Mi-Vida, the youngest real estate firm in Kenya has dominated the market with a newly launched project that is expected to use Ksh 12bn. The development of this housing is set to target the middle-income segment in Kenya, which is the largest population in Kenya. The project was launched last year in July, setting the construction into motion.
The location of the project is on Thika road, near the famous Garden city mall. In partnership with Mi-Vida is Actis, a leading growth markets investor across Africa. The construction of the project has 3 phases, with 624 units in total. The units range from 1,2 and 3 bedrooms on 4.5-acre land, next to the Garden city mall. Besides, more than an acre will be dedicated to gardens and other amenities.
Last year, the company received an award in the category of real estate developers and agencies at the Kenyans home expo that was held in Nairobi. This is a pointer of how good the company is doing, having been the newest in the market. Mi Vida CEO Chris Coulson said on the sidelines that it was a great honour for the company to have won the award, barely 4 months after launching the big project.
The CEO also added that the award was a vote of confidence in the company’s work and its business strategy. “ Mi Vida is a game-changer in the market,” he added.
The high demand for quality affordable homes versus the low supply for the middle-income segment in Kenya has seen the company sell 25% of its product as off-plan in less than two months after its launching. The company hopes to build over 2000 homes around, all being affordable for the middle class in Kenya.
Mr Coulson attributes the success of the company to a pre-launch market survey that was conducted by Actis and SPRE(Shapoorji Pallonji Real Estate) that gave them an idea of the constraints within the residential market in Kenya. This was because they were entering a new market, hence the need for local knowledge and expertise. During the survey, they interviewed over 400 Kenyans who were actively on the look for apartments to purchase. They then used the feedback as the backbone of their product suiting the needs of these Kenyans.
Some of the issues raised by those who were interviewed were location, price, amenities, quality/design of construction and finishes, car parking, security and funny enough, the size of the balcony.
The company also has plans for preferential mortgage products. This will make their product even more affordable to the interested home buyers, a deal you can resist.
Mivida is fully funded hence does not rely on off-plan sales to keep the construction going as many of the local developers do. It has successfully invested in Garden City Mall, Nairobi Business Park and the recently launched Nairobi Gate Industrial Park.