Win My Paradise
How would you like to win your own beach house in paradise? This is what is on offer in this property competition, the first as far as we know offering property in Kenya. The prize is a plot of land plus cash to build your dream.
Launched: 30th September 2020 Closes: 30th September 2021
Location: Lamu, Kenya,
House Value: £850000 (8 Bedrooms)
Ticket Price: £11.00 (Free Entry Available)
Minimum Ticket Target: 350000 Tickets Sold: Unknown
Cash Alternative: 50% of ticket sales (after fees)
Referral Scheme: Yes (£10,000 Reward)
This is an unusual property raffle in that the property doesn't exist. Instead the prize on offer is the title deed to Kisiwa Kitau valued at £450,000 and £400,000 cash which can be used to build a pre-approved, luxury 8 bedroom beach house. According to the promoter of this competition that means the total prize value once the beach house is built is £3.5m. We've set the valuation to £850,000 to reflect the basic prize - not the potential valuation. According to the terms this competition briefly launched in December 2019 but due to Covid has been held back until being relaunched at the start of October 2020.
How To Enter
The location of the home will be on an idyllic hideaway on a remote island in the Lamu Archipelago, Kenya. Plans have already been made up for the property which will have 8 bedrooms, a 21m swimming pool, cinema room, gym, and even private plunge pools for each of the ground floor suites. Note that the property is leasehold for 99 years. The promoter hasn't given any costings for managing such a property and whether any additional costs will befall the winner if the title deeds have been signed over.
To enter the raffle you need to answer a multiple choice question about Lamu. We advise that you Google the answer because as far as we know you're not told if your answer is incorrect. Select your answer, complete your details and then make your purchase to enter the draw. Entrants have an option to donate a further £1 which will be donated to Sheldrick's Wildelife Trust. A free no purchase necessary postal route is available and this is on a well laid out page giving you all the details needed to take this option.
350,000 Ticket Sales
UK based Karl Knight hopes to sell 350,000 tickets (total revenue £3.85million although this does including booking fees) to conclude the draw. At various sales targets holidays to to visit Kisiwa Kitau will also be offered. If insufficient tickets are sold then the winners will receive a cash prize. According to the FAQ this will "be equal to the total amount of payments received minus reasonable costs, not to exceed 50% of net payments received". A referral program is in place. Entrants can use their unique links to advertise the competition for the chance to win £10,000. This will only be paid out if the competition completes.
An 8 bedroomed property on a desirable piece of real estate in paradise sounds a wonderful prize. However all is now well in paradise. The prize is actually the land worth £450,000 and then hopefully the build of the property which is done with the £400,000 cash. This seems a risky strategy and who knows what other costs the winner could incur overseeing a build. However the promoter is basing ticket sales on the potential valuation which we think is incredibly greedy. The £11 ticket price is also quite high when compared to other competitions. Overseas property competitions tend not to do well and we suspect that this one with over priced tickets, an excessive profit target and no property built will not change that.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Please do your own due diligence before entering! A link is not an endorsement and sometimes no link may be available. In some cases Loquax may earn a referral fee from sales. We strongly advise that you check terms and conditions before deciding to enter. Map location is approximated by Google based on postcode.
Win My Paradise Discussion
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