GREENVILLE ESTATE-SYOKIMAU. BUY AT KES 4,950,000

GREENVILLE ESTATE-SYOKIMAU.
BUY AT KES 4,950,000

PROJECT SOLD OUT!
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3 Bed roomed [2 bedrooms ensuite] -KES 4,950,000[phase 1 only]. I Bedroomed Unit-KES 1,975,000.
The Maisonette has been designed to be easily converted into 2 separate one-bedroomed units, each unit on its own floor level [1st floor and Second floor. Ground Floor contains the car park].The purchasers of the 3 bedroomed maisonettes get two titles each for a 1 bedroomed unit. This will enable the maisonette purchasers to re-sell or mortgage 1 one-bedroomed unit in future when such need arises.

GREENVILLE Estate is located at Syokimau, 10 to 15 minutes drive from Nairobi CBD.

The estate comprises of residential unts each with direct access to the ground floor.
The individual unit comprises of living room ,kitchen, toilet cum bathroom and 3 bedrooms.The housing unit is being sold as a 3 bedroomed maisonette under sectional properties title.

Once a buyer purchases the ground floor unit, he has an option to create either of the below on the 1st floor room space:

[a] 2 No. extra ensuite bedrooms
[b] One 1-bedroomed unit [rental income of KES 12,500 per month]
[c] 2 No. Bedsitters [rental income of KES 17,000 per month]

Case Study
Currently, estates such as Buru Buru in Nairobi are already coming up with such extensions to the original houses .This shows that as time moves on, the space requirements for the original occupants changes from the time a family gets children to the time the children move out of the house.
This requires architectural designs that take care of this dynamic change in space needs.
Greenville Estate provides for this change in that the Ground floor unit has one bedroom and a provision for an extra bedspace if the population increases.

Return On Investment

The sale price is set at KES 4,950,000 for the 3 bedro0med unit.

Return On Investment

Scenario 1.

Buyer buys residential unit for owner-occupation.

In this scenario, the buyer will save on the rent that he pays in that the same rent will go to offsetting his loan faclity of purchase of the house.
The average Nairobi surburb rent for a 3 bedroomed house of the same quality is KES 30,000 per month.
This is the same ammount of money that can be used to offset a loan facility .
This will provide a good return since the owner will eventually fully pay the mortgage facility and free themselves from rent payment eventually.

Return On Investment

Scenario 2.

Buyer buys 3 bedroomed unit and Develops First floor to 2 No. Bedsitters for Rent.

In this scenario, the Buyer buys the 3 bedroomed unit at KES 4,950,000 .

The averge rent for 1 bedroomed such as this is KES 12,500 per month.

The average Rent for the Bedsitters will be :
the larger one at KES 9,000 per month and the smaller one at aKES 8,000 per month.

The total rental income for all units is =12,500 + 9,000 + 8,000= KES 29,500 per month.

This totals to KES 354,000 per year and should recoup the initial cost within 7-9 years bearing in mind that rental income increases over time and by the time the 7-9 years are over, rental income could have doubled.

20% yearly rental increase

5 years ago,rent was an average of KES 7,500 for a 2 bedroomed house in a lower middle class area such as Umoja ,Kasarani ,Athi River or Kitengela. Currently, the same rent has increased to KES 15,000 per month .
This is roughly double within a period of 5 years hence a 20% increase per year.
If you factor a 20 % increase in rent per year, the ammount will be repaid back within an average of less than 10 years.

This makes a very good Return On Investment since within less than 10 years, the buyer will be able to fully own the property and enjoy a monthly rent that starts at around KES 29,500 and increases every year by an average of 20%.

Francis Gichuhi Kamau B.Arch. U.o.N M.A.A.K[A] Registered Architect.
www.a4architect.com
+254721410684

Francis Gichuhi (692 Posts)

Architect Francis Gichuhi . B.Arch. University of Nairobi. Registered Architect, Kenya. Member, Architectural Association of Kenya. Contacts. email info@a4architect.com. Telephone +254721410684


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  3 comments for “GREENVILLE ESTATE-SYOKIMAU. BUY AT KES 4,950,000

  1. catherine mathiu
    December 10, 2010 at 6:09 pm

    can buy the houses?

  2. catherine mathiu
    March 30, 2011 at 11:25 am

    is the ground broken yet?

  3. frank
    March 30, 2011 at 3:15 pm

    Yes

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