put it into use or sell the property to someone else.” The value addition part has been the selling point for most of the company’s properties.
So far, the real estate company has done a number of projects including Twiga Springs containing 52 plots along Magadi Road, Kisamis Breeze Gardens Phase 1 and 2, and Savanna Gardens Phase 1 and 2.
Other recently completed projects include Waridi Gardens Phase 1, 2, and 3 along Kangundo Road comprising 46 plots. “I’m glad that construction has already begun on these plots.”
The newest project is Beulah Gardens (means ‘land of plenty’) that was launched in May this year. It is also located along Kangundo Road on the proposed Greater Eastern Bypass. The property is selling at Kes 350,000 for a 1/8 acre and Kes 680,000 for ¼ acre plot. The project is fully fenced with barbed wire and has a main gate. Amenities include access to roads, electricity and water supply.
Commenting on their focus on Kangundo Road and Joska in particular, Gitari says the road is being expanded in a dual carriage from Caltex at outering to Kangundo town. Besides, there is the construction of the Greater Eastern Bypass that is going to open up the area.
The two projects, according to Gitari, will make Kamulu, Joska and other satellite towns on this road to be the new Utawala. “My message to our customers is simple; if you haven’t acquired property here, buy one. If you have one, acquire another one, and if you have two, acquire a third one, because you can’t go wrong by doing so.”
At Rosam, our work is to offer clients more opportunities to fulfill their goal.
“Over the years, and over the changing landscape in Kenya, we have retained a belief in the power of honesty, intelligence and creativity to deliver our goals and dreams,” says Gitari. One of our clients, when asked what he thinks about us said: ‘We are approachable and trustworthy’. We believe him.
Furthermore, the company offers affordable investment options for real estate solutions with flexible payment mode of up to 6 months.
So far, the property company has handed over a number of projects including Waridi Gardens Phase 1 to its clients. This was a ready to build project due to its proximity to amenities and construction has already begun on the ground.
Rosam targets low to middle class, both employed and business personnel- as long as you have some income and the right attitude towards investing. This is a group that has been neglected by other realtors, whose main focus is the high end clients.
Risk management measures
The real estate industry is growing at a higher rate in the recent time. It has attracted a range of real estate companies whose priority is to offer property solutions to Kenyans.
However, the industry is faced by various concerns including overpricing of properties and duping of clients hard earned money. In this regard, Gitari says that there are many things that investors should put into consideration prior to buying property. To start with is acquiring a property from trusted companies and dealers. A company that has a history of fulfilling its promises to other customers is more likely to fulfill your promises.
Secondly is doing an extensive due diligence. It involves doing a search on a property that is on sale, site visits and involving a lawyer to protect your investments.
Despite these hurdles, Gitari observes that in the last few years, the market has grown exponentially due to such factors as: rapid urbanization – the joke on the street is that every day in Nairobi, 11 sixty two seater buses arrive carrying 682 people who make Nairobi their permanent residence.
Other factors include high returns of 26 percent in the real estate sector, as compared to other sectors whose return is about 12 percent, stable Gross domestic product (GDP) growth of 5.6 percent over the last few years, and infrastructural developments such as improved roads and utility connections.
Accordingly, the real estate sector has recorded high demand due to the growing population in general and the increasing middle class in particular. This has shown demand in ready to build plots.
Going forward, Rosam plans to dice into the affordable housing sector. “Our client will not only be able to acquire ready to build plots, but they will also acquire ready affordable houses on the same plots reducing the hustle and challenges of construction.”