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Syokimau plot 23m
Vik
#1 Posted : Tuesday, August 25, 2009 7:02:00 PM
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Joined: 8/25/2009
Posts: 6
Hallo pple,i was offered the above property to buy,the plot measures 5 acres at the above stated price,wanted to know whether this is a good price considering that the plot is 5km from mombasa road,there is access to electricity and there other housing developments in the area

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wanyo
#2 Posted : Tuesday, August 25, 2009 7:27:00 PM
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Joined: 9/28/2006
Posts: 102
5 acres can yield appox less than 40 1/8 acre plots because of roads (my opinion)
with 23m buying,you would need to sell @ plot at approx. 575,000 to recover you buying price even not factoring other expenses. Hope this answers you.
i too
Kamaa
#3 Posted : Wednesday, August 26, 2009 6:34:00 AM
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Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
@ vik

i concur with wanyo...

1.25acre produces 10plots of 50*100...

thus,your 5 acres will only produce approx. 40 plots...

23M is purchase price excluding transfer fees,subdivision fees etc...

the big question is,how much will you be selling the 50*100 plots after subdivision?

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Pablo
#4 Posted : Wednesday, August 26, 2009 12:25:00 PM
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Joined: 3/17/2008
Posts: 567
Location: Nairobi
Just sold some plots 2.8km from the road and 70m from the murrum road. These had been on sale from Dec 08 till early Aug. The 1/8's went fetched about 580k.

I thot 1/8's 5km in at 575k would be too pricy,possibly 18M


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Blackberry
#5 Posted : Wednesday, August 26, 2009 1:43:00 PM
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Joined: 11/9/2007
Posts: 420
Location: Nairobi
i agree with the views given here ...so if you can quickly nego to about 20m the better because the prices in syokimau are really galloping.


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Opinion is free, truth is sacred.




Mr.Tea
#6 Posted : Wednesday, August 26, 2009 3:36:00 PM
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Joined: 12/4/2008
Posts: 341
Location: Nairobi
Well,you could buy land at that price for speculative purposes.Usually if the owner is selling at that price it will be pretty hard for them to slash 1m off unless they are in dire straits. Secondly,if you are thinking of subdivision,you have to factor in other costs e.g.time,money but even more importantly 10% loss in size of that land. That is a prime area whose growth-rate of habitation is exponential. Go for it.

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Marty
#7 Posted : Thursday, August 27, 2009 7:12:00 AM
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Joined: 3/31/2008
Posts: 761
Location: Nairobi
@tea,

I guess even for speculation purposes,the price is a bit too high. I'd think anything around 15M would do. Interestingly,I remember in early 2004,I came across a 5 acre piece in Syokimau going for 2.5M though then I could only afford to buy land worth 150k in instalments........back then....the area had not opened up........am imagining if I had the 2.5M,I'd be laughing all the way to the bank now........

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