Former Centum Real Estate managing director Samuel Kariuki has been appointed the chief executive of property developer Mi Vida Homes.
Mr Kariuki’s appointment took effect on June 1, following the announcement of his departure from Centum on March 18.
“I am excited at this opportunity of taking Mi Vida Homes to its next phase of growth where we will continue to deliver on our brand promise to our customers,” Mr Kariuki said in a statement.
He was among a group of executives that led the Nairobi Securities Exchange-listed Centum Investment Company for years as it diversified into various sectors including real estate, manufacturing and financial services.
His most recent role at the investment firm was leading its real estate arm which has projects in Nairobi, Vipingo, and Entebbe.
Mi Vida is betting on his experience in the industry to deliver its projects currently focused on affordable housing.
“Kariuki brings a wealth of experience in investment and real estate and we are confident that he is the right person to drive Mi Vida Homes's growth strategy, including its ambitious affordable housing projects that are in the pipeline,” said Koome Gikunda, a director of Mi Vida Homes.
Prior to his appointment at Centum Real Estate, Mr Kariuki had worked as the parent company’s chief financial officer.
Residential developer Mi Vida is a joint venture by Actis, a real estate private equity investor-developer in sub-Saharan Africa, and Sharpoorji Pallonji Real Estate (SPRE), a player in the Indian real estate sector.
The real estate business is attracting more institutional investors who are implementing large-scale projects in major cities and towns. Such projects are concentrated in the fringes of the central business districts where land is relatively cheaper.
Most of the units developed are one to three-bedroom apartments targeting the middle class who have been priced out of the centrally located properties.
Besides Mi Vida, other major players in the affordable housing market include Erdemann Property which has been selling apartments in Athi River at less than Sh4 million.