Darproperty august 2014 small

The

August 2014

FRE

E Free COPY Copy

www.darproperty.co.tz

The Ultimate Property Guide

Issue No 30 |

ISSN 1821-7753

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AVAILABLE FROM: In Zanzibar

In Dar Es Salaam

Chavda Hotel Slipway Dhow Palace J. D. Pharmacies Beyt al Chai Hotel Airport Terminal 2 Zanzibar Coffee House All Shopping Malls Mtoni Marine Hotel Village Supermarket Zanzibar Café NHC - Head Quarter Stone Town Café Scholastica Book Shops Diplomatic Supermarket All Novel Idea Book Shops Tembo House Hotel Premium Super Markets Maru Maru Hotel Bundu Shop - Southern Sun Oysterbay Shopping Center Zanzibar Serena Hotel Nakiete Pharmacy - Mwenge Home Shopping Center Renowned Hotels & Offices Tanzania Investment Center (TIC) All Major Real Estate Agents

Arusha Points

Mwanza Points Mt Meru Hotel Royal Oven Ngurdoto Hotel Pizzeria Kibo Palace Hotel Casino Impala Hotel Cofee Shop Naura Spring Hotel U-turn Supermarket Themi Suites Nono Supermarket Njiro Complex Imalaseko Supermarket TFA Complex Isamilo Lodge New Arusha Hotel Yunni Minni Supermarket Naazi Hotel Mwanza Hotel Barista Cafe Gold Crest Hotel All Major Banks Jb Belmount Hotel Woolworth Stores Ryan’s Bay Hotel JJ black Stores Tilapia Hotel Snow Crest Hotel Victoria Palace Hotel Smart Choice Supermarkets Malaika Beach Resort Shoprite Supermarket Fast Jet Banks & Offices

Publisher

Darproperty Tanzania Editor In Chief

Larson Chumi

editor@darproperty.net

Business Development & Products

Abdallah Mugasa Designs & Layouts

Alan Peter Dennis Maunga

dennis@darproperty.net

Marketing & Sales

Michael Francis

michael@darproperty.net

Distribution

Boniface Metta Online Content Manager

Mbwana Mbura

Key Accounts Manager Brenda Ndashuka Finance & Administration Manager Theodora Mwangosi Accounts Executives Charity Isack Grey Mateni Faraji Senkoro Classifieds Adverts George Claus Office Assistant.

Brigita Laurance Regulatory & Legal Advisors

ABC Attorneys

Mikocheni B - Bima road, P.O. Box 105499 Dar es Salaam +255 22 2780 517 +255 784 238 962, +255 713 751 868 info@darproperty.net Distribution Should you have problems in obtaining copies of DarProperty Magazine, please contact

+255 713 888 036 +255 717 270 791

For Comments, Complains & Compliments pr@darproperty.net This magazine is registered by the government of United Republic of Tanzania under the newspaper Act no. 3 of 1976 and the Postmaster General.

Registration No. 00005562

The Darproperty is published by Darproperty Tanzania Company. All rights reserved.

The contents and opinions expressed herein are not necessarily the representation of publisher’s view. All material published is deemed to originate from the author and will not accept any liability whatsoever in respect that have been sourced from contributors.

Users are required to make their own judgement on the details contained in each advertisment. While every caution is taken in compiling the contents of this magazine, the publisher will not accept any liability for the effects arising thereof. No part of this publication will be reproduced with out written consent from Darproperty Tanzania Company.

4 The DarProperty August 2014 The DarProperty March 42 The DarProperty September 2013 - April

2012

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Ta nz a ni a ´ sl e adi ngl a nd& pr ope r t ya ge nt www. t z agent s . com DaresSa l a a m

Pr ope r t yi mg

Pr oper t yi mg

Pr ope r t yi mg

Pr oper t yi mg

FOR RENT Upanga - studios USD 1,300 / month

FOR RENT Ada Estate – office USD 3,500 / month

FOR RENT Masaki – 2 b/r – all incl.

USD 2,500 / month

FOR RENT Ada Estate – office USD 1,850 / month

Ar us ha

Pr oper t yi mg

Pr ope r t yi mg

Pr ope r t yi mg

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FOR RENT Moshono – 2 b/r USD 220 / month

FOR RENT Njiro, AGM – 3 b/r USD 800 / month

FOR RENT Burka – behind ISM - 2 b/r USD 800 / month

FOR SALE Tengeru – 5 b/r USD 195,000

Ta nga/Pangani

Pr oper t yi mg

Pr ope r t yi mg

Pr ope r t yi mg

Pr ope r t yi mg

FOR SALE Pangani – hotel plot USD 150,000

FOR SALE Pangani – beach - top class USD 350,000

FOR SALE Pangani – beach cottage USD 200,000

FOR SALE Sange – beach – 6 acres USD 125,000

Cont a c t s Da re sSa l a a m

Raphael Nondi

Manager Dar es Salaam Tel. +255 717 032 633 raphael.nondi@tzagents.com

Ar us ha

Anders Wehtje

Founder Tel. +255 785 984 467 anders.wehtje@tzagents.com

Tanga/Panga ni

Annabel Burdes

Representative Tanga / Pangani Tel. +255 784 632 529 annabel.burdes@tzagents.com The DarProperty August 2014

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SAPPHIRE

NOW RENTING

HEIGHTS

Sapphire Heights is a newly developed residential building located in prime area of Masaki, conveniently situated on Haile Selassie.The property offers fully furnished luxurious and spacious 3 bedroom apartments, with amenities including:Parking, GYM, Swimming pool, Standby Generator, and24 hour security.The propertyislocated within close proximity to colosseum Gym, Sea Cliff Hotel, Supermarkets and Restaurants.

For rental enquiries please contact: Cell: +255 (0) 689 578 785 Email: md@nevadaproperties.co.tz

OTHER PROPERTIES FOR RENT IN MASAKI

SEA PRINCESS APARTMENTS

DAYS INN APARTMENTS

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Looking for the following Prime Located Properties under Reasonable Prices MANDELA ROAD / PUGU ROAD MIKOCHENI / MSASANI

OYSTERBAY / MASAKI BAGAMOYO ROAD

HONG XING REAL ESTATE & DEVELOPMENT COMPANY LIMITED

Hong Xing Real Estate and Development Company Limited was founded in September 2013. Under two fully experienced Directors teamed with qualified and trained staff to obtain the best results that leads people to recognize excellence within competition in the real estate industry.

We are a Professional Agency dealing with all types of Prime Located Properties for Sale and Leasing, focused in providing advanced property services and consultation to both Owners and Purchasers of Properties.

NO AGENTS COMMERCIAL / RESIDENTIAL 5 Star Hotel (Masaki/Coco Beach area 4,000SQM to 10,000SQM) Office HQ (Masaki/Coco Beach/Mikocheni 4,000SQM) Office HQ (Masaki/Coco Beach/Mikocheni 4,000SQM) Office HQ (Kinondoni/Mikocheni/Kawe/ Up to Bagamoyo 2,000SQM) Appartments (Must be close to the Beach 2,000SQM+)

Appartments (Masaki/Msasani/Upanga 1,000SQM+) INDUSTRIAL Cement Factory (Not too far out of town No Size Mentioned) Logistics Godown (Industrial Plot preferably on main road 10,000SQM) x 3

0777-666 789

0787-888 786

0773-678 789

wessunday@hotmail.com / annasambala2006@yahoo.com The DarProperty August 2014

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THE 13 GOLDEN RULES OF COMMERCIAL REAL ESTATE INVESTING Golden Rule 1: Risk is equal to yield As with any endeavour in life; the higher the risk, the higher the reward. To express this using our newfound understanding of cap (capitalisation) rates, we would say the lower the risk, the lower the cap rate.

In other words, for an investment with low risk, the market would capitalise the rental income at a low cap rate (that is, a high factor); the market would apply a high cap rate (low factor) to rental income from a risky property.

Consequently, the aim with real estate is not necessarily to seek the property with the highest return, but rather, the property with a good compromise between risk and return that is appropriate (and profitable) in your circumstances.

If you can buy a low-risk property (low market cap rates) with a high return, you have found your deal of the decade.

Golden Rule 2: Ensure safety What is more important: return on capital or return of capital? What good is a ROI (return on investment) of 25% per annum if the investment goes belly up after two and a half years? Make sure your capital is safe, which includes insuring your properties against earthquakes, fire and other natural disasters.

Golden Rule 3: Control your liabilities While we generally have control over our assets, we have relatively little control over our liabilities. In many parts of the world, it is impossible to fix the interest rate on your mortgage for more than a few years. For commercial property where you can, make sure you fix the interest rate on your bond.

One of the big advantages of the real estate market in the United States, relative to many other countries, is that it is possible to obtain mortgages – even 30-year mortgages where the interest rate is fixed. I am astounded at the number of investors who choose not to fix their interest rate. For the sake of perhaps a 0.5% lower initial interest rate, they are willing to risk interest rates going through the roof in the future. It is a folly, committed not only by a legion of otherwise sane investors, but also aided and abetted by armies of mortgage brokers who, no doubt, receive larger

14 The DarProperty August 2014 14 The DarProperty August 2014

Investment

thoughts, energy and enthusiasm for huge chunks of capital value very quickly. In other words, you are an extremely important factor in the real estate you acquire.

Another way of expressing this is to say that, when I buy a property, it is a different property from when you bought it. Physically, it is the same property, but with the ideas that I brought to the table, the property itself ends up being different. Whether you like it or not, you end up being part of the equation. That is why the more ideas you have in your head, the more value you add.

The most valuable piece of real estate is the six inches, give or take an inch or two, between your right ear and your left ear.

What you create in this space determines your ultimate wealth and happiness.

commissions on loans that turn out to be more lucrative for the banks.

Furthermore, you should avoid any requirement for a personal guarantee on real estate loans. The reasons are twofold: First, a real estate investment should stand on its own two feet. The risk of having a personal guarantee is that it may be called up, and you would be forced to pay off the principal debt component (or capital) on a loan taken out by an entity with limited liability.

Signing a personal guarantee, of course, breaks this liability firewall.

Second, when you apply for future loans, banks will often ask for a list of your contingent liabilities – liabilities that may end up on your shoulders. The more items on this list, the more reluctant a bank will be to lend you any more money.

Golden Rule 4: Add value to a deal If you buy a fully leased, commercial property at a fair market price, you are going to have to wait for inflation to increase the value of your rentals – and thus the capital value. Alternatively, if you buy a property with vacant space, with some rentals that are below market, rooftops that are underutilised, storage space that is not leased, and a host of other features that you can do something with, then you can exchange your ideas,

currency traders over the age of 30, or many futures traders over the age of 25.

These nail-biting, glued-to-your-screen professions burn people out. They also require that their practitioners complete another deal to earn another dollar.

Meanwhile, back on your cruise boat, you are reading books or mingling with people, knowing that your tenants will pay rent that month, whether you have worked or not. Never sell. When you sell, you lose your income stream from an asset that is rising steadily in value.

Golden Rule 7: The number of voting partners is directly proportional to the failure of the project This rule is almost self-explanatory. It is a variation of the cliché ‘too many cooks Golden Rule 5: A broker or agent must bring spoil the broth’. The best way to avoid project failures through disagreements is something to the deal to undertake all projects alone. However, Just as you become a part of the equation, your broker, or buyer’s agent, must also bring there are always economies of scale and great synergies of ideas when you team something to the deal. Remember, in most parts of the world, sales commission is paid by up with others. The trick, as with all things in life, is to find a good balance between the seller. If you choose to enlist the services of a buyer’s agent, make sure they contribute a free flow of many ideas and impasses through disagreements. something of value, other than simply an email with present listings. Agents with whom I have worked over time know to bring me not Golden Rule 8: You are going to be in a lawsuit just real estate listings, but also background information, pending zone changes, ideas for Whether you are averse to litigation alternative uses, and even prospective tenants. or not, sooner or later, you will end up being in a lawsuit. Stay in good Furthermore, they willingly make this extra effort, as they know that doing so will result in communication with people and try to more deals being closed, and therefore, more think outside the box to come up with a solution that may be beneficial to commission for them. everyone (and a lot cheaper in the long run).

Golden Rule 6: Real estate is a long-term investment Golden Rule 9: It only takes one deal to One of the aspects of commercial real go broke estate that I particularly enjoy is that you An accident generally comes about, not can buy a property, have some rudimentary management in place, and then all but forget because one major thing goes wrong, but rather because a whole series about it. In fact, you could take a six-month of seemingly unrelated things come cruise and not have to worry on a day-totogether simultaneously to cause the day basis whether everything was all right.

However, if you need more nail-biting, nerve- catastrophic event. In the case of real estate, interest rates might increase, racking excitement, then trade stocks, where you generally have to monitor the market by tenant demand may go down, your the hour; or trade futures, where you have to space may become obsolete through new technology, a freeway may bypass your monitor the market by the minute; or trade side of town, an airline may drop your currencies or other derivatives, where you local airport as a hub; all of a sudden have to monitor the market by the second. you are facing a crisis that six months Also, take note that you will not find many prior you had not envisaged and which stock traders over the age of 50, many any of these changes in isolation would options traders over the age of 40, many The DarProperty August 2014

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Investment

not have caused.

Never become complacent. Always keep your finger on what is happening in the market. Try to deal with all challenges as they arise and not as they come together to cause a big event. Fix your interest rates, keep your buildings modern by incorporating new technology, and find out how to keep your tenants happy with the premises they lease from you.

Golden Rule 10: It only takes one deal to make a million dollars Just as it takes only one deal to go broke, you can also make a million dollars from a single deal. When it comes to commercial real estate, it is not always a numbers game, where the more properties you buy, the greater the chance you have of becoming financially free. While, in general, two deals are better than one, you would be far better off working on one commercial property and managing it efficiently and properly, rather than taking on five projects and barely being able to keep up with which tenant owes how much rent.

Golden Rule 11: The value of a property is limited by the tenant’s ability to pay rent This rule is just another way of defining the cap rate. If you cannot find a tenant for a building, then your building will not be worth very much, and no banker will lend you money to buy or refinance it.

Your ability to acquire a portfolio – and the subsequent value of that portfolio – depends on your ability to secure stable, long-term tenants.

More particularly, the value of a building is not just dependent on what you manage 16 The DarProperty August 2014

to get one tenant to pay in rent. What if you lost that one high-rent tenant? The value of a building is dependent on what rent you could get any tenant to pay, within a reasonable time span. Therefore, always work on improving the environment for existing tenants – it will make them reluctant to leave. Then, if or when they do leave, it will be that much easier to find replacement tenants.

and other professionals. If you successfully litigate and you get what you think you are owed, the crooks will have taken something else somewhere else along the way, not to mention all the wasted time, effort and energy that you put into dealing with these people in the first place, as well as cleaning up the mess they precipitated.

There is only one solution: Deal with ethical people. You may not make money Golden Rule 12: Appreciation and as fast, but it will last longer and you inflation are compounded annually will feel better about it. One tremendous While appreciation increases the value of advantage of dealing with ethical your portfolio, inflation erodes the value people is that they tend to hang around of money. This is supremely beneficial for with other ethical people. Your circle of real estate investors. acquaintances spirals into more and more Assume you have a portfolio worth R10 enlightened levels of fairness, kindness million, with a mortgage of and awareness. Conversely, when you R9 million. Let us also assume that over hang with rogues and rascals, your circle time – for the sake of this argument it of acquaintances tends to spiral into matters not how much time – the portfolio depraved levels of increasingly severe appreciates to R20 million. This does cheating and deception. not mean that the R9 million mortgage Remember, you become the company appreciated to R18 million. The asset you keep, so choose your friends and may have appreciated, but the loan was associates very carefully. Be firm about expressed in rands and, at worst (interest your expectations. Most disagreements only), it stayed at R9 million. Furthermore, come about because of a mismatch through inflation, that R9 million will be of expectations between two parties. easier to pay off (as it is effectively worth Therefore, be aware of your own less than it was before). This is one of the expectations, and equally important, prime reasons to invest in real estate. discuss them with your associates. If you These factors work, even when you do discover a chasm between your way of not. Meanwhile, flippers, traders and doing things and that of some associates, speculators have to keep on working to turn them into former associates. The earn their next rand. world is too full of interesting, kind, knowledgeable and energetic people to Golden Rule 13: You cannot give kindness be wasting time with takers, no matter how away – it is always returned fancy the cars they drive or the homes You cannot beat a crook – even if you they live in. have a team of great lawyers, real estate By Dolf de Roos agents, accountants, private detectives From Real estate investment magazine

Sophicated Luxury Homes

Palad International Limited Real Estate

Developer

Amenities

Kunduchi Beach TownHouses

Palad International Limited presents a taste of quality of International standards on the shores of the Indian Ocean, along the road to Kunduchi Beach Hotels (Only 500meters away) Dar es Salaam Tanzania.

Swimming Pool 24hr security detail Ample Parking Space Cental Power Backup Generator Private area at the rear of each unit Water Storage facilities for each unit Carport

Formal Living Room | Formal Dining Room Gourmet Kitchen complete with cooker, hoover and oven Master bedroom with ensuite, wardrobes and a private balcony 2 spacious secondary bedroom all ensuite with built in wardrobes.

An Investment in Quality and Style +255 754 827 592 | +255 755 999 703

sundaytech@hotmail.com | fadhilimosha@ymail.com | www.paladinternational.com The DarProperty August 2014 17

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DIAMOND PLAZA NOW RENTING

20 The DarProperty August 2014

Diamond Plaza is a newly developed commercial building located in the business hub of Dar es Salaam, conveniently situated on Mirambo Street intersecting with Samora Avenue. The modern executive offices and shops have completed ceilings and floors, as well as Central Air-conditioning system.

Diamond Plaza is the ideal location for your new office, with the best view. It is in close proximity to Serena Hotel Dar Es Salaam, City Centre, and Government offices. The property offers many well-known brands including KFC Restaurant, New York donuts, Subway, black tomato as well as a supermarket and many multi-national offices.

For rental enquiries please contact: Cell: +255 (0) 689 578 785 Email: md@nevadaproperties.co.tz

The DarProperty August 2014

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Institution

Interest Rate (%) 15-19

Mortgage Type Fixed

CBA

19

Fixed

15

90

KCB

18-21

Fixed

20

80

B.O.A Stanbic Bank N.M.B

18 20 19

Fixed Variable Fixed

15 15 15

90 80 80

CRDB Exim Bank

18 20

Fixed Fixed

20 15

80 80

16-19

Fixed

15

80

Azania Bank

Bank of Baroda

Tenure (Years) 15

L.T.V Ratio (%) 80

The DarProperty August 2014

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‘FREE LAND OFFERS WON’T MAKE NHC HOUSE AFFORDABLE TO ALL’

F

ree land offers to the National to purchase the houses for their workers.

Housing Corporation (NHC) by President Jakaya Kikwete made a town and municipal councils will directive to town and municipal council to only reduce construction costs allocate plots of land the National Housing borne by the firm by 20percent.

Corporation (NHC) under the mortgage Even though this would not assure system while the remaining amount is to be customers of affordable houses as most period of between 15 and 20 years. of the structures would sell at between He further advised municipal authorities 28m/-and 30m/to purchase the house for their workers.

Speaking to the Guardian in an exclusive President Jakaya Kikwete made a directive interview in Dar es Salaam yesterday, to town and municipal councils to allocate NHC Director of Business Development, plots of land for the National Housing David Shambwe explained that the free Corporation (NHC) to enable the state firm plots of land will reduce construction cost to build affordable houses for Tanzanians by 20 percent. during his official visit to Tanga Region last “Once we are able to acquire the land week from municipal councils we will be able Meanwhile, Alphonse Mwakangale, a Dar to cut down construction cost by 20 es salaam resident appealed to NHC to percent… for that matter, prices of the further reduce the price of the houses to houses are also expected to plummet,’’ enable low income earners to afford them. he said.

He said 30m/- is still too expensive, “the According to Shambwe, currently prices least I can afford is to purchase a house of NHC house range between 34m/sold between 10m/- and 15m/-’’ A and 50m/- which he said could drop to primary school teacher, Rehema Mubarak between 28m/- and 30m/-. recommended NHC for doing a good job He said with a positive response from but said the price is too high for ordinary the municipal councils, the Corporation citizens hence very few people can afford will be able to build affordable house the house. for various groups of people including “When a house is built by NHC we are sure teachers, health workers and ordinary of its quality and the idea of selling the citizens house to ordinary citizens is great but most Shambwe explained that buyers are of us with low salaries cannot afford them” allowed to pay in installments but at he said. first the buyers is required to deposit 10 According to President Kikwete, construction percent of the total value of the house of the affordable houses is expected to in one of the banks that works with NHC give proper settlements to many people under the mortgage system while the and adorn the municipal councils. remaining amount is to be paid over a In October last year, NHC officially period of between 15 and 20 years. launched the sale of its 496 low cost houses He further advised municipal authorities under a project dubbed ‘My House-My 24 The DarProperty August 2014

House My Life’ in 11 regions.

The houses were sold at a cost of between 36m/- and 41m/-(VAT executed) and between 43m/- and 49m/- (VAT included) The houses are in Movomero |(Morogoro), Mkinga (Tanga), Mtanda (Lindi) Mkuzo (Ruvuma), Bombambili (Geita), Mlole (Kigoma), Ilembo (Katavi), Kongwa (Dodoma), Unyankumi (Singida),Mrara (Manyara)and Kibada(Dar es salaam).

Wriiten By: Devotha Mwachang`a The Guardian

CONTACT US: Mobile: +255 755 181 222 Website: www.bryanstonproperties.co.tz Email: info@bryanstonproperties.co.tz Located at: Samaki, Nangela Plaza - Mbezi Beach

6.5 ACRE LAND in Tabata. Title deed, 8 buildings suitable for warehousing, The area is 3 km from the airport and 600m from the Tabata main road. $ 800,000 (negotiable)

PLOT FOR SALE- BAHARI BEACH Size: 4919 m2 Clean Title Deed, Suitable for: Apartment projects, hotel projects or any other commercial related investment.1km to Silver Sand Hotel.

Price USD 350,000 negotiable

Apartments for rent in Bahari beach, 8 UNITS in one

30 apartments in one compound, Mbezi Beach Tank Bovu.

1 bedroom -$350, 2 and 3 bedrooms -$650, inclusive of Service charge.

compound, 1 bedroom, fully furnished with a/c, standby generator, 24hrs security, club house, facing the Tarmac rd, short term

23 acres beach plot for sale in Kigamboni Mbutu Village. 22kms from the ferry. It is the area before Amani Protea Hotel and Ras Katani. With title deed, facing the sandy beach @ $ 40,000 PER ACRE.

4 bedroom house (2 ensuit), garden, 24Hr security, a stone-throw away from the ocean, peaceful South Coast Beach (Gezaulole, Kigamboni). Rent USD 1200/ month.

Located few meters away from Kilwa Rd Highway. 8

3340 SQM PLOT with brick wall fence for sale, Mbezi Beach Africana Majumba Sita with a title deed. Suitable for apartment buildings and residential. $565,000

warehouses ranging from 349m2 inclusive of 24-Hr Fire Alarm & Security System, Pest Control, Computerized Bar Code Tracking System, Truck Scales. RENT at $8 per m2. per month., SALE (negotiable)

rentals at $ 600 per month.

Plots for sale in Kigamboni Mwasonga, NOT surveyed farms with village land certificates, 35km from Ferry, Near Dar es Salaam Zoo. $3500 PER ACRE (5 and 10 acres AVAILABLE)

Kunduchi Beach / Kilongawima; near police quarters,

3 bedroom apartment, all self-contained with a/c,

1 storey, 4 bedroom house in Mikocheni kwa

2 plots in one

in Mikocheni “A”.4 units in a compound.200m from

Mawaziri, all rooms self-contained, A/c with a

compound, 2 title deeds, both 1900 sqm, $ 120,000

both Mwai Kibaki and garden road Kwa Nyerere.

beautiful garden, servant quarter, electric fence on

negotiable; when build 1

Generator, 24 hrs security, beautiful gardens, $2000

1000 sqm plot : sale @ $ 900,000 ( negotiable).

storey house you will enjoy the best ocean view.

per month.

Rent $ 2300 per-month.

Plots with Title deeds for sale -BUNJU “A” per m2 - TSH 16,000 -Goba Mtambani per m2 - TSH 15,000 -Gezaulole kigamboni per m2 - TSH 16,000 -Mbezi Beach Tank bovu - 1600 m2 $ 95,000 -Ununio Tegeta - 2400m2 $ 125,000 -Mbezi Beach - 4500 m2 facing Bagamoyo Rd, $1m -Mbezi Beach - 2300 m2 second plot from Bagamoyo Rd, with two apartments, $700,000 1 storey, 4 bedroom house with A/C, 2 self contained rooms, 2 seating rooms,servant quarter, garden, Paved blocks, lock-in- garage. Facing the Tarmac Rd. Mbezi Beach Africana on a 1000 m plot.

2

Sale: $ 420,000, Rent: $ 1200 per month

1762 SQM corner PLOT for sale in Ununio , 200 meters from the Tarmac Rd, $62,000 with title ( original price $120,000)

2222 sqm plot for sale with brick wall fence in Salasala IPTL RTD near Tarmac Rd, with title deed. $120,000

CALL FOR MORE PLOTS ALL OVER DAR ES SALAAM.

We are your pathway to Real Estate management:Selling, Buying, Managing properties, Rentals and Leasing of: -Residential -Commercial - Plots and Lands

Please visit our website for more updated listings uploaded daily (over 200 listings available for your perusal)

The DarProperty August 2014

25

Ask the Expert Real Estate Laws

Q: Hello. I am a diplomat residing in Tanzania and have recently been faced with a situation that requires your help.

Can you please tell me, do diplomats have to pay Stamp duty on transactions involving real estate made whilst on diplomatic missions? JQ A: Hello JQ, well sadly we don’t have much information to give you a more comprehensive answer to your question perhaps once you have read this and inquire more, you will provide us with more to go on. However to answer you basing on the information at hand, the law is that, diplomatic Missions are exempted from paying such duties, this is provided for in the first schedule to the Diplomatic and Consular Immunities and Privileges Act, CAP 356 [RE:2002] which incorporates Articles of the Vienna Convention on Diplomatic Relations under Article 23(1) that reads as follows: “The sending state and the head of the mission shall be exempted from all national, regional or municipal dues and taxes in respect of the premises of the mission, whether owned or leased, other than such as represent payment for specific service rendered”. Furthermore, the second schedule to the Immunities and privileges Order which are made under Section 19 of CAP 356 [RE:2002], paragraph (iv) provides immunity for Stamp duties and land registration fees in respect of transactions relating to his official premises and principal residence.

We hope this helps.

Q: My name is Juma, a resident of Dodoma. I had a plot at a very lucrative area but about two years ago I sold it to a friend of mine. However a week ago someone else came to me claiming that I had sold it to them about 7 years ago.

They have my name and a signature on the documents that were used for the transfer. They claim to have paid money through a person with a power of attorney to execute the sale. They say that i have fraudulently involved with that other person to defraud them in purchasing the said plot. I have never signed those documents and I don’t know those people. I know that they have forged everything and this amount to fraud, I think. If we go to court will they be entitled to their own fraud?

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26 The DarProperty August 2014

Well we are very sorry about your situation sir and the stress you have been going through.

Well the Land Act cap 113 [RE 2002] under Section 29 demands that a certificate of occupancy need to be signed and sealed by the commissioner. It goes further to say that the person to whom the certificate of occupancy is issued have to sign at the bottom of the certificate to show the acceptance of terms and condition of that certificate of occupancy. This can be used as proof, the documents purporting to transfer ownership of a right of occupancy must be registered otherwise those document are invalid and ineffectual. Also from the facts of the case it clearly shows that the supporters were doing this to deceive the buyers or in the long term to deceive the court so that the court can enter judgment in their favor to which will not happen. In the case of Othman Kawila Matata .v.Grace Titus Matata TLR [1981] 23 the defendant caused the deceased person who was proved by the medical consultant to be of not the right mind and could not make rational judgment to execute deed of transfer in her favor. The transfer was approved by the registrar of title. In court, the judge was of the view that deed of transfer was acquired by fraud for the reason of state of mind of the deceased person the transfer was void, the

approval of the land officer was void and the registration of the transfer by the registrar of titles was similarly void.

Hence a person cannot be entitled to their own fraud.

Q: I have a Real Estate Management company that was registered in 2010 and I want to make changes to the memorandum and articles of the company. How do I go about it? Is there some sort of a procedure to follow?

Thank you PM Hello PM, well The Companies Act, CAP 212 [RE 2002] provides for modes in which and the extent to which memorandum and articles of association may be altered. However the alteration of the provision of memorandum must be with respect to the objects of the company by passing special resolution.

The procedures for alteration of memorandum of the Association of the company are provided for under Section 8 of The Companies Act, CAP 212 [RE 2002] cited above, that: (1) Alteration

Ask the Expert Real Estate Laws

to be done in general meeting.(2) Proper notice of general meeting for 21 days with agenda item included. Read Regulation 40 of Table A of the companies Act, cap 212 (3)Special resolution must be passed as per section 8 (1) of the Companies Act, Cap 212(4)The company must petition to the High court to confirm alteration 21 days from the day memorandum of association is altered.

If the court confirms that alteration, it will then issue Certification of Confirmation.

(5)If no application is made in respect of cancellation of the said alteration within 30 days after the date on which the resolution altering companyâ&#x20AC;&#x2122;s memorandum was passed, then within 14 days from the end of the period for making such application, the company will take the certificate of confirmation with altered memorandum to the registrar of the companies for registration. See section 8(2) and 8(9)(a) of the Companies Act, Cap 212.

However, with regards to the alteration of the articles Section 13 of The Companies Act Cap 212 [RE 2002] provides for the alteration of Articles of Association of the Company. The procedures are as follows; (1) Alteration be done in general meeting (2)Proper notice of general meeting for 21 days with agenda of altering companyâ&#x20AC;&#x2122;s articles of association. As per Regulation 40 of Table A of the Companies Act.(3) Special resolution must be passed as per section 13(1) of the Companies Act Cap 212 (4)Submitting to the High court the altered articles and special resolution within 14 days for the High court to satisfy itself on whether proper procedure was followed. If the High court confirms, then it will issue Certificate of Confirmation which then together with altered Articles must be taken to the Registrar of the companies for registration. The procedures for altering memorandum and articles of association of

the company are almost the same.

You should however take note that, any alteration whatsoever shall be in the mode and to the extent for which express provision is made under The Companies Act. Please do send us your question to: abcattorneystz@gmail.com/info@ abcattorneys.co.tz or mail it to : ABC ATTORNEYS. IT PLAZA, 8th FLOOR, OHIO STREET P.O.BOX 105722, DAR-ES-SALAAM TANZANIA (EA) Tel: +255222110236/0713055195/ 0786624901 For more information, you can also read other articles online at www.abcattorneys.co.tz The DarProperty August 2014

27

28 The DarProperty August 2014

DAR ES SALAAM:22 2112515/6 • KARIAKOO:22 2184867 ARUSHA:27 2547317/8 • ZANZIBAR:24 2234660/1 • MWANZA:28 2541971/2

www.dayliff.com

The DarProperty August 2014

29

REAL ESTATE The ABCs of REAL ESTATE MARKET TOPOGRAPHY The state of the surface of the land; may be rolling, rough, flat, etc.

Example: The topography in Oklahoma is mostly flat; in West Virginia, mountainous; in Ohio rolling.

REDUCTION CERTIFICATE a document in which the MORTGAGEE (lender) acknowledges the sum due on the MORTGAGE loan.

Used when mortgaged property is sold and the buyer assumes the debt.

Example: Abel buys Baker’s home and agrees to assume the existing mortgage. They obtain a reduction certificate from the mortgage lender stating that the remaining balance is $34,567.89.

GENERAL WARRANTY DEED a DEED in which the GRANTOR agrees to protect the GRANTEE against any other claim to TITLE of the property and provides other promises. See WARRANTY DEED. Example: Abel received a general warranty deed for land he bought from Baker. Five year later a defect is found. MRs Cabel, whose deceased husband sold the land to Baker, actually owns one half on the property. Abel can claim restitution from Baker for the half because the deed warranties against all defects GIFT DEED a DEED for which CONSIDERATION is love and

Disclaimer

• The Darproperty Magazine is only a property guide where real estate owners or their agents and or their real estate brokers place their property’s sale or rent information with or without pictures.

• The Darproperty Magazine does not take any part in selling, buying, or renting transactions.

• All transactions are governed by your local laws. All offers and promotions on this magazine are subject to change without notice.

• The Darproperty Magazine provides you, our readers, a venue for obtaining the information contained in this publication and has no control over the legality of any real estate for sale or rent or other offers made by advertisers, the ability of any of the advertisers to complete the sales in accordance with the offers, or the quality of the real estate offered by the advertisers real estate information for sale and or rent is directly published by the advertisers on this publication and hence The Darproperty Magazine takes no responsibility of any of their information and prices and any mistakes in printing or typing. The Darproperty Magazine has no control over whether Advertisers will honor the offers shown on this publication and does not guarantee the accuracy or completeness of the information contained on this publication.

• The advertised real estates and properties on this publication may or may not be available for sale and or rent. In the event you have a dispute with an Advertiser in any way relating to this publication or the use of information from this magazine, you agree to waive and release The Darproperty Magazine from any and all claims, demands, actions, damages (actual and consequential), losses, costs or expenses of every kind and nature, known and unknown, disclosed and undisclosed relating to that dispute.

MBEZI BEACH NEAR ENGEN-PETROL STATION 500meters from the main road

For Sale

$1.2m

affection and no material consideration is involved.

Example: Abel, who is on the brink of BANKRUPTCY, EXECUTES a gift deed to his wife. Since there is no consideration and the apparent reason for the transfer was to remove the property from the reach of Abel’s creditors, the deed might not be valid.

In other situations the gift deed would be upheld.

HOLDER IN DUE COURSE one who acquires a BEARER INSTRUMENT in GOOD FAITH and is eligible to keep it even though it may have been stolen.

Example: Abel receives from Baker a $100 bill in payment of rent on his apartment. Police inform Abel that the bill was stolen

by Baker from Cobb. Since the bill is bearer paper and Abel accepted it without knowing about the theft, he became a holder in due course and is allowed to keep it.

30 The DarProperty August 2014

4 BEDROOMS

FULL AC

3 BATHROOMS

3500 SQM

3 LIVING ROOMS

1 COMP. ROOM

SERVANT QUARTERS

GARAGE - TWO CARS

+255 789 55 12 42

LIST YOUR PROPERTY HERE FOR ONLY TSHS 30,000/= VAT EXCL.

teg eta

RENT $900

SALE 100m

636SQM Gezaulole Temeke Municipality, 0715913814 / 0784913814

0782 362 218

mas aki

mb ezi -

RENT $1,500

RENT $ -

4 bedroom house , along Chole road 2master bedroom, 2other rooms ideal for residential / commercial 0713 610922 / 0787 610922 mb ezi bea ch

Mbezi, Malamba mawili off Morogoro road to kinyerezi.

55,000 litres of reserve water tanks 0767037735 mik och eni

RENT 3 bedrooms house, servant quarter, garage has aluminium doors and windows suitable for an office.

0713 228931

sale 550m Double storey House for sale

RENT $1,800

RENT $1,200 5 Bedroom House, White Sands round about 0754269298

3-Bedroom apartment in the flats 0655575734 ada est ate -ar ush a

mw eng e

gez aul ole

SALE 15m

SALE $50,000

SALE 450m 300 sqm, 25 meters from Cocacola rd.

Opp. East Africa International school 0713294486 / 0766422346

RENT $2,500

Furnished Apartment 4 Bedrooms, 2 Bathrooms, Sitting room, Generator, Swimming pool, Gym Ample Parking, 0754 /0715 - 814780

House for sale Size; 3900sqm 0759 33 94 95 kim ara

b mik och eni

kig amb oni

SALE $695,000

Parking, Air condition, Garden 24 Hr Security, servant quarters Tenant paying rent of $3000 per month.

0716777999/0777568899

RENT $1,000

Kibada, 40M from the main Road, 4 Self contained Bedrooms, Study room 5000 litre Water reserve, Nice Garden 0713467660

0754 /0715 - 814780

1 one acre, Ideal for petrol station 0715/0784 281851

mik och eni -

kij ito nya ma,

SALE $275,000

A one flow uncompleted building for commercial or home usage, 28 to 17.5 meters, seven(7) Rooms.

0717 545 030 / 0756 446 882

AREA: 2400 SQM

bah ari bea ch

kib aha mk uya ni

mbe zib eac h

RENT $1150 5 Bedrooms, 2 Bathrooms, , AC , DSTV, Kitchen, Ample Parking, Garden.

0787 040 401

sale

Full furnished , 2 Bedrooms, 1 master, spacious sitting room, public toilet, kitchen , store, two balconies, garden 0658 633808/ 0755 546 305

gob a- d sm

RENT $1,000

3 Bedrooms, 2 Bathrooms, Sitting room, Dinning Room, Kitchen, Storeroom, Ample Parking, Garden.

0754 304475

mbe zi k wa msu gur i

mb ezi bea ch

mli man i ci ty

simply call 0767 200 202 classifieds@darproperty.net

mla lak uw a

CLASSIFIEDS

RENT 150m 3 bedroom and An auxiliary building, servant quarters 0786259854/0767259854

RENT $2,200 Four bedrooms, next to St . Joseph millennium secondary school 0767264900

The DarProperty August 2014

31

32 The August 32 DarProperty The DarProperty August 20142014

The DarProperty August 2014

33

Darproperty Mortgage is a mortgage brokerage services offered by DarProperty Tanzania.

The service is offered in partership with Local and International mortgage lenders, to ensure seamless process from the mortgage Loan application to closing.

34 The August 34 DarProperty The DarProperty August 20142014

For Details Contact finance@darproperty.net

The DarProperty August 2014

35

Real Estate Agents Directory in Tanzania

DAR ES SALAAM

ABLA ESTATE DEVELOPERS & AGENCY CO.LTD Mikocheni Opposite Shoppers Plaza P.O BOX 3810, Dar es Salaam Tel +255 22 2772506 E-mail: ablaestate@bol.co.tz

GIMCO ESTATE AGENCY LTD Samora Ave, NIC Investment Hse, P.O BOX 8382 Dar es salaam Tel +255 22 2120988 Mob +255-784 900041

PROPERTY CONSULTANCY & SERVICES LTD 2nd Floor Kevin House - Samora Avenue P.O BOX.7152 - Dar Es Salaam +255 22 2120402, +255 713 690 220 info@pcsltd.co.tz www.pcsltd.co.tz

GOLDBERG COMPANY LTD Real Estate & Mining Trade P.O. Box 22159 Dar es Salaam Old Bagamoyo Rd, Mikocheni B, 0715 270 517 / 0754 270 517 goldbergtz@gmail.com www. goldbergtz.com

PRESTIGE PROPERTIES Phone: +255-713-764-447/ 0767471293 Tel:+255-22-266-4373 Email:info@prestigeproperties.co.tz www.prestigeproperties.co.tz SKYMARK REALITIES LTD Zanaki st. - Alimanga bldg Tel: +255 22 2 134422/33

HAMPTONS PROPERTIES TZ Haidery plaza - 1st floor upanga/kisutu street P.O.BOX 6547 DARESSALAAM hamptonspropertiestz@gmail.com, a_kito@yahoo.com 0654 204083/ 0784 323133

Tanganyika Estate Agent Village Walk, close to Sea Cliff Hotel +255 717 032 633 info@tzrealtors.com

NEW DAY PROPERTY AGENCY COMPANY Mwinyijuma Road - Kinondoni, Room no.84, UVCC Complex +255 753 645 434, +255 717 035 552 +255 767 575 758 www.facebook.com/ raymond samson Laizer

36 The DarProperty August 2014

NIKUZE REAL ESTATE AGENCY Morogoro Road P.O Box 10032 Dar Es Salaam Tel: +255 789/754/715/ 363 800 Email: nikuze@nikuze.com www.nikuze.com PHOTO & CO.ESTATE Kahama Road/Msasani peninsula P.O BOX 105121 Dar es Salaam.

0786 962 444 Email; Octavianfocas@yahoo.com.

+255 755 181 222 www.bryanstonproperties.co.tz info@bryanstonproperties.co.tz

KEY REAL ESTATE SOLUTIONS Regent Chwaku North Ursino Tel: +255 22 2701674 0715 053 803, 0786 053 803, 0754 28 46 84 mariam@keyrealestatesolutionstz.com www.keyrealestatesolutionstz.com

MY BEACH Old Bagamoyo Rd. opp Yuasa auto impex P.O BOX 105200. Dar es Salaam Tel; +255 22 2701710

TRELD COMPANY LTD P.O BOX 7656 Dar es Salaam Location Msasani Peninsular off toure drive +255 732 222 888, +255 716 777 999 treldestates@yahoo.com www.treld.co.tz

ARUSHA ARUSHA AWESOME HOMES AND PROPERTIES.

Shanti House, Plot 58 Block E Sokoine Road P. O. Box 249 Arusha, Tanzania. info@arushahomes.com www.arushahomes.com +255 754 337 899 / +255 786 337 899 HOMES & PROPERTY AGENCIES LTD Land Surveyors & Property Managers P. O.Box 10079 Arusha Boma Rd. Arusha 0787 805566 hopraltd@gmail.com Tanganyika Estate Agent

Shoprite Complex, +255 785 984 467 info@tzrealtors.com ZIPO HOMES

Rivergardens Business Park, Rm 4 P.O Box 20 Usa River, Arusha +255 787 474 580/+ 255 754 320 513 info@zipohomes.com www.zipohomes.com

MWANZA MWANZAESTATE Mwanzaestate.com +255 714 245 779 kisolimorris@hotmail.com

ZANZIBAR Zanzibar - properties.com Tel: +255 774 44 19 07 Hotel Marine - Malindi Zanzibar

ENHANCE YOUR VISIBILTY & CREDIBILITY GET LISTED HERE WITH YOUR LOGO Tshs. 48,500/= Monthly / Tshs. 500,000/= Annually +255 784 23 89 62, 0688 75 18 68 | sales@darproperty.net

c hok ol e

investment limited T h e Ult i m at e O u t d o or S ol u t i on s

Mikocheni, Garden Road, Dar es Salaam, Tanzania. +255 786 924373, +255 658 924 373

PROFESSIONAL Designers & Installers of: Car Shades, Gazebo Electrical Gates & Umbrellas

Worry Free - Money Back

G UA R A N T E E

The DarProperty August 2014

37

PATRONS A wise man will make tools of what comes hand

ADVERTISERS

INDEX

If you like what you are reading Buy from our Advertisers, remember to mention you saw their Advert in this magazine

Advertise with US

PATRON PAGE NO ABC ATTORNEY........................................20&21 AFRICAN VILLAGE ESTATE.............................32 AKIBA COMMERCIAL BANK...................18&19 BRAYNSTON.......................................................25 CHOKOLE.............................................................37 DAVIS & SHIRTLIF.................................................29 GEM.......................................................................12 HALIC CONSTRUCTION.......................................2 HONG XING........................................................13 INFINITE................................................................35

DAR ES SALAAM 022 2780517 0784 238 962 / 0713 751 868 sales@darproperty.net

JAMII FORUMS...................................................39 JJP INSURANCE..................................................33 KAMA CONSULT................................................29 LAPF.................................................................1,6&7 LIFE MATE................................................................3

ARUSHA 0787 805 566

MASUMIN.............................................................26 NEVADA COINS............................5, 8,20,21&40 PALAD INTERNATIONAL.....................................17 SPIK N SPAN........................................................33 TANGANYIKA ESTATE MANAGEMENT...........27

MWANZA 0714 245 779 38 The DarProperty August 2014

TANZANIA BUREAU OF STANDARDS..............10

Be informed, Engaged & Entertained, www.jamiiforum.com The DarProperty August 2014

39

RENAISSANCE PLAZA

Renaissance Plaza is an upcoming commercial building located in the prime area of Masaki, conveniently situated on Haile Selaise Road, Masaki. Renaissance Plaza is the ideal location for your new office. It is in close proximity to colosseum Gym, Supermarkets and Restaurants.

The modern executive offices and spacious shops have completed ceilings and floors, as well as Central Air-conditioning system. We offer Space for Rent for Offices, Shops, Restaurants and Supermarkets.

Coming Soon

For rental enquiries please contact +255 (0) 689 578 785 40 The DarProperty August 2014

md@nevadaproperties.co.tz