KAMPALA-UGANDA/NEWSDAY: Property mogul, Joseph Yiga Magandazi aka JOMAYI Property consultants is headed for a total collapse after six of his remaining assets were Friday, May 19 advertised for sale in Daily Monitor.
It comes after he bitterly fought but failed to secure his master card property, Yiga Chambers on Plot 20, Old Kampala Road which he lost two years to businessman Godfrey Kirumira’s family.
Jomayi a popular philanthropist earned a name and won awards for his genorous sponsorship of Motor Sport and has for over years supporting and donated land to Buganda Kingdom’s Entanda Ya Buganda where until 2019, he donated land to Omuzira Mu Bazira , winner of the Luganda language competition.
Jomayi has also become a household name for his sale of cheap plots among the hundreds of estates along every road road leading into the city. The company rose to prominence with its flagship estate at Nalumunye in Wakiso just outside Kampala.
In 2012, Jomayi bought 200 acres of land from Gen Tumukunde in Bujuuko at Shs.3.5bn on agreement Jomayi occupied the land immediately and subdivides it for resale.
Magandazi paid Shs.2.6bn but according to Jomayi in an interview in 2015, Tumukunde declined to surrender the land title.
Jomayi Property Consultant woes started in 2016 when in May that year, Centenary Bank ran advertisements of intention to sell off Jomayi’s mortgaged assets unless it cleared an outstanding loan of Shs1.5 billion. He fought off the sale then.
Without God’s hand, Jomayi may join other real estate dealing companies that have closed including Hossana Estates, Ms Rabbai, and Paflo over bad economic forecasts in the country. These follow the demise of Property Masters about a decade ago and expose challenges that proprietors in the segment grapple with.
On Friday several adverts were run in Daily Monitor slapping a 30 day ultimatum to Jomayi to pay up bank debts or his assets would be sold within 30 days.
The advertised assets were under Jomayi’s subsidiary company- Jomayi stones and these are mainly located in Mukono in Kyaggwe.
Jomayi Property consultants is a real Estate development company that started in 1997under the guidance and leadership of its visionary founder and Managing Director Mr. Yiga Magandazi fondly referred to by those close to him as Muzei.
Initially located down town Kampala the company has grown from sharing space with well wishers in a single room office to renting premises at Sisa arcade in Kampala’s central business district to now since 2006 moving into its own expansive offices at Old Kampala on a multi storied building called Yiga chambers on plot 20 Old Kampala road owned by the company itself.
Starting with plots in Namugongo, Jomayi bought 2 acres of land in Najeera, Buwate and another 3 acress in Namugongo. Two years later in 1999 as the company started to grow steadily. Three years down the road in 2002 Jomayi had acquired another 15 acres in Seguku Katale as the business started breaking even.
By 2005 the company had become one of the key players in Uganda’s real estate industry and managed to acquire over 500 acres of land that had been put up for sale by Uganda Investment authority. This was the turning point for Jomayi and the company placed itself as number one real estate mover in Uganda. As of October 2013, Jomayi has been having 95 estates country wide since inception.
Jomayi has established over 100 estates of land all around the country with pioneering the concept of estate development in Mbarara Town Western Uganda in 2012. Clients have been pleased by the organization of the estates from good security, recreation centres, health facilities, power, water on top of good access roads. This has enhanced clients attracting their folks to the company and we since inception, we have issued over 20,000 land titles.
To the economy, Jomayi has created employment for a record vigorous and enthusiastic-experienced 500 people directly in its various businesses and has contributed immensely to the national coffers through paying taxes.
As the company has been growing under the visionary leadership of Mzee Yiga, the founder and Managing Director; the team has expanded and opened other subsidiaries that are aimed at making Jomayi a one stop centre for all one’s real estate and construction needs after a thorough needs assessment.
In 2007, Jomayi Construction Company was launched to help those who buy plots in the estates put up good houses fast and also offer construction services and road works services among others. The company does estate planning and servicing; provides building estimates, land surveying, architectural services, land documentation, project planning and earth works.
In late 2008 Jomayi stones and concrete limited was born. The company has a rich quality stone quarry seating at over 300 acres of rock in Mukono district. On this is a specially imported stone crushing and blasting machine manned by experts from Korea to provide all grade of stone for all construction works including gravel, aggregate, floor and wall slates, steel stones in variable colours like black and green, granite stones for different products like kitchen tops, cabs for pavements, bricks, pavers and wall tiles among other products. It has outlets at Namanve Stone Centre and Yiga Chambers the Jomayi group head Office.
Jomayi water, a firm that harvests water from underground and supplies it around Mukono and Nalumunye estates was established. Plans to expand it further into other estates are ongoing. The company also intends to work with National Water to supply water to nearby places that they can’t reach.
A hardware, registered as Jomayi Hardware Centre was started in November 2011 followed by Jomayi Paints in 2012 all to complete the dream of providing a full home establishment service.
A low cot school, St. Josephat Kabaga Kitagobwa in Mpererwe, was set out to ofer subsidized education with much reduced fees. We give free transport for day scholars to and from school as well.
Jomayi Real Estate consultants has built a reputation as a leader in real estate for 16 years. Working under strict principle, genuine and quality services, we have set out products favorable for enhancement of the dreams of every common man. From products like hire purchase to incentives like givebacks on certain amounts of money brought into the company, there is reason for everyone to come to Jomayi.
Jomayi initiated a product of opening up accounts for clients to enable them save slowly until you have enough money to take the building materials you want.
Jomayi has established a number of partnerships which include partnering with Centenary bank to help clients purchase land with bank loans and get mortgages to build their houses as well.
THE company has also partnered with UPDF savings SACCO Wazalendo to help soldiers acquire affordable land and build houses too.
In the same vein, the Mild May Centre Entebbe road through their SACCO are being to helped acquire land and build houses too on top of many other partnerships we have with different organisations and institutions around the country.
For Jomayi, its not about eating up all the money without giving back to the community. Under our Coporate Social responsibility we are supporting different spheres of activities in the society like the Uganda police; religious organizations; cultural organisations and social life. We have a team of rally cars-the Jomayi Rally Team comprising of prized racers;Ronald Sebuguzi, Shafik Ssemujju and Ortega.
Jomayi also sponsors the famous Ebonies drama group in their productions. As well as sponsoring a number of surgeries for ailing patients who need expensive specialized treatment both locally and abroad among others.
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