Actis, a leading growth markets investor and Shapoorji Pallonji Real Estate (SPRE), the real estate arm of one of India’s largest conglomerates, have today launched ‘Mi Vida’, a new Kshs. 12 billion residential housing project that seeks to address the shortage of middle income housing in Kenya.
This joint venture follows on from an ongoing and highly successful partnership between Actis and Shapoorji Pallonji in India where they have delivered thousands of high quality homes at affordable prices.
The first project will be rolled out within the Actis’ Garden City mixed use development where a total of 624 residential units ranging from one bedroom, two bedroom and three bedroom units will be constructed on a 4.5 -acre parcel of land, adjacent to the popular Garden City mall, off Thika road.
Construction of the first phase, comprising 208 units, will commence in the third quarter of the year.
Koome Gikunda, Director, Actis stated: “Actis has built a wealth of knowledge and deep sector expertise in Kenya and the rest of Africa. Over the last 15 years we have established that there is a notable lack of institutional quality homebuilders with the expertise, capital and consumer trust to truly address the opportunity at scale. We are therefore confident that this venture is designed to bridge this gap and offer a great investment opportunity for local home buyers within the middle income market.”
Commenting on the launch of the new platform, Venkatesh Gopalkrishnan CEO, Shapoorji Pallonji Real Estate, said: “We are very excited to be partnering with Actis in launching Mi Vida Homes. There is a huge demand for middle-income homes and as partners we are committed to bridging the gap in this market and to exceed customers’ expectations.”
This project will be managed by Chris Coulson who was appointed by Actis and SPRE as the CEO of the joint venture earlier in the year. Commenting on the launch, Chris who is also the Managing Director of Garden City noted: “This is a great time to launch and bring the much needed buyer confidence into the local residential market. I am very pleased and excited to lead this project and look forward to driving the development and execution of the platform’s corporate strategy.”
Designed to promote healthy lifestyles, ‘Mi Vida’ (which means ‘my life’ in Spanish) will boast unique health and sports facilities such as an Indoor gym with yoga and fitness studio, multi-purpose sports court, 300 metre outdoor jogging track and outdoor gym. Additionally, residents will also have access to special community and leisure amenities such as a barbeque deck, both an adult and children’s pool, social events hall, kids play area, crèche (play school) and day care and over one (1) acre of landscaped gardens.
Safety for the homes will be paramount and will include security features such as an intercom system for each apartment, 24 hour manned security, CCTV monitoring and access control to all blocks.