GREENVILLE ESTATE-SYOKIMAU-KES 1,900,000 per unit
GREENVILLE ESTATE-SYOKIMAU-KES 1,900,000 per unit.
LOCATION Greenville estate is located in Syokimau, 15 minutes drive from Nairobi CBD.
Syokimau Estate is situated 10 -15 minutes drive [17 km] from Nairobi's Central Business District along Mombassa Road. The estate is served by an all weather road with the site of the proposed construction being found approximately 1.1 kilometers off the recently upgraded Mombassa Road. The estate is connected to the mains water supply from the Mavoko Municipal Council and also has easily connected electricity supply from KPLC.
The immediate locality consists of subdivisions each measuring an eighth an acre. Developments in this area are predominantly single family residences. The occupancy is predominantly homeowners. The majority of the buildings here are of reasonably well constructed and maintained.
The Project targets the Low to Middle income bracket of which the majority of potential home-owners who can afford mortgage repayments of approximately KES 15000 per month belong to.
Recently, Kenyan Parliament approved the demolition of old dilapidated housing estates in Nairobi Eastlands. This will pave way for high-rise residential flats. The addition of these new units will affect the housing prices around Nairobi resulting to lower prices especially in the high and upper middle class market.
Forward Planning
For example, the recent completion of Nyayo Estate in Embakasi has reduced the rents of surrounding individual buildings to KES 15000 for 2 bedroomed from a high of KES 22,000 due to the injection of new high-quality 3 bedroomed housing units within the Nyayo Estate renting out at approximately KES 23,000 per month. Source: www.hassconsult.co.ke
Another example is in the City of Sesena in Spain. An influx of high-rise low cost residential units by Developers has resulted to a Ghost town with numerous housing units un-occupied. Source: news.bbc.co.uk
Guaranteed Future Value increase
Therefore, the Greenville units which offer low density occupation [ground floor + 1 level] will still offer value to buyers and continue with an upward increase in value since this is not in direct competition with high-rise flats which offer high-density occupation. It's therefore prudent for buyers to purchase low and develop the property further as the value increases as planned and architecturally designed within the Greenville Estate.
THE PROJECT The project comprises of 5 No. residential units. Each unit has been designed to accommodate 1 bedroom on the Ground floor with a provision of creation of an extra bed space within the same floor.
This will enable the occupants to be able to accommodate more persons in case the family unit increases.
Further, the building has been designed and approved by the Local Authority for an extension to create 2 more ensuite bedrooms upstairs.
This will enable the owner to create more bedrooms in case the family unit increases in the later years.
The upstairs extension has also been designed to be easily converted into 2 No. self-contained bedsitters or 1No. One-bed roomed house in case the owner requires extra rental income in future to offset his mortgage repayments.
Property Value Appreciation
Land prices are rapidly increasing in Nairobi due to the fact that the population is increasing while land remains constant.
An eighth of prime land close to Mombasa road at Syokimau costed KES 400,000 in 2006. The same costs KES 1,700,000 currently. This is a change of 425% in the last 4 years [approximately 100% yearly].
This means that on average, the land costs will continue to increase each year.
Therefore, buyers who purchase these units now will have the advantage of their property increasing in value yearly such that when they decide to develop the upstairs bedrooms/rental units, the value of rental income will be proportionately high.
Flexible design
Each unit has been designed in such a way that an extra second bed space can be created adjacent to the Kitchen area in case there are guests to be accommodated. This extra second bed space can also be used in future as the family unit grows. When not in use as a bedroom, this space is used as a dining room or kitchen extension.
Use of creative furniture
Sofas that are easily converted into beds are now affordable and readily available in our supermarkets at costs of about KES 8,000. Such furniture is recommended to be used in the bed space area adjacent to the kitchen in the Greenville unit's ground floor.
Upstairs.
Each unit is further designed and the drawings approved by the Local authority such that as the family unit grows, a further 2 ensuite bedrooms can be added upstairs.
Potential for rental income on upstairs room extensions.
The owner has a choice to either create an extension to the Unit by adding upstairs to create 2 more bedrooms or to create 2 No. bedsitter units or 1 No. one-bed roomed unit for rental income.
The design accommodates the addition of these extra rooms while the owner continues to live within the same house i.e. the upstairs construction will not interfere with the Ground floor spaces.
The design is in such a way that the owner can choose to reside on the Ground floor and rent the upper floor [2 bedsitters or 1 No. One bed roomed unit].
This way, the owner can comfortably kill two birds with the same stone-live in a house while at the same time get rental income from the same.
The overall theme of the development would be one of maximizing on the owner's income potential whilst maintaining reasonable individual privacy within a Green Sustainability' architecture.
Auxiliary features include
-ability to create Second bed space at the ground floor
-ability to create 2 more bedrooms or 2 No. bedsitters or 1 No. One-bed roomed unit upstairs
-paved walkways and 5 car parkings
-extra rain-water storage
-front landscaped irrigated gardens
-outdoor kitchen backyard
The country ambience is further enhanced by having strategically planted palm trees which would serve the added role of acting as wind and dust breaks.
MARKET DESCRIPTION
Given the proximity of the site to Nairobi's CBD , Jomo Kenyatta International Airport as well as the good communication available along Mombasa road, the site would realize good returns on a multi family residential development.
The planned development maximizes this potential by creating accommodation that is spacious whilst at the same time making optimum use of the space available. At the moment, developments in this area are notably the Tamarind Estate[KES 7.5 m per unit] , the Great Wall apartments[KES 3.5m per unit] and 360 housing selling at KES 3m per 2 bedroomed unit.
Trend
The current trend of the property market is such a way that developers are moving towards middle to low income segments of the market which constitutes of the bulk of the potential customers.
The Great Wall Apartment initially selling at KES 3 Million is now 100% sold out.
This Project caters for first time home owners who can comfortably afford mortgage repayments of approximately KES 15,000 per month.
COMPETITION
In the locality of the planned development, there exist several properties which are either owned by the residents or are rental properties. The closest competition perhaps comes from neighbouring Apartments which are currently selling at KES 3 million per unit. These are however not competitive in terms of pricing since they are priced KES 1.55 Million higher than the Greenville Units and do not offer the ability to develop further and create more bedrooms or rental units.
The other competition is the Great Wall apartments at Mlolongo selling at KES 3.5m which fortunately is 100% sold out.
SALES PROJECTIONS
The price will target first-time home buyers who can easily afford a mortgage repayment of KES 15,000 per month which is the average rent that they pay in the same neighborhood.
Rent at the Great Wall apartments for a 2 bedroomed unit is between KES 15000 to KES 17000 per unit monthly.
Since these units have own access to the ground floor [not congested as in flats], they offer a higher quality of living than high-rise flats.
The sale price is Lower than all the Apartments on sale in the neighbourhood . Therefore, buyers should take up this chance of owning their dream house at the mortgage price of the current rent of KES 15,000 in Nairobi suburbs.
Conclusion
With the same rent amount that the average 2 bedroomed house in the Nairobi suburbs costs [kes 15,000 per month] buyers can now get to own their house at the same mortgage repayments [kes 15,000 per month]. All they need to do is negotiate with their bankers for a mortgage at a good interest rate of around 12% interest over a period of around 20 years .
Francis Gichuhi Kamau B.Arch. U.o.N M.A.A.K[A] Registered Architect www.a4architect.com +254 721 410684 A4architect.
GREENVILLE ESTATE-SYOKIMAU-KES 1,900,000 per unit
By: Frank Gichuhi
Home remedies to treat smelly feet Take the Help of Real Estate Services for Those Lucrative Investment Opportunities Reverse Home finance loan For Higher Benefit Homes Nearly More than Best Tool For Burning Your Home Made Video To Blu-ray Wall Decor and Home Accents Ideas Hire Chair Covers – Chair Cover Hire Services, Hire Cheap Chair Covers for Wedding, Birthday Parties Jogging is one of the best home exercises without weights Sideboard Furniture Five ways to alleviate credit card debt Ultimate Male Enhancement Penile Male Enlargement Exercises - Why These Simple Exercises Are Superior To Pumps Weights Or Surgery How To Get A Bigger Penis Naturally Making My Penis Bigger The Natural Way With No Pills Pumps Potions Or Surgery Secret Exercises For Natural Penis Male Enlargement 2 Tips For Home Based Penis Male Enlargement Penis Enlarger Pumps Naturally Tighten Your Vagina So As To Start Enjoying Supremely Explosive Sexual Pleasure Once Again