Altis Apartments, a posh residential eight-storey building located in upper Kiyovu area of Nyarugenge District in the City of Kigali, have been put on sale. The apartments belong to Soras Group Ltd. Also on sale are the group’s Prima 2000 apartments located in Gasabo District, according to agents handling the sales. The two properties contain over 70 apartments of varying sizes from 1- 4 bedroom. Knight Frank Rwanda, one of the country’s leading property agents who were instructed by Soras Group Ltd to sell the two properties, this week advertised the “sale by private treaty” arrangement. “Soras Group Ltd has taken a strategic decision to divest from property investments, and focus more on their core business,” said Kaka Irakiza Jr, Knight Frank Rwanda’s Head of Marketing. A sale by private treaty simply means that a property is being sold at an agreed price by the seller to the buyer without using the auction or tender process. “In this instance, the sale price expectations (by setting a reserve price) of the seller are made known to prospective buyers. In other words, the property is up for transaction, but not by auction,” explained Irakiza. Irakiza also toldThe New Timesthat this approach is used when the seller is under no pressure to dispose of the property immediately. “This is an alternative sales approach to a sale by public tender, which is usually used when sellers are trying to achieve a sale in the shortest time possible.” Asked how much the apartments are worth on the market, Irakiza explained that they were not at liberty to divulge this information publicly because they are, as expected, giving all interested buyers a fair chance to submit offers for the properties. “Our opinion of value may not necessarily reflect what the market’s opinion of value, or calculation of worth of the properties is; it could be higher or lower, and as such, we would not want to exert undue influence on potential buyers by divulging what Knight Frank’s opinion of value of the properties is.” “Market value is determined by a willing buyer and a willing seller, and we prefer to let the market determine the worth or value of the properties we are selling on behalf of our clients by the price they choose to offer.” editorial@newtimes.co.rw
