Garden City project gets ready for take off
The Sh12 billion Mi Vida housing developments just off Nairobi’s Thika Super Highway is raring to take off, Sales Director Krupa Chohan has revealed to Boma.
The project is located inside the 47-acre Garden City, a shopping complex off Thika Superhighway. Mi Vida will be constructed in three phases totalling 624 residential units ranging from one, two and three bedroomed units constructed on a 4.5-acre parcel of land adjacent to the mall. More than an acre will be dedicated to green spaces and amenities.
Only three months old in the market, this project is a joint venture between Actis and Shapoorji Pallonji Real Estate (Spre) that aims at opening up a new chapter in elegant property. While Actis specialises in equity investment, Spre, a real estate arm of one of India’s largest conglomerates, is a property developer.
Mi Vida was launched in July this year. Its identity is premised on lifestyle. Sales Director Krupa Chohan says the concept is what the market has been yearning for. “Mi Vida is about living life to the fullest and, therefore, new beginnings and ultimately growth,” says Chohan
Adequate funding
Construction of the first phase, comprising 208 units is expected to commence soon. “There is growing demand for the kind of project we offer and so far, at least 30 per cent of Phase One of our product has been sold,” adds Chohan who has nine years experience in the finance sector.
“There is obviously liquidity crunch in the market and so money is not readily available given the (hard) economic times. What we have is adequate funding to fully finance our project and of course expertise to deliver the housing units,” adds Chohan as she takes us round the showroom within the facility.
The project’s managers are also in discussions with banks for preferential mortgage products for buyers, which will make the houses more affordable to buyers.
Mi Vida sees itself as the answer to the supply gap of exquisite housing given the history of the two partners involved, boasting years of expertise on large projects globally. Actis, who are big on commercial projects, have presence in 60 countries.
Their partner, SPRE, has a 150-year legacy that bridges the earliest celebrated structures of India and modern marvels of construction. SPRE is committed to delivering 2,000 residential units in Kenya in the near future while Actis, which has a combined Sh1.5 trillion investment in Sub-Saharan Africa, will be in tow.
Chohan says Mi Vida offers space as its biggest selling point. “Everybody loves space and this is what we have factored into our designs,” she says.
Construction of the first phase comprising 217 units within the Garden City development was expected to commence in the fourth quarter of this year and will be completed in 26 months. However, delays in building approvals by the Nairobi County government after the Planning Department was overhauled has delayed the project’s ground breaking to next year.
Challenges galore
Prices for the houses range from Sh8 million for one bedroomed units to Sh13.9 million for three bedroomed apartments. Plans to launch subsequent projects in the coming year in strategic locations across the city are underway. The developments will replicate the Mi Vida middle-income model homes.
The project’s developers are however cognisant of the challenges in the market. In recent years, the sector has witnessed stalling of housing projects, resulting to a growing crisis of confidence among customers. “It is obvious this segment of the economy is facing tough times despite being a key frontier for the implementation of the Big 4 Agenda,” she says.
“However, at least 70 per cent of our buyers so far are investors, which means they believe in our product, which is still off plan,” adds Chohan, who is predicting growth of between five and 10 per cent of the market share in coming years.
