Property developer Mi Vida Homes has launched the second phase of its mid-market apartment project at Nairobi’s Garden City, with the 200 units priced from Sh9.5 million apiece.
The project dubbed Amaiya features one and two-bedroom duplexes and three-bedroom flats. The developer expects to break ground by April next year.
“The market response to Mi Vida at Garden City shows that there is strong investor demand for properties that strike the delicate balance between quality and affordability, especially in a mixed-use setting,” said Samuel Kariuki, chief executive of Mi Vida Homes.
Mi Vida is also selling Keza, a housing project comprising up to 800 affordable units in Riruta area of Nairobi county with a mix of studio, one, two, and three-bedroom houses.
Groundbreaking for both Keza in Riruta and Amaiya in Garden City is in April next year. Keza has a starting price of Sh2.3 million.
The two new developments come on the back of the developer completing Mi Vida at Garden City, its flagship project comprising 221 units, which it says has received a positive response from both investors and homebuyers.
The real estate business is attracting more institutional investors who are implementing large-scale projects in major cities and towns.
Such projects are concentrated on the fringes of the central business districts where land is relatively cheaper and a plus as more people move away from the hustle of busy city centres.
Both projects are targeting investors and home buyers seeking a mix of high yields, affordability, and quality developments.
The new administration under President William Ruto has detailed a plan to deliver 200,000 housing units every year that will rely heavily on counties’ backing and how attractive the private sector will see the business environment.
The President had earlier said his administration was drafting a programme that will bring in the private sector and county governments on developing affordable houses. The programme will also detail how finances will be made available for Kenyans to access mortgages.