Opus Properties Limited

Opus Properties Ltd

PHYSICAL ADDRESS: LENANA ROAD, 197 LENANA PLACE, 2^nd Floor, NAIROBI.

 POSTAL ADDRESS:  P.O BOX 52456-00200, NAIROBI

TELEPHONE: 0708-725-285

E-mail: opusproperties@iconnect.co.ke

CONTENTS

1. OUR VISION & OUR MISSION………………………
2. BACKGROUND……………………………………………
3. MANAGEMENT TEAM & STAFF………………………
4. SERVICES RENDERED BY OPL………………………
5. ACCOUNTING SYSTEMS & MANAGEMENT………
6. OUR PORTFOLIO…………………………………………
7. MANAGEMENT FEES……………………………………

MISSION

To provide focused hands-on property management services. Our ultimate aim is to provide the best level of financial and property management services to the client with the aim of maximizing the after tax profit while ensuring that the tenants receive satisfactory services

BACKGROUND:

Opus Properties Limited was incorporated as a property management firm on 10th August 1999 and registered under certificate No.86613.

Opus properties ltd is supported by a strong management team comprising people with relevant technical experience.

The company’s Managing Director and the Finance Director who are the key personnel are both former managers of Lonrho Africa Property and Construction. Our company has other experienced staff in property investment, management, letting and accounting as outlined in this portfolio;

The key personnel are:

ALFRED M. MWANGI – (MA Planning, BA land Econ, MISK, REA-Registered Estate Agent) Managing Director.

Mr. Mwangi is a full member of Institute of Surveyors of Kenya, has a MA in Planning, BA in Land Economics from the University of Nairobi and a Diploma in Land Development from Cambridge University, UK.

He has over 35 years experience having previously been employed as a senior lands officer in the Government of Kenya and more lately the property manager of Pan Africa Insurance. He joined Lonrho Properties Kenya in August 1998 as property manager.

He is the Managing Director in charge of Opus Properties Limited and is the current chair, Land Management Surveyors Chapter of the Institution of Surveyors of Kenya (ISK).

PAUL K. NJIHIA –CPA (K) Finance Director.

Mr. Paul K Njihia is a qualified Certified Public Accountant since 2002. He has over 21 years experience in accounting and property management, having worked for Lonrho Africa for 13 years and for Opus properties Ltd from 1999 to date. He is in charge of accounting and ensures that all aspects of our accounting functions are efficiently managed.

SIMON G. KARIUKI (H.Dip Sales & Marketing- Technical University of Kenya)– Senior Marketing Executive.

He has a wide experience in the marketing field having worked with the Nairobi Institute of Business Studies as a Senior Marketing Manager since the year 2003.

He is in charge of marketing properties for our company & the property manager in charge of Fourways Junction Estate, Kiambu road.

ALEX M. MAGU (BA-Social sciences-Economics Major) – (CUEA) – Senior Marketing Executive

He has a wide experience in the marketing field having worked with Co-operative bank for seven years. He is in charge of marketing properties for our company & the property manager in charge of 197 Lenana Place, Lenana road, Nairobi.

 FREDRICK K. BOWEN (B.A-Planning) – Marketing Executive

He joined recently Opus marketing team and is a trained physical planner with vast interest in the real estate sector. He is currently in-charge of marketing aspects of our company under the supervision of senior marketing personnel & the property manager in charge of 4^th Ngong Avenue Towers, Ngong road, Nairobi.

JOYCE W. KIBUBA (Dip. Business Administration)-Marketing Manager.

Ms. Kibuba also recently joined Opus marketing team. She is a trained marketer with vast experience in sales and marketing having worked with Coca Cola East Africa for over three years.

PATRICK KAMARA (CPA (K)-Accountant

He is in charge of all the accounting operations of Opus Properties Ltd working closely with the finance director. He is currently undertaking a bachelor of Commerce in Catholic University of Eastern Africa (CUEA).

In addition to the above core management team, we retain caretakers/site managers and skilled artisans based on site in the properties that we manage.

SERVICES RENDERED BY OPUS PROPERTIES LTD

The company is able to diligently and prudently manage the affairs of the properties and ensure a maximum return on the property investment, as it is our specialized area of business.

The benefits of using a professional property management company are numerous and we have highlighted the following duties which we undertake;

• Negotiate rent reviews and the renewal of leases on behalf of the Client in respect of lettable space within the property taking into account current market trends and in line with the Client’s letting policy.
• Collect on behalf of the Client all rents and monies due.
• Pay and discharge out of monies collected all rates, taxes, insurance premiums and other operating expenses of the property. The manager ensures that repairs and services are contracted to reputable and reasonably priced contractors and pay for the services on behalf of the Client and maintain property records including accounts.
• Render monthly statements to the client of all monies paid and recovered in respect of the properties in the course of management.
• Establish a purchasing system for the most economic and competitive purchase of supplies and stores, as may be necessary for the proper operation of the property and maintain such costs to the budget.
• Maintain and keep the property in good repair, which shall include the renewal and replacement of any plant, machinery, equipment, fixtures and other items eg swimming pools, gym, lighting, security equipment, Lifts, Firefighting equipment, water pumps, generator sets etc.
• We also handle the following on the client’s behalf through Overseeing the provision of various services such as:
• Gardening and landscaping.
• Garbage collection.
• Cleaning of common areas.
• Security guards alarm/radio/surveillance system/electric fence, Intercom etc.
• Pest control/fumigation.
• Lighting- external lights and common areas etc.

• Maintain a property register containing details of each lease of tenancy within the property.

• Ensure that all tenants of the property effect all rentals and service charge payments payable under their respective leases to the credit of the Client’s designated account on time.

• Ensure that all payment obligations are discharged under the respective leases and that agreements for the property are effected on behalf of the Client.

In addition to the above mentioned duties, we undertake various accounting duties as follows:-

• Maintain up-to-date Management accounts and information including details of leases entered into by the Client and agreements entered into by the Manager in connection with the management of the property accurately reflecting all transactions.
• Produce at the request of the Client detailed accounts which are chargeable as operating expenses to the property and payable by the tenant of the property and do not in any way form part of the Management fee or be charged to the Client.
• Have the accounts audited by qualified Auditors appointed by the Client once a year.
• Present Annual Budgets for the property with respect to the financial year.

ACCOUNTING SYSTEM AND PROPERTY MANAGEMENT.

The accounting software being used is Quick books and property management systems (CSPMS) on stand-alone PCs.

Accounting packages include, nominal ledger, debtors and creditors ledger, invoicing facilities and cash book system among others.

The accounting staffs that Opus Properties Limited has employed are fully conversant with these systems. We are also KRA requirements compliant.

 Our Experience

Since Opus was initially composed almost entirely of former personnel of Lonrho Properties Kenya Limited, its history and background is essentially that of Lonrho Properties Kenya Limited.

At the time that Lonrho Properties Kenya Limited ceased its operations in 1999 it had under its management properties worth Kshs.2.5 billion including the following:-

• Lonrho House
• Lonrho E.A. Pension Fund houses
• Norfolk Towers
• Toyota Kenya Foundation residential houses
• Mobil Plaza
• SCBK & SCKPF portfolios

Since inception, Opus acquired the management of the Standard Chartered Kenya Pension Fund portfolio which was managed very satisfactorily for 8 years from September 1999 to 31st August 2007.

We have also retained the management of Muthaiga Woods’s property on Karura Avenue from the year 2000 to date.

Currently, Opus continues to let and manage the following portfolios:-

• Flame Tree Park Estate –Thika – This is probably the largest High rise multi-dwelling residential estate in Thika, located on a ten acre plot off Thika-Garissa Road. It comprises 364 apartments in 30 five storey apartment blocks. We took over management of the estate in March 2011 and are managing the same satisfactorily. For rental and purchases the contact person is John Mwaura – 0720684801.
• Flame Tree Park Mall – Thika – This is a commercial complex comprising of various shops and offices to let. Part of it is occupied, some spaces available for rental.

• 197 Lenana Place – Lenana road, Nairobi. This is a state of the art 7 storey commercial complex offering approximately 6600sqft lettable space. The building has over 200 parking slots both on the ground and basement, 24hr CCTV, and security as well as an onsite borehole and back-up generator. The on site Opus contact person is, Alex Magu – 0713 129 690.

• Lenana Forest View Apartments – Ngong road, Nairobi. This is a residential estate consisting of 80 apartments in 4 five storey apartment blocks. It has a residential well maintained swimming pool, 24hr security and well manicured gardens. The on-site Opus contact person is Caroline Akinyi – 0728 664 018
• Lenana Forest View Mall – Ngong road, Nairobi. This is a commercial complex comprising of 24 offices and shops for letting.

• Sahara Ridge- Ruiru. – These are 38 town houses with parking and gardens. The contact person on call is Martin Ndichu– 0712 096 669.

• Fourways Junction Estate – Kiambu road with a mix of villas & apartments. There are four hundred and thirty five active units with parking and gardens within the estate. The onsite contact person is Simon Gitere – 0721 170 791

In addition to the above we manage several other commercial and residential properties for individual clients within the greater Nairobi Metropolitan area.

Our Proposed Fee Structure

In general our fees are in accordance with the Estate Agents Act cap 533 of the laws of Kenya under the Estate Agents (Remuneration) Amendment Rules, 2002.

Our fees are negotiable depending on individual nature of particular portfolios.

MANAGEMENT  OF  INDIVIDUAL OFFICES OR APARTMENTS:

Since the various units are owned by different individuals, it is assumed that some may be owner occupied while others will be leased to third parties.

For owners who may opt to have Opus Properties to manage their individual units our fee guidelines will be as follows;-

1. MANAGEMENT FEES

1. Residential Properties

Our proposal – 5% of Gross rental.

2. Commercial Properties

    Our proposal – 5% of gross rental income

 LETTING FEES:

1. Residential:

(i) Leases of up to one year at 5% of annual rent

(ii) Leases of more than one year at one (1) month’s rental.

(iii) In the cases of renewals at 3.5% of Gross annual rent.

2. Commercial:

7.5% of Gross Annual Rent.

1. SELLING FEES

5% of total cost of each unit sold. Negotiable but not less than 3%

Our fee proposal is negotiated depending on particular property portfolio.

We believe that we have what it takes to handle any Property Business Services. We package our services to suite our customers’ preference since we are customer oriented. We believe we can handle this professional challenge if granted the mandate. We hope to hear from you in due course.

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