Greenspan well underway in Nairobi

Phase 1, 2 & 3 are complete and sold out

Greenspan Investment Limited (GIL), one of the largest property developers in Kenya, is currently building phase five of its Sh5 billion housing development in Donholm, Nairobi.

Greenspan estate, which is located along Savannah Road, off Outering Road in Donholm, combines affordability with style to create maisonettes and apartment blocks

Phase 1, 2 & 3 are complete and sold out, while Phase 4 and Phase 5 are currently on sale.

Phase 4 comprises 2 and 3 bedroom apartments while Phase 5 consists of 3 bedroom maisonettes. The apartments boast a large courtyard with lush greenery, gated secure entrance.

On the other hand, the maisonettes boast self-contained servant quarters, driveway space for two cars, solar water heaters and private rear gardens.

The 2 and 3 bedroom apartments measure 950 square feet and 1,200 square feet respectively.

In 2012, GIL announced that individuals looking to buy homes at Greenspan would be required to pay a down payment of 5 per cent of the value of the unit – down from 5 per cent.

The firm’s managing director Shirish Shah said the decision was made after an extensive market research on home ownership that showed that most people who qualify for mortgages end up wasting one or two years struggling to raise the deposit for the desired homes.

“An individual paying rent of Sh30,000 per month and has qualified for a mortgage, but has difficulty in raising Sh1 million deposit, for instance, will end up paying Sh700,000 for house rent while waiting for two years to raise the deposit,” said Mr Shah.

The prices for the homes are as follows:
2 BEDROOM
Cash – From Sh6.3M
Mortgage – From Sh6.75M

3 BEDROOM
Cash – From Sh7.3M
Mortgage – From Sh7.65m

RENTALS
The rents (achieved) are as follows:
3 bedroom apartment – Sh37,000 a month
2 bedroom apartment – Sh32,000 a month

The rental income for 3 bedroom maisonettes is Sh45,000 a month.

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