surayaa bubble imeburst

Azor Ahai

Village Elder
#4
Hizi offplan always have the same ending. The first group hupata kila kitu. Word gets around town and before developers know it, the middle class are begging for phase 2 and 3, offplan. They shower the developer with money. Directors pocket that money instead of building with it. That's where the problem starts because they have to launch a new project to complete the previous project. If you buy at this stage you are fkd.
 

Micymas

Village Elder
#6

Teddy_time

Village Elder
#9
Hizi offplan always have the same ending. The first group hupata kila kitu. Word gets around town and before developers know it, the middle class are begging for phase 2 and 3, offplan. They shower the developer with money. Directors pocket that money instead of building with it. That's where the problem starts because they have to launch a new project to complete the previous project. If you buy at this stage you are fkd.
Hehe... sounds like a more sophisticated version of a Ponzi Scheme
 

sani

Village Elder
#10
Investor billions? No, gamblers billions may be. Anyone putting his money in Suraya does not deserve being called an investor
 
#11
Investor billions? No, gamblers billions may be. Anyone putting his money in Suraya does not deserve being called an investor
I disagree..a lot of individuals who own apartments in places like Kileleshwa, Kilimani bought them offplan. This is actually a very "normal" practice and works over 90% of the time. The developers are in this to make money so they run a very tight ship. I believe the case of Suraya (among a few others) is that of Greedy developers. They saw the opportunity to become billionaires during the property boom and stretched themselves thin..opening new investments all over the place and relying on market trends of yesteryear; heck even the banks (who undertake proper due dilligence) believed in them and lent them huge sums of money because they had a robust business plan. I would not worry about investing in offplan properties because of the Suraya situation.. the property gains at least 20% of value by the time it is complete.
 
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Randy

Village Elder
#12
Hizi offplan always have the same ending. The first group hupata kila kitu. Word gets around town and before developers know it, the middle class are begging for phase 2 and 3, offplan. They shower the developer with money. Directors pocket that money instead of building with it. That's where the problem starts because they have to launch a new project to complete the previous project. If you buy at this stage you are fkd.
Not necessarily.... kuna wasee wako kwa industry wanafanya honest biashara they have bn delivering project after project lakini hutawasikia wakipiga kelele.
 
#13
I disagree..a lot of individuals who own apartments in places like Kileleshwa, Kilimani bought them offplan. This is actually a very "normal" practice and has works over 90% of the time. The developers are in this to make money so they run a very tight ship. I believe the case of Suraya (among a few others) is that of Greedy developers. They saw the opportunity to become billionaires during the property boom and stretched themselves thin..opening new investments all over the place and relying on market trends of yesteryear; heck even the banks (who undertake proper due dilligence) believed in them and lent them huge sums of money because they had a robust business plan. I would not worry about investing in offplan properties because of the Suraya situation.. the property gains at least 20% of value by the time it is complete.
I agree. The suraya situation is a case of a company making bad business decisions. The end result is that company has put itself in a situation of bankruptcy. You can see this also in the Nakumatt case. Just because a company goes bankrupt it doesnt mean that all companies in a particular industry should be shunned.

Buying apartments offplan should continue. The issue is can the govt put in place regulatory mechanisms that can protect investors and prevent another suraya? Thats the take home from all this....
 

sitaki

Village Elder
#14
I agree. The suraya situation is a case of a company making bad business decisions. The end result is that company has put itself in a situation of bankruptcy. You can see this also in the Nakumatt case. Just because a company goes bankrupt it doesnt mean that all companies in a particular industry should be shunned.

Buying apartments offplan should continue. The issue is can the govt put in place regulatory mechanisms that can protect investors and prevent another suraya? Thats the take home from all this....
Lakini at this level there must be contracts signed and most probably lawyers involved, individuals who can afford to put away several millions should easily afford a lawyer - ama how does this off-plan thing work.
 

Micymas

Village Elder
#15
I agree. The suraya situation is a case of a company making bad business decisions. The end result is that company has put itself in a situation of bankruptcy. You can see this also in the Nakumatt case. Just because a company goes bankrupt it doesnt mean that all companies in a particular industry should be shunned.

Buying apartments offplan should continue. The issue is can the govt put in place regulatory mechanisms that can protect investors and prevent another suraya? Thats the take home from all this....
Actually i imagine they were employing the best minds in the business world. The issue is no surayaa per se, it is that they picked a bad industry in which to invest. That would be like investing in the bookstore industry and focusing on selling novels
 
#17
Lakini at this level there must be contracts signed and most probably lawyers involved, individuals who can afford to put away several millions should easily afford a lawyer - ama how does this off-plan thing work.
Sure, you can have lawyers but the lawyers use the law to defend you. If you have bad laws or lack of a regulatory framework, a lawyer cant really help you.

Consider the biggest Ponzi Scheme case that happened in the US involving Bernie Madoff. In this case, we have a man who scammed Billions (estimates range from 30 to 65b) over a period of decades and he was only caught up with in 2008 when the financial crash happened that year. During this crash, investors wanted most of their money back and his Ponzi Scheme could not cope. Here is a man who managed to run this scheme since the SEC (the US regulatory watchdog) had weak systems in place and, despite being told repeatedly by a man who happens to be in the same business (Harry Makopolos) that Bernie must be running a Ponzi scheme (he worked out mathematically that the returns Bernie was claiming are impossible), he was still ignored by the SEC. This is a case of the investigative arm of the SEC being weak. This scheme should have been caught up with in the fucking 70s!

So once a regulatory body is weak, there is nothing lawyers can do to save your ass. In the suraya case, they didnt start out wanted to con you, it just happened that they made bad decisions and possible there was no regulatory oversight to see what they should do with your money and they can pretty much do whatever comes into their heads.

If you are interested in the Madoff saga, you can watch it here:
 
#18
Hii ya Suraya, is it money that has been eaten (as is been insinuated), ama the company has simply gone bankrupt.
It is normal for companies to go bankrupt without necessarily any misappropriation happening.

For instance, if Suraya borrowed money to build homes, and then they got no buyers, that can contribute.
 
#20
Nyakundi mentioned it in 2017


hieving Couple Peter & Sue Muraya On The Spot For Conning Clients
by Cyprian, Is NyakundiFebruary 9, 2017 - 05:482 Comments
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CAPTION: Con-Couple Peter and Sue Muraya with their children and little thieves in the making.
One of the first people to launch pyramid schemes in Nairobi was this con-couple called Suraya, consisting of couple Peter and Sue Muraya. They started off as suppliers of uniforms for Kenya Airways cabin-crew, but quickly saw a niche in Conning people through dubious means.
Their first heist was the Tianshi Pyramid Scheme, where the couple would organise meets at people’s residences and introduce them to Chinese herbal medicine, which would treat various ailments. The herbs were ofcourse fake and this was all a grand scheme to steal from people.
Back then in 2005, Suraya were based in Adams Arcade where they even had a “chemist” from the sake Chinese herbal clinics. This they used as a launching pad into the lucrative Nairobi middle-class suburbs, where dumb and desperate middle-classers aspiring to be wealthy and cross over to Muthaiga, would be duped into joining this dubious pyramid scheme.
Then they quickly used the proceeds from Tianshi to create this Suraya Property Group, creating this illusion of gated communities with artistic impressions showing residences to aspire for.
Many people who were raised in Eastlands, or in rural areas and had moved to Nairobi on high-paying jobs, found Suraya plans very doable, and during the years of economic boom under Kibaki, mortgages were made easily available because the Government wasn’t borrowing from the domestic market.
That has since changed because of Uhuru’s insatiable greed for loans has created a shortage of liquidity for Kenyans, as the country has over-borrowed even from the domestic market, money which is mostly being embezzled by the Kenyatta-family, who now want to build a gated-community and the Sukari Ranch where Brookside Dairies is based, using taxpayers money.
Meanwhile dumb morons and members of the Kikuyu community are still bootlicking Uhuru, not knowing the catastrophic effects his theft will have on the country in years to come.
Moving on, Peter and Sue Muraya went through the usual routine of bribing mainstream media journalists, to create generic hype and manipulate demand for their mediocre, poorly done houses. Fake profiles were generated, and artistic impressions filled newspapers. Banks like Equity were roped into the scam, and billboards splashed all over Nairobi.
The same strategy has been employed by Hass Consult, the premier money laundering vehicle for people stealing Government/Corporate money, for the Eden Ville project along Kiambu Road. Hass Consult, Knight Frank and Cytonn Investments have been bribing journalists to generate false hype for real-estate, manipulating prices upwards, with idiotic Kenyans buying land in rural Kiambu Road, at the price of property in Sandton South Africa.
Knight Frank have been adversely mentioned in the KPMG Safaricom Audit Report, where a forensic study revealed them outrightly manipulating land value, in a bid to defraud the blue-chip firm. We will be serialising the audit report in subsequent publications.
These four companies, Knight Frank, Hass Consult, Cytonn Investments and Suraya Properties, have been solely responsible for the ridiculous land, real-estate and rent prices in Nairobi, simply because they have been laundering money stolen from Government and Corporate sectors, by releasing fake reports and bribing mainstream media journalists to create artificial demand. If Kenyans boycotted these 4 companies, the price of land, real-estate and rent would fall by 50%.
Moving on, Peter and Sue Muraya, the Kikuyu version of Bonnie and Clyde, went full throttle, Conning Kenyans with delusions of grandeur. And dumb 8-4-4 conditioned middle-classers, took the bait, and are now counting their losses after being scammed in the Suraya Fourways Sham, executed to perfection by one greedy couple.
None other than Wycliffe Musalia Mudavadi launched the Suraya Fourways Property Sham close to ten years ago, when he was the Deputy Prime Minister and also Minister for Local Government. Mudavadi laid lavish praises on the couple, and revealed that Peter Muraya was his former classmate at the St. Mary’s School of Corruption.
You see dear dumb middle-class Kenyans, money has no tribe. These people up there prey together, and eat together. Rumours had it that Musalia Mudavadi was a shareholder at Suraya, the reason why he attended the launch.


Frustrated buyers cite no concrete response or timelines from management on any issue and extreme frustration when dealing with estate manager. The Suraya management has been intimidating tenants to make arbitrary payments for services, instead of communicating with owners. No electric fence to secure building as promised no electric fence to secure building as promised. Broken tiles all over. No service lifts as had been promised. Basements 1 and 2 have never been completed since commissioning of the Lynex apartments along Mbagathi Road.
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Further, the Lynex Apartments project was “completed” 2.5 years late. And the management threatened tenants so much when they delayed payments, yet they haven’t delivered on their end of the bargain. The tenants found they were billed with over 700k from Kenya Power to pay for the construction.

Buyers of Suraya Properties were tricked to pay a fortune and face challenges such as lack of fully equipped playground, lack of generator and the likes. But approvals were hurriedly rushed by the then Local Government Minister Musalia Mudavadi because he was getting huge bribes from Peter and Sue Muraya.


Kenyans have to style up. Stop being sold illusions of prosperity by dubious developers and real-estate agents. Stop moving into these flats being built with stolen funds. Stop doing business with Suraya, Cytonn Investments, Knight Frank and Hass Consult, premier money-laundering conduits in Kenya. If you want the price of your mortgage, rent or land to come down, stop trading with these companies completely. And reduce your dependence on mainstream media, where adverts meant to trigger emotional-buying are placed.

Stop watching these property shows you dumb pieces of shit!

Would you like to get published on this Popular Blog? You can now email Cyprian Nyakundi any breaking news, Exposes, story ideas, human interest articles or interesting videos on: hello@cnyakundi.com. Videos and pictures can be sent to +254 710 280 973 on WhatsApp, Signal and Telegram.


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