In the throes of the Covid-19 pandemic in 2020, satellite towns in the Nairobi Metropolis saw an influx of new residents due to houses’ affordability in these regions. At the same time, land prices in most satellite towns surrounding Nairobi dropped in the six months to September 2020 at the peak of the coronavirus economic hardships that cut demand for property. At the same time, landowners and housing property owners in Nairobi satellite towns continued to enjoy better sales due to improved road infrastructure and affordability of properties. HassConsult’s 2020 Land Price Index report shows that satellite towns controlled approximately 60 percent of property transactions in 2020, with Kitengela controlling a 19.1 percent market share of the properties on sale followed by Ruiru at 15.1 percent, Thika 9.4 percent with Ongata Rongai and Ngong tying at 7.9 percent.

In Nairobi City, the real estate market is caught in a high-demand, low-supply cycle for residential developments attributed to increased urbanization and population growth, forcing real estate investors to look to diversify their property portfolios in satellite towns. This has opened up real estate investment opportunities for investors, who are buying land and developing houses in satellite towns to cater to different tastes and budgets, considering the affordability aspect.

The main growth factors for real estate growth in satellite towns include:

• Infrastructural developments
• The growth of the middle class
• Population growth
• High rate of urbanization
• Serenity
• Availability of development land
• Affordability of development land

The growth of real estate in satellite towns can also be attributed to increased demand for residential property, with most realtors shifting focus to the development of apartments, villas, maisonettes, and bungalows in these areas.

The following are the satellite towns to watch in Kenya’s Real Estate Market in 2021 and the available opportunities for Investors.

1. Ruaka

Ruaka is one of the fastest-growing satellite towns in Kenya, with developments in both commercial and residential. The factors driving the growth of Ruaka include the following:

a.) Good Transport Network: Ruaka area will be accessible to main business hubs such as Westlands, Kiambu Town, Runda, Limuru, and Waiyaki Way via the western bypass upon its completion in 2022. Furthermore, Ruaka is served by main roads such as the Limuru Road and the Northern Bypass, which links it to Kiambu Road, making it accessible to business hubs.

b.) Presence of International Organizations: The United Nations organization, United Nations Environment Program (UNEP), and the International organization for Migration (IOM) in Gigiri (Approximately 7 Km) continue to attract foreigners who not only boost the appeal of Ruaka town but also create a market for real estate properties in this area.

c.) Availability of Social amenities: Ruaka is surrounded by large commercial mixed-use developments such as the Two Rivers, Riviera Mall, and the Village Market. The large retail and commercial footprint create employment opportunity, thus favoring property development to accommodate the growing working class.

Ruaka remains an attractive investment area for residential developments, evidenced by the increasing population in the area – A population growth rate of 5.06 percent per annum. Therefore, in 2021, we expect a continued increase in residential developments and prices in the area, which will be accelerated by the upcoming Western Bypass and Gitaru – Ruaka highway construction.

2. Ruiru

Ruiru has approximately 490,120 people (the fourth most populated town in Kenya), with 45.7% of them being economically active in businesses. The rise in the population growth in Ruiru has been attributed to the availability of affordable housing and the infrastructure development along the Thika superhighway, the Eastern and Northern Bypass, Kiambu Road, and Kamiti Road. Additionally, population and developments are expected to increase as the town is set to be a City. The town has also been earmarked for the Nairobi Mass Rapid Transit System, which is expected to open up the area for real estate development.

Additionally, Ruiru hosts most of the young population from the local higher learning institutions such as Kenyatta University, NIBS, and Zetech, who create demand for residential units and, consequently, an opportunity for real estate investors to invest in affordable residential developments. Therefore, as the economy reopens in 2021, demand for housing is set to increase as the learning institutions resume business. Also, as individuals and firms seek affordable offices in serene environments, Ruiru has proven to be the ideal satellite location for commercial office and retail developments. The improving demographics and urbanization also puts Ruiru in a better position for investors to develop mixed-use developments – Commercial and residential developments.

3. Kikuyu

Kikuyu is a semi-urban town located in Kiambu County, approximately 20km from Nairobi CBD, and forms part of the Nairobi metropolitan area. With an estimated population of 383 881 people from the 2019 census statistics, the town is generally a low to medium density area with most residents in the lower-middle-income class. Kikuyu is the only town along the Southern bypass which Connects Mombasa road to Nairobi- Naivasha Highway at Gitaru. That, coupled with the expansion of the Waiyaki Way, is expected to open up Kikuyu for real estate investment in 2021.

The high influx of people who work in Nairobi, land affordability, the cosmopolitan and peaceful nature of Kikuyu town, and the expansion of the Waiyaki Way are expected to create traction to investors and developers to develop the retail and residential market. Due to the changing demographics, there is also an opportunity to develop Mixed-Use developments of retail and residential developments within the town.

4. Athi River

Athi River town has grown rapidly due to several factors, including:

a.) Its administrative role as the headquarters of Mavoko Division in Machakos County,

b.) Improved infrastructural development with recent developments such as the Standard Gauge Railway (SGR) train station based in the town, the Athi River interchange, and the expansion of Mombasa Road, which is expected to ease access to the area hence attracting home buyers to the area, and in turn real estate developers.

c.) Industrialization – Athi River is one of the leading industrial nodes in the Nairobi Metropolitan Area, hosting major mining and cement companies such as Bamburi Cement and East Africa Portland Cement Company. This has in turn, led to an incursion in terms of population and new real estate developments to accommodate the influx.

Developers’ focus has been a drive to venture into affordable housing as the area has an expanding industrial and manufacturing base driving demand for rental houses. There is an opportunity to invest in affordable houses to cater to the growing demand for residential units to accommodate the growing population and workers from the industrial sector.

Conclusion

Increased focus on affordable housing by the government and the private sector is expected to serve up more investment opportunities in real estate in Satellite towns, supported in part by a continued rise in the urbanization rate and infrastructure development. Growing demand for land within these areas comes as they act as a key dormitory for Nairobi’s working population, supported by its affordability and availability.

Due to the large number of middle-income earners currently relocating to such areas, real estate developers and investors should strive to provide products that suit the markets’ needs. As such, a real estate investor or developer must do thorough research to choose the best places to invest by understanding the local factors that can affect their investment to maximize the real estate investment returns.

Buildafrique Consulting Group is a specialist and expert in End-to-End Development Consultancy, Real Estate Project Finance and Capital Raising, Joint Venture Structuring in Kenya, conducting Real Estate Feasibility Studies, Development Project Management, and Final Product Management (Sales and Letting) in Kenya for real estate investment projects.

B.) WEEKLY NEWS HIGHLIGHTS

          MAJOR ECONOMIC NEWS HIGHLIGHTS

i.) Kepsa backs new minimum tax law on informal businesses

On 20^th January 2020, Kenya’s private sector backed the National treasury’s plan to implement the one per cent minimum tax on informal businesses to increase revenue collection and stimulate economic growth. According to the Kenya Private Sector Alliance (Kepsa) Chairman Nicholas Nesbitt, the government’s increased borrowing from the domestic market and falling revenue collection starve the private sector of credit and worsen the pending bills’ challenge experienced by many government’s suppliers. According to Kepsa, the tax could help the Kenya Revenue Authority to bring the informal sector into the tax bracket.

ii.) Kenya gets debt relief from international creditors

The Paris Club of international creditors and the Chinese government handed Kenya a Sh32.9 billion and 27 billion loan-repayment relief from January 2021 to the end of June 2021. According to the National Treasury, the Sh60 billion that Kenya will save from debt repayment holidays will go towards offsetting other spending obligations, including disbursement to counties and infrastructural development.

iii.) Treasury to reduce the usage of short-term debts to finance State operations

Through the National Treasury, the government is set to reduce its short-term debt profile by issuing more medium papers to cut pressure on its finances. According to the National Treasury, the high demand for short term Treasury bills is putting a downward pressure on returns as the economic uncertainty pushes investors to short-dated bonds. According to the Treasury, the government is expected to issue more longer-dated bonds to extend maturities and reduce strain on its balance sheet.

iv.) President Uhuru Kenyatta unveils Sh3.3 trillion UN mechanism to stimulate industrial development

On 22^nd January 2020, President Uhuru Kenyatta unveiled a Sh3.3 trillion United Nations Industrial Development Organization mechanism to help stimulate Kenya’s manufacturing sector. The initiative dubbed Programme for Country Partnership (PCP) Starter Pack is a model for accelerating industrial development in UNIDO member states by mobilizing investment resources in high potential economic sectors. The president further noted that Kenya opted for the new approach to accelerate inclusive and sustainable industrial development in the country.

          CONSTRUCTION INDUSTRY HIGHLIGHTS

i.) Construction materials cost falls on easing of Covid-19 restrictions

Following the easing of the coronavirus restrictions that had disrupted supplies from China, prices of construction materials have dropped by five to 10 percent. According to the Architectural Association of Kenya (AAK) chief executive Jacob Mwangi, the drop was attributed to the stabilization of supply chains following the easing of maritime and transport channels. In April 2020, the Architectural Association of Kenya (AAK) blamed the shortage on Kenya’s over-reliance on Chinese building and construction materials such as electrical equipment as well as steel.

ii.) Mayfair Insurance to pay for construction delay

On 20^th January 2020, High Court judge David Majanja ordered Mayfair Insurance to pay Sh143 million insurance bond for delays in completing the construction of 9 blocked duplex apartments in Riverside Gardens, Riverside Drive Nairobi. Globe Developers, the plaintiff, had taken out a performance bond where the lender would pay the money if the contractor failed to finish the construction on time for the 12 Storey to 19 Storey development, including a basement of 5 Floors, which was to end in May 2019.

iii.) Lack of finances blamed for poor quality buildings

Public Works Principal Secretary Gordon Kihalangwa blamed poor workmanship due to limited financing in the construction sector for the lack of quality buildings. According to the National Construction Authority report, some developers lack finances to complete their initial designs making adjustments midway to compromise the buildings’ stability. The report titled “Failure and Collapse of Buildings in the Construction Industry in Kenya” further indicated that three in every ten buildings were likely to collapse largely due to various factors, including poor workmanship.

iv.) Construction research hit by poor funding

According to the Public Works Principal Secretary Gordon Kihalangwa, lack of funds for construction research has led to poor construction and handling of waste management, among other challenges bedeviling the sector. The PS, while addressing attendees of the construction research forum, which was hosted by the National Construction Authority on 19^th January 2021, further stated that construction is an anchor for the development of all other economic sectors, and therefore construction research is an integral part of strategic planning and failure to conduct it leads to negative aspects such as the collapse of buildings.

          COMMERCIAL REAL ESTATE HIGHLIGHTS

i.) Konza Technocity and Tatu City to foster real estate investments through a partnership

On 17^th January 2020, Konza Technocity and Tatu City announced a new partnership that will see the two entities working together to attract investors. The collaboration will focus on building both mega-projects’ investment policies and positioning the two cities at vantage positions for both local and international investors. Speaking to the specific areas of partnership, Rendeavour’s Executive Vice President Preston Mendenhall said that Tatu City and Konza, as Special Economic Zones (SEZ), had identified several common interests to attract investment in Kenya. At the same time, Konza Technopolis Development Authority (KoTDA) CEO Eng John Tanui noted that they were glad to continue with the collaboration following an initial engagement with Tatu City in 2017. He further noted that the collaboration would address mutual smart cities’ issues on improving the ease of doing business in Kenya.

ii.) Kenya to receive Ksh8 billion from the UK to fund the affordable housing scheme.

Kenya is set to receive at least Sh8 billion from the United Kingdom (UK) to fund the affordable housing initiative. On 20^th January 2021, UK Foreign Secretary Dominic Raab noted that the funding — which would come in tranches — is part of the UK government’s support to Kenya’s government vision to provide 100,000 affordable housing to Kenyans. Of this amount, Sh1 billion will be from the UK-funded InfraCo and another Sh7billion from private investors, both coming in as part of the UK government’s investment in infrastructure in Africa.

iii.) DCI sets up land fraud team ahead of new title deeds roll-out

The Directorate of Criminal Investigations (DCI) Directorate George Kinoti appointed a team of 26 officers with backgrounds in land matters to the Land Fraud Investigations Unit to handle land-related fraud cases ahead of new title deeds issuance by the ministry of land. According to Mr. Kinoti, the move was in preparation for the roll-out of the new lands digital migration programme in conformity with the Lands Registration Act, 2012.

iv.) Fisheries unit spends Sh11m on unoccupied city office

According to an Audit Report by the Auditor General, Nancy Gathungu, the fisheries department paid Sh11.3 million rent for an office that remained unoccupied for 21 months. According to the report, the department spent Sh11, 295,260 to rent office space on the 13th floor of the National Hospital Insurance Fund (NHIF) Building for the Kenya Fisheries Service (KFS) for the financial year 2018/19 and the last two quarters of the financial year 2017/18. The report further indicated an audit verification exercise carried out on 25^th November 2019 revealed that the office space remained unoccupied for twenty-one months from 1^st February 2018 to date, and only the boardroom was found to be in use.

C.) KENYA REAL ESTATE TRENDS

i.) Nairobi developers shift to small houses as construction cost increase

Developers in Nairobi are shifting to the construction of smaller housing units as the city adjusts to a rapidly rising population and high cost of living. Developers are building houses with fewer rooms to attract tenants faster compared to bigger family homes. At the same time, economic recession and shrinking family sizes have forced people to rethink over-sized mansions and focus on small better houses.

According to the housing data from the Kenya National Bureau of Statistics (KNBS) for 2020, 3,940 one-room units were built in Nairobi in 2019, an 84 per cent increase from the 2,135 developed in 2015. Each year, according to the KNBS, developers visited the county’s planning department seeking to build more one-bedroom houses, signifying growing demand. On the other hand, the city had 692 new residential buildings with six rooms or more in 2015, but the number shrunk to 442 units in 2020.

ii.) Open floor plans continue to gain popularity in Kenya

In the recent past, changes in lifestyle have seen open floor plan homes continue to gain popularity in Kenya, replacing the traditional design where walls separate all the room.

This type of design comprises an open space with fewer walls separating the rooms. The walls are, for example, limited to the bedrooms and bathrooms while the living space, dining space, and Kitchen space blend into a single open space referred to as the “great room” and the distinctive areas created through furniture arrangement.

D.) GLOBAL REAL ESTATE TRENDS

i.) Commercial Mortgage Delinquencies Continue to Rise in U.S.

According to the US Mortgage Bankers Association’s latest monthly loan performance survey, delinquency rates for mortgages backed by commercial and multifamily properties in the USA increased for the second month in a row in December 2020.

The balance of commercial and multifamily mortgages that are not current increased for the second month in a row in December 2020, driven by more loans becoming newly delinquent. Loans backed by lodging and retail properties continued to see the greatest stress. The overall share of lodging, office and industrial loan balances that were delinquent increased in December 2020. On the other hand, real estate loan restructuring increase as the Covid-19 worsened the economic performance.

ii.) Disruption spurs strategy shift for listed real estate

Recent strategies from real estate investment trusts (REITs) globally have included selling assets, issuing bonds, and forming joint ventures with new partners. According to JLL, REITs are divesting to specific assets, while others are turning to their investors via bonds or seeking out willing and highly capable allies who can partner up for the long term.

The rethink comes following the effect of lockdowns on the sectors that the REITs invest in, from rising office vacancies to shuttered shopping centers, as well as share price turbulence. However, news of a vaccine breakthrough in November 2020 triggered stock market rallies and share prices in the global REITs Market, focusing on the multifamily and industrial sectors rising. REITs and asset managers in the Kenyan market could apply similar strategies to finance their projects.

E.) COMMON REAL ESTATE & DEVELOPMENT CHALLENGES,  AND SOLUTIONS

Developing one plot with separate Title Deeds, and solutions available for developers.

YOUR CHALLENGE:

You shall find yourself in situation where you want to develop on two plots with separate titles. Your challenge comes in getting building approvals at the Local Authority Planning Department, in this case the County or Sub-County Planning Department.

THE SOLUTIONS:

The solution to this is through a process called Amalgamation of the two separate plots into one. Amalgamation involves the combination of two or more contiguous / adjoining lots of alienated land. When combined, the land will be held under single title. Thereafter, a Developer can submit the building plans for approval at the Planning Department under the single title.

THE CONSULTANT TO ENGAGE:

The Consultant to engage for advisory into amalgamation is a Physical Planner.

F.) THIS WEEK ON FREQUENTLY ASKED QUESTIONS (FAQs), AND ANSWERS

QUESTION:

What Contract Agreement options can I use in a Construction Project in Kenya, while engaging a Contractor in a Development Project?

ANSWER:

Development Construction Projects requires the Developer to enter into a Contract Agreement with a Contractor, for the sole aim of safeguarding interests through a smooth contract administration process.

There are various forms of contracts that a Developer can choose to use in entering into a Contract with a Contractor, depending on a number of factors ranging from the scope of work, jurisdiction, as well as parties in the Contract, as outlined below:

a) Standard Contracts:

Standard Contracts are prepared by organizations for use in certain envisaged situations. Many projects in a particular geographical area are very similar in nature. In such, the conditions of contract for such typical projects are normally expected be the same. Rather than repeating the tedious task of preparing Conditions of Contract for each and every project, standard form of contracts usually come into play for expeditious execution of the contract.

Standard Form of Contracts have been developed by many organization over the years. The most standard form of Contracts used in Kenya are as follows:

• Agreement and Condition of Contract for Building Works published by the Joint Building Council (JBC).
• Public Procurement Oversight Authority Standard Bid Documents for Procurement of Works (Building And Civil Engineering Works) prepared by Public Procurement Directorate.
• The Ministry of Works Contract Agreement.
• Various FIDIC Forms of Contract

b) Special Conditions of Contract:

These are contracts specially drafted and tailored to meet specific parties’ requirements.

The “Standard” also called “General” Conditions of Contract discussed above avoid unnecessary drafting work and because of their frequent use are normally familiar to the parties to the contract. They are drafted to cover matters of a general nature. They do not however cover nor negate responsibility to cover particular conditions relating to a specific project.

Large organizations such as Government Ministries adopt Particular Conditions of Contract, which qualify, modify or replace certain aspects of the Standard clauses to suit the requirements of the specific projects undertaken by them. To avoid confusion and to ensure consistency, the altered clause in the Particular Conditions of Contract is cross-referenced to the original clause in the Standard Conditions of Contract. Simple modifications are made by inserting brief descriptions, definitions and figures.

c) Simple Contracts (Short-Form of Contract).

A Simple or Short Form of contract is an agreement, express or implied, which give rise to legal obligations. Generally such a contract need not have any special form. It may be in writing, or agreed orally or implied from the conduct of the parties. As long as the good or service provided is legal, any oral agreement between two parties can constitute a binding legal contract. However in most times, written contracts are preferred for either of the parties, or by statutory law within various jurisdictions and for certain types of agreement.

G.) THIS WEEK ON DEVELOPMENT COSTS ANALYSIS – LANGATA AREA, NAIROBI COUNTY

This week’s focus on Development Cost Analysis is for Langata Area in Nairobi, this being residential area in Nairobi. The Development type in this area according to the land-use and county zoning regulations includes Apartment Blocks, Maisonettes and Town House, and Shopping and Retail Complex.

Below is an analysis of Construction Cost per Square Meter (SM), for the option of procuring the development project through a Building Contractor, or an option of direct procurement of the Materials and Labour through a Labour Contractor for recommended building types.

H.) THIS WEEK ON REAL ESTATE PRICE ANALYSIS – LANG’ATA, NAIROBI COUNTY.

The Real Estate price analysis focus for this week is on land, sale, and rental prices for a 2 and 3 bedroom apartment in Lang’ata- Nairobi County. The data were obtained through surveys, and analysis of asking prices on property listings in Nairobi.

i.) Sales price – Apartment and houses

ii.) Rent price – Apartment and houses

iii.) Land price per acre (commercial/residential)

I.) CENTRAL BANK OF KENYA INTEREST RATE WATCH – (T-BILLS)

Uncertainty created by Covid-19 and a shaky debt management position has driven investors to short-term debt, as seen by an oversubscription of 70% in the short term securities in the week ending 22^nd January 2021. The interbank rate, which is an indicator of liquidity levels in the banking sector, went up by 1.25 percentage points to 4.980 percent, indicating increased banking sector activities.

91 day T-bill increased by 0.099 from 6.884% previous week rate to 6.983%. CBK offered a total of Kshs4 billion, and bids amounted to Kshs 2.149 billion, of which all was accepted. 182 day T-bill plummeted by 0.014% from 7.522% previous week rate to 7.508%. CBK offered a total of Kshs. 10 billion, and bids amounted to Ksh 916 million, of which Ksh 910 million was accepted.  The 364 day T-bill increased by 0.063% from 8.445% previous week rate to 8.508%. CBK offered a total of Kshs10 billion, and bids amounted to Ksh 17.219 billion, of which 14.473 billion was accepted.

J.) KENYA EQUITY MARKET INDICES

Investors trading confidence at the Nairobi Security Exchange (NSE) reduced in the week ended 22^nd January 2021, as evidenced by reduced trading activities. During the week, foreign investors assumed a net buying position by accounting for 70.10% of the total market sales and 79.32% of the total market purchases.

The NSE All-Share Index, NSE 20 share index, NSE 25 share index, and market capitalization, which are the main measures of the equity market’s performance, plummeted by 2.11%, 1.69%, 1.64%, and 2.12%, respectively. The I-REIT turnover reduced by 43.16% during the week, indicating reduced real estate activities.

K.) CURRENCY HIGHLIGHTS

The Kenya Shilling remained relatively stable against major international and regional currencies during the week ending 20^th January 2021. The local currency plummeted to a low of Ksh109.809 per US dollar on 20^th January 2020, attributed to the declining dollar receipts from sectors such as tourism, a factor exacerbated by a growing demand for hard currency by investors.

The usable foreign exchange reserves remained adequate at USD 7,658 million (4.70 months of import cover) as of 20^th January 2021. That meets the CBK’s statutory requirement to endeavor to maintain at least four months of import cover and the East Africa Community (EAC) region’s convergence criteria of 4.5 months of import cover.

L.) FACTORS THAT WILL SHAPE THE REAL ESTATE AND OTHER MARKETS IN THE NEXT ONE WEEK.

i.) Reduced Covid-19 positivity rate.

Kenya has continued to record a sustained low number of Covid-19 cases week in week, sustaining the positivity rate below 5% consistently in the past two weeks. On Friday 22^nd January 2021, the country’s Health Ministry said it had recorded 139 cases from 5,487 samples, raising infections in the country to 99,769.

Flattening of the Covid-19 infection curve is expected to allow more workers to resume working from the offices, and hence the occupancy in commercial offices will be boosted. Furthermore, Investment confidence is expected to be restored, and more investment shifted from government securities to real estate and equities.

ii.) Increased prices of basic commodities.

The end of the Covid-19 relief measures stimulated economic difficulties, with the cost of electricity, transport, and foodstuff such as bread, milk, and cooking oil increasing. The year-on-year rise in food cost stood at 7.2 percent in December 2020, the highest since June 2020.

The rise in the prices of basic commodities is expected to have an immediate effect on real estate prices. Demand for housing is expected to reduce, leading to a decline in bank credit creation for real estate.

M.) UPCOMING REAL ESTATE EVENTS AND TRADE SHOWS IN THE COMING ONE WEEK.

i.)Webinar: Exploring BIM Interoperability and Visualization – The webinar will discuss new construction innovations and functionalities and the changes brought about by the innovations.

Date: 31^st January 2020

Time: 10:00 PM

Venue: Online

Event Organizer: https://www.spar3d.com/resources/webinars/exploring-bim-interoperability-visualization-and-more/

ii.) Conference: Architectural, Engineering, & Construction Forum – The virtual conference will host construction industry experts who will discuss the importance of solid project management in the construction industry.

Date: 10^th February2020

Time: 11:00 AM- 12:00 PM

Venue: Online

Event Organizer: https://pmiatlanta.org/events/event-list/architectural-engineering-construction-aec-forum-210209

Writer of the Report:

This Report is written by Buildafrique Consulting Group, Kenya multi-disciplinary consultancy, that offers END-TO-END DEVELOPMENT CONSULTANCY, REAL ESTATE, and PROJECT FINANCE solutions through specialized subsidiaries. Among our solutions includes:

1. Feasibility Studies and Market Research.
2. Project Finance and Capital Raising.
3. Project Management.
4. Investment Design Appraisal.
5. Quantity Surveying
6. Construction Cost Consultancy
7. Physical Planning and Planning Permissions
8. Environmental Management and Impact Assessment
9. Real Estate Development and Structured Investment Solutions
10. Property Valuation
11. Marketing and Property Sales Agency
12. Property Management and Facility Management

Our Contacts:

• Office: Navigators, Kindaruma Road, Nairobi.
• Website: buildafrique.com
• Email: [email protected]
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Disclaimer:

The information contained in this report is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the information contained on the report for any purpose. Readers are therefore advised in all circumstances to seek the advice of Registered and Licensed professionals in all matters related to Real Estate Investment and Project Development.