GREENVILLE ESTATE-SYOKIMAU-KES 4,950,000 per unit.

GREENVILLE ESTATE-SYOKIMAU-KES 4,950,000 per unit.

PROJECT SOLD OUT!
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3 Bed roomed [2 bedrooms ensuite] -KES 4,950,000[phase 1 only]. I Bedroomed Unit-KES 2,975,000.
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.

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.

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 and 2 other spacious bedrooms on the 1st floor .

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 upstairs to use the 2 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 use upstairs as 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.

The other competition is the Great Wall apartments at Mlolongo selling at KES 3.5m which fortunately is 100% sold out.

CONCLUSION

The price will target first-time home buyers .

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.

Francis Gichuhi Kamau B.Arch. U.o.N M.A.A.K[A] Registered Architect
www.a4architect.com
+254 721 410684
A4architect.