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25Th March 2021 25th March 2021 TERMS OF REFERENCE Appointment of an Independent Valuer for the Izuba City, Kigali, Rwanda Residential Development. 1.0 BACKGROUND AND INTRODUCTION The Company for Habitat and Housing in Africa, Shelter Afrique (SHAF), is a Pan-African finance institution created to uniquely support the development of affordable housing and sustainable urban development in Africa. The Bank was created specifically to mobilize financial and technical resources to address the acute housing shortage prevalent in most African countries. Shelter Afrique has traditionally focused on lending to private developers located in member countries, with only a small percentage of its loans going to governments and governmental institutions with implicit guarantees. Headquartered in Nairobi, Kenya, the bank’s shareholders comprise 44 African governments and two international financial institutions, Africa Reinsurance Corporation, and the African Development Bank (AfDB). As a development finance institution (DFI), SHAF underwrites debt, equity, quasi-equity trade finance, lines of credit and advisory products to housing providers in 44-member states, who in turn, support the efficient delivery of affordable housing and attendant infrastructure. Izuba City Project, Kigali, Rwanda is a development funded by the Company for Habitat and Housing in Africa (Shelter Afrique). Shelter Afrique wishes to appoint an Independent Valuer to confirm the property acreage at the recently completed development. The Izuba City project is located in the Gasabo suburb of Kigali City i.e., 6.0km from Kigali CBD and consists of sixty-four units (64), one, two- and three-bedrooms typologies in the form of apartments along with associated infrastructure. 2.0 OBJECTIVE An Independent Valuer will be appointed to confirm the property acreage at the development and produce the requisite report upon completion of the valuation. The appointment of the Independent Valuer will be made from a shortlist of firms or individuals. Where a firm is appointed, the staff responsible must be promptly identified and the man-hour input clearly state. The Independent Valuer shall be appointed by and report to Shelter Afrique. The appointment of an Independent Valuer shall, however, not relieve Shelter Afrique of her responsibilities as regards proper and due monitoring of all activities related to the establishment of the property acreage. The Independent Valuer shall be appointed pursuant to the relevant section of the agreement between the parties. Therefore, Shelter Afrique wishes to engage a qualified and licensed valuer to value the 4 parcels of land and residential units. The valuation is required primarily to: i. ascertain the land acreage; ii. establish the current market value of the 4 parcels of land; iii. establish the current market value of the residential units; and iv. establish the replacement costs for insurance coverage purposes. 3.0 METHODOLOGY The Independent Valuer will adopt a methodology that will ensure effective and efficient execution of the assignment. The primary role of the Independent Valuer will be to confirm the property acreage at the development’s site based on the information provided by the developer and Shelter Afrique. All the instructions by and telephone discussions with Shelter Afrique on the assignments shall be confirmed in writing. All the information collected during the assignment will remain the property of Shelter Afrique and shall not be disclosed to any third party without the express approval of Shelter Afrique. In this regard, the Independent Valuer shall sign an NDA (Non-Disclosure Agreement) and a formal contract before performing his duties. The Independent Valuer shall report directly to the Team Leader, Shared Technical Services Unit of Shelter Afrique. 4.0 QUALIFICATION The person or firm to be appointed as an Independent Valuer must have the requisite experience for the job. He should also be required to work independently and provide professional indemnity cover that may be required by Shelter Afrique. 5.0 REMUNERATION The Independent Valuer’s remuneration shall be agreed prior to engagement. It shall be fixed at the beginning of the contract and shall be paid upon completion of the assignment. The payment shall come from the project’s developer. 6.0 PROPERTY DESCRIPTION The Izuba City Residential Development is a project conceptualized to address the large affordable housing shortage in Kigali while supporting the on-going expansion of the City as per the Kigali City Master Plan. Izuba City is in a residential neighborhood with high growth potential and is surrounded by major residential areas of Gisozi, Kagugu, Gaculiro and Nyarutarama. The development site is along Kigali-Gatuna Road directly opposite the Social Security Fund for Rwanda (SSFR) Housing scheme. The development consists of Sixty-Four (64) number of residential units and associated infrastructure erected on Four (4) parcels of land; (i) UPI 1/02/10/03/1789; (ii) UPI 1/02/10/03/1791; (iii) UPI 1/02/10/03/6500; and (iv) UPI 1/02/10/03/1818 located in Batsinda, Kinyinya Sector, Gasabo District, Kigali City in Rwanda. The units are divided into blocks of G+3 floors with garbage collection point, parking lot and a guard house. The unit types are shown below: Description No of units Size 1 bedroom 16 51 square meters 2 bedroom 8 76 square meters 2 bedroom Executive 24 85 square meters 3 bedroom 16 106 square meters 64 6.1 Status Upon completion, it was essential to consolidate and subdivide the existing land titles to facilitate issuance of condominium titles and register mortgages over the resultant condominium titles. Consequently, a waiver of mortgage agreement was entered into between Shelter Afrique and Izuba City on 31st May 2019. The temporary waiver was made on the following land titles: UPI NO. MORTGAGE REGISTRATION NO. UPI 1/02/10/03/1789 016989/2016/ORG UPI 1/02/10/03/1791 016978/2016/ORG UPI 1/02/10/03/6500 016990/2016/ORG UPI 1/02/10/03/1818 000044/2017/ORG 7.0 SCOPE OF WORK The assignment shall be performed within a period of Seven (7) calendar days or less as per the following terms of reference to: a. ensure that the Properties are identified by search details at the Land’s Registry. b. obtain survey and/or deed plans of the Properties from the Land Survey office and confirm conformity with the Properties. c. determine the outstanding rates and/or rent on the Properties (if any). d. determine any encumbrances on the Properties. e. carry out a valuation of the 4 parcels of land to establish the acreage. f. carry out a valuation of the residential units to determine current market and forced sale values, based on comparable in the vicinity. g. provide a breakdown of the valuation as follows: i. value of each unit (each apartment); ii. value of each block of apartments; iii. value of the project; and iv. total value of all the residential units, enhancements and land. 7.1 Deliverables The deliverables are: i. a report on the sale-ability of the apartments in the context of Kigali’s residential market with proper comparable for ease of reference and further due diligence. ii. a valuation report showing current market values and forced sale values. iii. two (2) bound copies of the final valuation reports of the properties including the 4 parcels and residential units. iv. any other advice, and report on any miscellaneous matters that may arise during the valuation exercise. 7.2 Place of Performance The fieldwork will take place in Batsinda, Kinyinya Sector, Gasabo District, Kigali City in Rwanda. 8.0 DOCUMENTS TO BE INCLUDE IN THE SUBMISSION If you have the required qualifications and are interested in this engagement, please submit: 8.1 A Technical Proposal: The Technical Proposal should include the following: i) Introduction or company profile. ii) Description of the previous work done. iii) CVs of the Independent Valuer Firm’s Team Leader and other senior managers. iv) The Company registration, statutory regulations, and requisite qualifications. 8.2 Financial Proposal A comprehensive financial proposal should be presented separately from the technical proposal. The financial proposal should indicate a breakdown of all the costs for the Independent Valuing services. The proposed fee should be inclusive of ALL considerations. 9.0. EVALUATION CRITERIA: The selection will be based on 80% technical and 20% financial (cost). Shelter Afrique however reserves the right to negotiate with selected consultant his/her remuneration in line with the budget. 10.0 SUBMISSIONS Proposals should be sent by email to [email protected] with subject as response: RESPONSE TO IZUBA APPOINTMENT OF AN INDEPENDENT VALUER FOR THE IZUBA CITY RESIDENTIAL DEVELOPMENT. Or submitted in a sealed envelope addressed to the Head of Human Resources and Administration at the address below, not later than 2nd April 2021 at 1700 hours. Head of Human Resources and Administration Shelter Afrique, Longonot Road, Upper Hill P.O. Box 41479 - 00100, GPO Nairobi, Kenya. Tel: 254-20-2722305-9 Fax: 254-20-2722024, 2721211 For any clarification contact us via [email protected] Yours Sincerely, Victor Laibuni, Head of Human Resources and Administration. .
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