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Olonyori Estate - Syokimau/Mlolongo
Rank: Member Joined: 9/20/2007 Posts: 252
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Hi Wazuans, I saw the houses in Olonyori Estate on the property show last week and I must say they are quiet impressive. A 2 bedroom apartment going for 4m looks like a bargain considering other nearby properties. Even better the units are ready for occupation and the potential rent is 25,000 per month. Link; http://www.heritanproperties.com/#!olonyori-estate/cciv Has anyone been to the place, kindly share your thoughts. I will be visiting the place this weekend and will also share my findings. Asanteni
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Rank: New-farer Joined: 5/25/2010 Posts: 27 Location: Nairobi
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Been there, they are quite nice. Good finishes. Slightly larger than Greatwall phase 1 (2br). 25k is the going rate but most blocks still empty, the going rate might reduce as competition for tenants increases.
At the purchase price of 4M though one can get away with a cash purchase of Greatwall 3br (phase 3) which I would consider to be a better buy.
cheers
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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@25k/month rent translates to a payback period of about 13 yrs!. This is quite a poor rate of return esp considering future repairs and maintenance for a rental property. Better value if used for own accommodation "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Member Joined: 8/25/2010 Posts: 283 Location: Nairobi
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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. www.propertyzote.com the ultimate ‘one stop online shop’ of choice connecting more people with more properties at the click of a button
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Rank: Member Joined: 2/1/2010 Posts: 272 Location: Nairobi
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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. I also noticed this about the design. Would have been better to move it to the sitting room and allocate more floor area and closet space to the master bedroom The harder you work, the luckier you get
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Rank: Veteran Joined: 11/17/2009 Posts: 2,038 Location: GA
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Gathige wrote:@25k/month rent translates to a payback period of about 13 yrs!. This is quite a poor rate of return esp considering future repairs and maintenance for a rental property. Better value if used for own accommodation and those monthly management fees .How much is being paid here
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Rank: Elder Joined: 12/4/2009 Posts: 10,696 Location: NAIROBI
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@Gathige; The payback period at 13 years is good. In most estates/residential property the average is 18 years Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 1/4/2010 Posts: 1,668 Location: nairobi
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Internationally, 15 years is the standard bench mark for real estate ROI. http://www.a4architect.c...ial-projects-in-nairobi/As Iron Sharpens Iron, So one Man Sharpens Another.
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Rank: Elder Joined: 12/4/2009 Posts: 10,696 Location: NAIROBI
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@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 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Member Joined: 9/20/2007 Posts: 252
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Thanks guys for your views and thoughts.
I will visit the development kesho and will also share my findings.
Asanteni
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Rank: Elder Joined: 10/9/2008 Posts: 5,389
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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=497105a4architect.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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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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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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Rank: Veteran Joined: 1/4/2010 Posts: 1,668 Location: nairobi
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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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Rank: Member Joined: 9/24/2008 Posts: 235
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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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Rank: Member Joined: 5/31/2009 Posts: 226
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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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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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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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Rank: Veteran Joined: 1/4/2010 Posts: 1,668 Location: nairobi
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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  As Iron Sharpens Iron, So one Man Sharpens Another.
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Rank: Member Joined: 9/20/2007 Posts: 252
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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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Rank: Elder Joined: 2/16/2007 Posts: 2,114
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@mungaits,
Are you intending to stay there or rent?What about water supply and sewerage?
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Rank: Member Joined: 9/20/2007 Posts: 252
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@ 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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