Skip to main content

Award Winning Residential Developer Mi Vida takes Residential Market by Storm

Winnie Mutegi, Marketing Manager Mi Vida receives an award  from The President of the Architectural Association of Kenya, Mugure Njendu during the 29th Kenya Homes Expo

Newly launched residential home builder Mi Vida has been ranked the best new entrant into the Kenyan real estate market at the Kenya Homes Expo 2019. Mi Vida also received an award in the real estate developers and agencies category at the event which came to a close on Sunday.

The home builder which is targeting the middle-income sector launched its operations in Kenya in July this year. Mi Vida is a Kshs. 12 billion joint venture between Actis, a leading growth markets investor across Africa, Asia and Latin America, and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates and aims to construct over 2,000 residential homes in Nairobi.

Speaking on the sidelines of the expo Mi Vida CEO Chris Coulson said it was a great honour for the company to be feted barely four months after launching in Kenya. “These awards are a vote of confidence in our work and business strategy. Mi Vida truly is a game-changer in the market. Our promise to our customers is to deliver quality homes on time and we will honour that”.  

Chris Coulson stated that there remains an underlying demand for quality homes in the middle-income segment and this has seen Mi Vida sell 25% of the first phase in less than two months. To help underpin the brand and to build market confidence we opened a 500 m² Sales Office with show apartments for the public to come and learn more about the product, amenities and great value.  
He attributes this success to a pre-launch market survey undertaken by Actis and SPRE that gave vital insights into the constraints within the Kenyan residential market.

“When entering a new market, having local knowledge and expertise is indispensable. 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,” stated Chris Coulson. 
Other issues raised by prospective home buyers include 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 this first project.

“We are well funded so fortunately not solely relying on off-plan sales and sales revenue to start and fund the project, which is rather unique in today’s market,” he added. 

Mi Vida which means ‘my life’ in Spanish, has launched its first project within Actis’ Garden City. This will be constructed in three phases totalling 624 residential units ranging from one, two and three-bedroom units constructed on a 4.5-acre parcel of land adjacent to the popular Garden City mall. Over 1 acre will be dedicated to green spaces and amenities. Construction of the first phase, comprising 208 units is expected to commence very soon. 

The developer also has plans to launch early next year two more projects in strategic locations across the city replicating the Mi Vida middle-income model. Mi Vida is also in discussions with banks for preferential mortgage products, which will make the houses more affordable to interested home buyers. 

Actis has a very good local track record in real estate development having successfully invested in Garden City Mall, Residences and Business Park, Junction shopping Mall, Nairobi Business Park and the recently launched Nairobi Gate Industrial Park.  The developer Shapoorji Pallonji Real Estate has a wealth of commercial and residential development experience spanning over 150 years including their successful middle-income brand in India, which today is developing over 13,000 new units.

Comments

Post a Comment

Popular posts from this blog

New Research Finds Corner Shops are Faring Well Against Big Box Stores in Emerging Markets

Today,   Flourish Ventures   released a new research report showing that corner shops are doing better than predicted despite protracted supply chain issues and big-box and online retail competitors. The study confirmed better-than-expected sales and that 94% of consumers surveyed plan to shop as much or more at their corner shops in the future. Both shopkeepers and customers believe, however, that corner stores will need to accelerate digital technology adoption to remain relevant and competitive.                                                                                   ...
Post a Comment
Read more

Visa Takes a Shot at Financial Goals with New Football Video Game

With FIFA World Cup ™ excitement heating up , Visa (NYSE: V), the Official Payment Technology Partner of FIFA, invites football fans to sharpen their financial skills on the virtual pitch with the new version of the educational video game , Financial Football. Gamers can suit up as the country of their choice and take their best shot for the coveted trophy by correctly answering questions designed to help players make smart, well informed money management decisions. To further Visa’s commitment to uplift lives through the power of sport and the global platform of FIFA World Cup Qatar 2022™ , Visa is working in collaboration with clients and non-profit organizations to make the new version of Financial Football available to as many people as possible. Visa and partners will host events, learning series and promote game availability in more than 100 markets around the world leading up to and following the tournament. With only one-in-three adults estimated to have a basic understan...
Post a Comment
Read more

Column: Caleb Otieno: Seven ways to help your child manage anxiety and build resilience

All children experience stress in varying degrees as they grow. Despite their best efforts, parents cannot protect their children from all the challenges they face. Children will get sick, encounter bullies and cyberbullies, experience heartache, lose friends and pets, and now they also have to deal with the effects of Covid-19. Some of these challenges might seem insignificant in the eyes of an adult, but may be overwhelming to a child. In today's world, anxiety and stress are becoming more prevalent in children. While it is a normal and necessary emotion, designed as part of the human self-protection mechanism, it can inhibit us as well. Anxiety is the most common mental health condition in children. The signs of stress and anxiety in children often show up as physical or behavioural changes. This can include:  ● Finding it hard to concentrate; ● Poor sleeping patterns, sleepwalking or experiencing nightmares; ● Loss of appetite; ● Fear of making decisions; ● Difficulty beginning...
Post a Comment
Read more