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Olonyori Estate - Syokimau/Mlolongo
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jaggernaut
#11 Posted : Wednesday, January 08, 2014 3:20:10 PM
Rank: Elder

Joined: 10/9/2008
Posts: 5,389
I had visited the area some time back and viewed the apartments and also some land, and sought views here regarding the investment and this is part of the advice i got:

http://www.wazua.co.ke/forum.aspx?g=postmessage&t=27052&f=3&q=497105

a4architect.com wrote:
jaggernaut wrote:
@all, I wanted the (syokimau) land for speculation purposes. The land is 1/4 acre quoted at 4m but it's basically a waterlogged swamp at the moment. Also 3brm Greatwall apartments near mbs road are selling at 4m. Some nice apartments (Olonyori) neighbouring Greatwall are also going for 4m and one can rent out immediately at about 25-30k. So which is the better investment.........the land or the apartment?


@jaggernaut, the best way to make this decison is to calculate your ROI for both.
In the case of land, it appreciates at a rate of say 30% per annum.

The 4m land will be worth 8m in 3 to 4 years, hence a good ROI.

Land will also give you a starting base to construct up to 30 3 bedroomed apartments in future/

For the building, the rate of appreciation is much lower. The rent is 360k per year. The ROI =11 Years.
The building is limited to further additions/developments.

Using these points above, you can decide wisely.
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Chaka
#12 Posted : Wednesday, January 08, 2014 4:13:10 PM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
propertyzote wrote:
The project having been done by Pam Goldings, somewhat scored low. The neighborhood is good, well spaced blocks. The down side is the bedrooms are quite small. Sitting room and Kitchen are acceptable. But then again the balcony is in the master bedroom. Kitchen has a washing area. The stairways are spacious but dark. I can share photos if you like. Unless you want to tie down your cash. I agree with Bizbyte Greatwall 3br (phase 3) is a better deal. Or you can settle for 2 bedroom in five star.

Where is five star?
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a4architect.com
#13 Posted : Wednesday, January 08, 2014 4:15:03 PM
Rank: Veteran

Joined: 1/4/2010
Posts: 1,668
Location: nairobi
Ericsson wrote:
@a4architect.com;
In Nairobi there is a very big mismatch.The prices grew faster than the rent so to get benchmark of 15 years very very hardd


@erickson..true..the land component in property grows faster than the rent , and building materials. Eg cement price has been at kes 700 per bag for last 4 years now , same with rent but land price has nearly doubled everywhere around nairobi last 4 years.
As Iron Sharpens Iron, So one Man Sharpens Another.
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reddevil
#14 Posted : Wednesday, January 08, 2014 4:19:34 PM
Rank: Member

Joined: 9/24/2008
Posts: 235
Chaka wrote:
propertyzote wrote:
The project having been done by Pam Goldings, somewhat scored low. The neighborhood is good, well spaced blocks. The down side is the bedrooms are quite small. Sitting room and Kitchen are acceptable. But then again the balcony is in the master bedroom. Kitchen has a washing area. The stairways are spacious but dark. I can share photos if you like. Unless you want to tie down your cash. I agree with Bizbyte Greatwall 3br (phase 3) is a better deal. Or you can settle for 2 bedroom in five star.

Where is five star?


Chaka,
If you know where the new Naivas mall is being built, I think formely many years back it was a club cannot quite remember the name, or better still where you see the bill board "welcome to Machakos county" there is a road to your left.
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premio
#15 Posted : Thursday, January 09, 2014 10:40:16 PM
Rank: Member

Joined: 5/31/2009
Posts: 226
If am not wrong Olonyori is 4.25m and the seller is selling block by block. in my own opinion Olonyori by far outshines all nearby development like everest valley and sunshine paradise( 10KM further down) in terms of top quality finishes. the green areas is almost 1/2 an acre. in 2years prices will be at 6.5m as soon as the mall is done dualling of nairobi machakos highway plus the nearby green terminal. GREATWALL p3 3 bedrooms for cash buyer looks fair inside the apartment but the exterior building structure looks like a cdf school. Even at 4m completion is feb 2015 and might go further while olonyori is ready for accupation
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maka
#16 Posted : Friday, January 10, 2014 12:29:49 PM
Rank: Elder

Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
premio wrote:
If am not wrong Olonyori is 4.25m and the seller is selling block by block. in my own opinion Olonyori by far outshines all nearby development like everest valley and sunshine paradise( 10KM further down) in terms of top quality finishes. the green areas is almost 1/2 an acre. in 2years prices will be at 6.5m as soon as the mall is done dualling of nairobi machakos highway plus the nearby green terminal. GREATWALL p3 3 bedrooms for cash buyer looks fair inside the apartment but the exterior building structure looks like a cdf school. Even at 4m completion is feb 2015 and might go further while olonyori is ready for accupation


@Premio phase 3 is the one being completed was there the other day....2 more months roughly...it was supposed to be over by Nov last year...




possunt quia posse videntur
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a4architect.com
#17 Posted : Friday, January 10, 2014 1:41:29 PM
Rank: Veteran

Joined: 1/4/2010
Posts: 1,668
Location: nairobi
premio wrote:
If am not wrong Olonyori is 4.25m and the seller is selling block by block. in my own opinion Olonyori by far outshines all nearby development like everest valley and sunshine paradise( 10KM further down) in terms of top quality finishes. the green areas is almost 1/2 an acre. in 2years prices will be at 6.5m as soon as the mall is done dualling of nairobi machakos highway plus the nearby green terminal. GREATWALL p3 3 bedrooms for cash buyer looks fair inside the apartment but the exterior building structure looks like a cdf school. Even at 4m completion is feb 2015 and might go further while olonyori is ready for accupation


Laughing out loudly Laughing out loudly
As Iron Sharpens Iron, So one Man Sharpens Another.
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mungaits
#18 Posted : Sunday, January 12, 2014 10:10:11 AM
Rank: Member

Joined: 9/20/2007
Posts: 252
Finally visited the property yesterday.

Very impressive compared to nearby developments.

My take after the visit;

Pros
- well spaces within the compound with lots of green areas, parking and play areas for kids (It has a homely feeling!)
- nice and simple design with good use of space (90m2)
- big windows resulting in lots of natural light and air flow
- all units are 100% complete, 70-80% sold with about 20% occupation
- potential good rental income, approx 25k
- compared to nearby and even slightly further (Athi river) developments, it's rooms are bigger and the price (4.25m) is very competitive

Cons
- poor accessibility, "Beijing road" is incomplete
- near a dam/swamp, mosquitoes menace
- dark stair case as it's in the middle of the block
- no provision for hanging/drying clothes!
- balcony is in the bedroom, norm being in the sitting room (debatable)
- selling processed not well organised, person in charge of selling lack sales person skills
- it's kinda isolated, no adjacent properties (thinking of security in numbers)
- ideal for young/small families ( guest will have to sleep on the couch)
All in all, I like the place and reserved one unit!

Now the painstaking process of seeking a mortgage!

Asanteni
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Chaka
#19 Posted : Sunday, January 12, 2014 10:59:48 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@mungaits,
Are you intending to stay there or rent?What about water supply and sewerage?
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mungaits
#20 Posted : Sunday, January 12, 2014 7:31:31 PM
Rank: Member

Joined: 9/20/2007
Posts: 252
@ Chaka

I intend to rent it out.

The water supply is good, they have a big 100k lt raised tank, underground tanks and 1000l tanks per house.

They have a sewer system but am not sure where it's connected to.

Asante
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