Property developer wants N$48m from First Capital

A Developer involved in a 300-house project at Grootfontein claims First Capital Property Managers has deducted nearly N$48 million in alleged unlawful project management fees from clients. Tulaing Properties, now trading as Siren Partners Realtors and owned by businessman Joseph Andreas, filed High Court documents on 29 January, claiming it entered into an exclusive written agreement with First Capital Property Managers on 26 August 2021. The agreement allegedly granted the property management company exclusive rights to market plots at Grootfontein extensions seven, eight and nine in exchange for a commission of 2.5% on plot sales.

Tulaing further alleges that the agreement designated Tulaing Properties as one of six preferred developers for the construction of houses on the plots. However, the company contends that the contract stipulated that First Capital Property Managers would not be entitled to charge project management fees if it chose to engage developers other than Tulaing Properties. Court papers state that First Capital Property Managers allegedly appointed and supervised several contractors, including V-Tino Trading CC, Zhi-Hua Construction CC, Hakahama Trading CC, Lupine Trading CC and Sydney Engineering CC, to carry out construction work on the properties.