What Ecomic Survey Did This Investor Use?

[NusuMkate]

COMPANIES
Firm gets nod for Sh480,000 monthly lease apartments
TUESDAY, FEBRUARY 25, 2020 0:01
BY JAMES KARIUKI

Lordship Africa chairman Jonathan Jackson. FILE PHOTO | NMG

Czech-based real estate firm, Lordship Africa, has secured the delayed approval to build a 44-floor residential development in Nairobi’s Upper Hill.
Lordship Africa’s chairman Jonathan Jackson said the Sh5.2 billion property, where a one bedroomed apartment will be leased at Sh480,000 a month, will be the tallest in the region received the backing of City Hall.
Mr Jackson said the fully furnished project to be known as 88 Nairobi Condominium will be ready for occupation within 36 months including a penthouse residence on the topmost floor.
Buyers will fork out Sh11.5 million and Sh35 million for one-bedroom and two-bedroom units respectively.
“It has been a challenging time for construction companies meeting the Nairobi county government’s technical planning committee to seek approvals for multibillion-shilling projects,” Mr Jackson said.
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The developments comes seven months after the committee halted its sittings, cutting construction approvals by 32.8 percent last year to Sh141 .27 billion.
Mr Jackson said Chinese builder, ZJCC Engineering and Construction Company Limited had been contracted to implement the project.

 

[Aviator]

Sh480,000 a month, will be the tallest in the region received the backing of City Hall.
Mr Jackson said the fully furnished project to be known as 88 Nairobi Condominium will be ready for occupation within 36 months including a penthouse residence on the topmost floor.
Buyers will fork out Sh11.5 million and Sh35 million for one-bedroom and two-bedroom units respectively.

480K*12=5.76m.
So, instead of paying rent for two years, just buy the damn thing.

And instead of buying a 2br, just buy 3 1brs.

 

[Afro]

480K*12=5.76m.
So, instead of paying rent for two years, just buy the damn thing.

And instead of buying a 2br, just buy 3 1brs.

Niaje?

 

[RANDY $]

The apartments have bn on sale for 2yrs plus...... the studio apartments already sold out for @7m. There is market what he is offering.

 

[Burner]

The apartments have bn on sale for 2yrs plus...... the studio apartments already sold out for @7m. There is market what he is offering.

Did they really sell out? or its that old sales trick of "few pieces left"?

In any case anyone with 480k to blow on rent alone will have significantly better options than a furnished one bedroom apartment.

 

[Okiya]

I think this project has stalled. Si iko pale karibu Israeli embassy with a show house along Ngong Road? Kshs 480,000 a month is a joke. Even GTC which will have better amenities cannot be that expensive

 

[RANDY $]

Did they really sell out? or its that old sales trick of "few pieces left"?

In any case anyone with 480k to blow on rent alone will have significantly better options than a furnished one bedroom apartment.

Yep, the last time nilikua apo showroom yao zilikua zimeuzwa zote...... the 480k a month rent is exaggerated hakuna kitu kama io that amount is enough to rent a 5 bdr house in runda sitting on 2acres of manicured gardens. The average rent for a 3 bdr house in that neighborhood is 100k.

 

[Nattydread]

Buyers will fork out Sh11.5 million and Sh35 million for one-bedroom and two-bedroom units respectively.

There's something financially unsound in this whole idea, but suckers are born evry minute. Do reporters think whike typing out such stories?

 

[shocks]

Its a marketing strategy to pull in buyers, there is a highrise hapo opposite ole sereni. They are promising buyers that a 2 bedroom unit will fetch 200k

 

[Okiya]

@shocks @RANDY $ do you think Kenya especially Nairobi will reach a point where most of these unoccupied office buildings will be converted to residentials i.e. Dubai style? Kuna buildings mingi sana idle that have no hope of ever attracting a corporate tenant.

 

[RANDY $]

@shocks @RANDY $ do you think Kenya especially Nairobi will reach a point where most of these unoccupied office buildings will be converted to residentials i.e. Dubai style? Kuna buildings mingi sana idle that have no hope of ever attracting a corporate tenant.

Its inevitable. The placement of upperhill make its an ideal location for work,play & live rather than a commercial centre....... majority of new developments in upperhill are either mixed use developments or residential developments with a bias for residential . The terms for lease for the so called grade A commercial offices are solely responsible for the low uptake. Utasikia developer anasema he wants lease an entire floor to 1 company for 6yrs at ksh140sft .

 

[mzeiya]

Nairobi Condom

 

[Magreb]

The apartments have bn on sale for 2yrs plus...... the studio apartments already sold out for @7m. There is market what he is offering.

Unatubebanga aje haki?

 

[RANDY $]

Unatubebanga aje haki?

Kiaje?

 

[X-TRAIL]

alitumia the fangi economic survey

 

[shocks]

@shocks @RANDY $ do you think Kenya especially Nairobi will reach a point where most of these unoccupied office buildings will be converted to residentials i.e. Dubai style? Kuna buildings mingi sana idle that have no hope of ever attracting a corporate tenant.

Hard to say, it all depends with how the economy performs. If we have another Kibaki style expansion we would need even more office space

 

[NusuMkate]

Kiaje?

You must be part of this cartels my friend

 

[RANDY $]

You must be part of this cartels my friend

What cartel?

 

[Sambamba]

What cartel?

Hass Consult, Knight Frank cartel. The one that keeps churning out fake and ever optimistic reports on the real estate market

 

[RANDY $]

Hass Consult, Knight Frank cartel. The one that keeps churning out fake and ever optimistic reports on the real estate market

Nope, sijafika io ligi..... but trust me kuna customers wa io project.