Amaiya Garden City is Now Under Construction


Amaiya Garden City is the second phase of Mi Vida’s flagship project Mi Vida Garden City, now sold out. Amaiya offers stunning 1- & 2-bedroom duplexes and 3-bedroom apartments with ready amenities including an adult and kids heated pool, commercial size gym, BBQ deck with fitted kitchen and park.

Construction has commenced. Follow the project’s construction progress below. Call 0722 123 000 to book a site visit.

Choosing the Right Developer Has Never Been More Important


Nairobi’s residential real estate market is a complicated landscape to navigate, especially when making your first investment. In recent years, stories of construction collapses, grabbed land, and unfinished developments have become uncomfortably commonplace.

As an individual looking to invest in real estate, the most important decision you can make is not in what neighborhood or even how many rooms are in your property; rather, the decision that can make or break your chances of getting a return on investment is selecting a developer.

Similar to how an analyst does research into what stocks to purchase, a smart real estate investor should research developers before making a decision.

Here are a few of the factors you should consider before mobilizing that hard-earned money:

  1. Reputation and track record 

Before working with a developer, the easiest thing you can do is a quick Google Search of past news and projects the developer (and the company’s directors) has done. If your search results in news of behind-schedule delivery, land ownership controversies, incomplete projects, building collapses, or financial impropriety, you may be better off finding a different developer.

  1. Project capitalization 

If you have seen any projects that have been incomplete for many years, it is more than likely that the developer ran out of money to complete the project. Off-plan selling is one of the ways developers finance their projects but if they are unable to meet their sales targets, this could cause the project to stop in its tracks.

Fortunately, some developers work directly with financiers both locally and internationally who provide part or all of the money necessary to complete the project. To hedge against the ‘developer finance risk’ of real estate investment when investing in the early days of a project, a smart investor may consider developers who have outside financial support for their projects.

  1. Quality of construction 

The quality of construction sits at the crossroads of the incentives matrix for the investor and the developer. If you are an investor, you want to ensure your building remains strong for many years and requires minimal maintenance. However, a developer may naturally want to maximize the difference between their cost and the money they make from investors, sometimes meaning that the quality of a project is sacrificed in the mission for profitability.

It is crucial to find a developer with a pedigree of strong, quality construction because the last thing any owner wants is the building to collapse or be condemned for safety reasons. It’s hard to make a return on your investment if the building doesn’t exist.

  1. Financial partnerships 

Some developers build partnerships with banks to help their investors access mortgages at special interest rates. Both the developers and banks go through a due diligence process before a partnership is initiated. The due diligence in this stage is typically extensive and is a good sign of a strong developer.

Additionally, the ability for an investor to access special rate mortgages through a bank can play a major role in the amount of cash you may pay to acquire the real estate. In simple math, the difference between a 15% and 20% interest rate on KShs 20 million over 5 years is over KShs 3.2 million extra in interest over the lifetime of the loan.

  1. Completion timelines 

When considering an investment in a project, it is prudent to ensure the developer is willing to give you clear timelines for completion. If the developer is vague with their timelines or unwilling to give a month or quarter of expected completion, that is a good sign that they may have issues completing the project on time.

As an investor, one’s primary priority is to chase a return on investment. A difference of even a few months in the completion of a project can have a sizable impact on your ability to make a return on investment.

Making the final decision…

Of course, a potential investor can look at a multitude of other factors before making a decision about which developer to work with. However, the aforementioned factors are a good starting point.

Mi Vida Homes, the developer behind the landmark Mi Vida Garden City development adjacent to Garden City Mall off Thika Road, is part of the exclusive club of developers who check all the boxes above.

Mi Vida Homes is uniquely positioned in the Nairobi real estate market with an untarnished reputation, fully capitalized project through its partnership with some of the world’s largest residential developers, high-quality construction, financial partnerships with numerous Tier One banks, and a history of on-time delivery with clear completion timelines.

 

This story was originally published on Kenyan Wall Street

Mi Vida Commences Construction on 3 Key Projects as It Eyes Investors and Homeowners


Property developer, Mi Vida Homes, has commenced construction of its three key projects, namely Amaiya and 237 GC anchored within Nairobi’s Garden City Development and KEZA in Riruta, as it sets its eyes on a mixture of investors and homeowners who are looking for affordable and quality houses within and without the city.

KEZA is a 1,150-unit affordable housing project in the Riruta area of Nairobi County with a mix of studio, one-, two-, and three-bedroom apartments. The demand for such houses has been on the rise as homeowners seek quality and affordable houses.

Amaiya is the second phase of the Developer’s mid-market product within Garden City and follows the successful sale and completion of Mi Vida’s first project within the precinct. The project comprises 1-and-2-bedroom duplexes and three-bedroom units.

237 GC is a 640-unit affordable housing project within the Garden City community, with a mix of studio, one- and two-bedroom apartments. It includes a component of bulk institutional offtake that was recently announced by Mi Vida.

“237 offers high-quality housing within Garden City, complemented by a diverse array of amenities. Life in this community grants you access to a variety of essential services, including supermarkets, delis, over 100 retail shops, restaurants, as well as financial and health facilities,” said Mr. Samuel Kariuki, Mi Vida Homes Chief Executive Officer.

Commenting on the groundbreaking events, Mr. Kariuki noted that this was a significant milestone in keeping the Company’s promise to its customers. “The projects are fully funded, and the current phases are more than 80% presold. I am confident that they will be delivered on time, in meeting our customers expectations”, he further added.

Mr Kariuki also noted: “Mixed-use developments, exemplified by our successful projects at Garden City, have proven to be increasingly appealing to tenants compared to standalone developments. They boast impressive returns, including an up to 13% yield across completed projects. Furthermore, the modern homebuyer is more informed and wants value beyond the unit they purchase.”

Read the story here

Alliance Old Boys Reunion and AGM in Partnership with Mi Vida Homes


Alliance High School held an annual reunion dinner and AGM at the Sarova Panafric Hotel in partnership with Mi Vida Homes, Garden City Living and KEZA.

Mi Vida Creates a Loyalty Program for Customers


Actis-backed property developer, Mi Vida, has unveiled the Mi Club, a loyalty program designed to reward its clients and encourage referrals.

The Company, launched in 2019 to address the shortage of affordable and middle-income housing, said benefits will include discounts on home purchases, fuel and shopping vouchers, and holiday packages, among others.

Mi Vida Homes Chief Executive Officer, Samuel Kariuki said one will be able to earn points which will be tracked through an App for every purchase or referral.

“To keep track of one’s earned benefits, individuals will need to subscribe to the Mi Club App. The higher the value of a client’s purchases or business referral, the higher the accumulated points and hence benefits.”, Kariuki explained.

Kariuki said Mi Club will create an exclusive community of investors, homeowners, and business partners who will derive mutual benefits from their partnership with Mi Vida.

The launch of Mi Club comes on the back of Mi Vida’s four landmark projects, one of which is complete. Mi Vida Garden City mid-market homes are complete while Amaiya, 237 Garden City, and KEZA are at the groundbreaking stage.

The developments are part of the property developer firm’s drive to deliver a minimum of 3,000 affordable and middle-income housing units over the next five years, riding on innovative design, modern engineering, trusted construction, and on-time delivery.

Originally posted on sokodirectory.com

KEZA Open Day


Mi Vida Homes recently had an open day for our new project KEZA located in Riruta.

Here are the activities that happened in pictorial format.

Corporate Golf Masters Tournament at Muthaiga


Last week, our team took part in the 34th Kenya Homes Expo held at the KICC.

The event brought together real estate stakeholders and potential home owners under one roof with the objective of gaining industry insights as well as exploring real estate deals.

All our projects namely Mi Vida Phase 1, KEZA, Amaiya and 237 Garden City were showcased, much to the delight of the attendees.

To cool off after a busy week, the team then attended the Corporate Golf Masters tournament held at Muthaiga.

Again, we were able to showcase our recent projects namely Mi Vida Phase 1, KEZA, Amaiya and 237 Garden City.

At Mi Vida Homes, we remain committed to our goal of transforming lives.

Let the pictures do the talking:

« of 3 »