NEW PROPERTY DEVELOPER – MI VIDA – TAKES KENYA’S RESIDENTIAL MARKET BY STORM
30% of phase one units sold in two months
First 208 one, two and three bed apartments to be built within popular Garden City development
Nairobi’s middle-income home buyers targeted with great value offers
After launching in Nairobi in July 2019 to a fanfare of publicity, new residential property developer Mi Vida went on to sell 30% of its first phase units off-plan in two months of opening its doors, and snapped up the ‘Best New Entrant into the Kenyan Real Estate Market’ Award at the Kenya Homes Expo 2019 in October.
The apparent instant success of the exciting new brand is due in part to its impressive pedigree, backed by two well-known investors and real estate developers, both with enviable track records in their own rights. Mi Vida, which means ‘my life’ in Spanish, is a KSh 12 billion joint venture between Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates and Actis, already well-established in the Kenyan market and a leading growth markets investor across Africa, Asia and Latin America.
Shapoorji Pallonji Real Estate has a wealth of both commercial and residential development experience spanning 150 years, including a successful middle-income brand for the Indian housing market, Joyville, which today is developing over 13,000 new units. Actis has an excellent local track record in real estate development in Kenya having successfully invested in Garden City Mall, Residences and Business Park, Junction Mall, Nairobi Business Park and the recently launched Nairobi Gate Industrial Park.
Speaking at the recent Kenya Homes Expo, Chris Coulson, Mi Vida CEO, said, “Mi Vida is a game changer in the market and the Best New Entrant Award is a true vote of confidence for us. It shows the trust that the market has in terms of our track record and in our overall business strategy. Our promise to our customers is we deliver quality homes on time, at prices that middle income families can actually afford, and we will make sure we honor that promise.”
Mr. Coulson went on to say, “It’s important to recognize that Mi Vida is well-funded, which means we’re not solely relying on off-plan sales and sales revenue to start and fund the project, which is rather unique in today’s market.”
Mi Vida stands out from the rest of the local development crowd because it is specifically targeting middle-income homebuyers and investors with value-for-money residential offers with over 2,000 new homes due to be built in Nairobi, with a guarantee of on-time delivery and without compromising on design or quality.
Before launching Mi Vida, Actis and SPRE were careful to undertake a pre-launch market survey that gave vital insights into the opportunities and constraints within the Kenyan residential market. The partners found that there is still a strong underlying demand for quality homes in the middle-income segment, which is not being met.
“When entering any new market, having local knowledge and expertise is indispensable, so prior to investing, we interviewed over 400 people who were actively looking to purchase apartments, and we used that feedback to tailor-make our products to suit their needs,” said Mr. Coulson.
Some of the issues raised by prospective home buyers included location, price, amenities, quality of construction and finishes, good car parking, security, even down to the size of a usable balcony – all of which Mi Vida has factored into its offering.
Due to break ground before the end of 2019, Phase One of Mi Vida’s first project will comprise of 208 apartments (one, two and three bedroom units from KSh 8 million) constructed on a 4.5 acre parcel of land adjacent to Garden City Mall, so conveniently located within Actis’ popular mixed-use development at exit 7 along Thika Highway.
Mi Vida has been quick to build a 500 m² Sales Office and Show House at Garden City to showcase the design and quality of its first project, so that potential first-time homeowners and investors can experience the value of the product for themselves. The Show House has welcomed a steady flow of visitors since it opened its doors in August, just one month after Mi Vida’s Nairobi launch.
The Garden City Mi Vida housing project is due to be constructed in three phases totaling 624 residential units once complete, and with over one acre of land dedicated to gardens, green spaces and amenities to make sure residents have plenty of recreational options on their doorstep.
Mi Vida are in discussions with banks for preferential mortgage products, which will make the houses even more affordable to interested home buyers and, rolling out the already popular ‘middle income homes for middle income budgets’ model, Nairobi’s exciting new housing developer already have plans to launch two more projects early next year in strategic locations across the city.
To book a tour of the Mi Vida show house call: 0722 123 000