Property development firm, Mi Vida Homes has signed a strategic partnership with Kimisitu Sacco members in a move that will see Sacco members use their financial products and services to invest in the firm’s residential projects within Garden City, Nairobi.
The Garden City project sits on a 47-acre land with a mixed-use urban development comprising of residential units, commercial spaces, offices, retail outlets and recreational amenities. It offers 4 residential projects, two of which are complete, and two that are currently under construction.
Speaking during the partnership signing, Mi Vida Homes Chief Executive Officer, Samuel Kariuki said the arrangement will allow members to get financing to invest in residential developments within Garden City, which have historically yielded exceptional returns for investors and offer a unique proposition of urban green living.
“We are delighted to partner with Kimisitu Sacco to create an investment pathway for their members into Garden City,” said Mr. Kariuki.
“Mi Vida offers high-end and mid-market developments based on members’ preferences. Currently, we are developing affordable housing ranging from Ksh2 million to Ksh7 million that members can choose from,” Kariuki added.
Kariuki said the long-term partnership will see Sacco members get discounted prices rather than the market price as an incentive to woo members. He said the initiative will spread across residential developments within Garden City including Amaiya, the second phase of their sold-out flagship project, and 237 Garden City the affordable entry development.
Kimisitu Sacco Chief Executive Officer, Lwanga Mbeche welcomed the cooperation saying that it will allow members of the institution an opportunity to access both high-end, mid-market and affordable housing.
Mbeche said the Sacco has a product known as Makao Halisi which offers members 7 times their savings and be able to pay over a period.
“This mutual arrangement will see our over 13,000 members both locally and in the diaspora be offered quality residential options from a developer with a proven track record of on time completion. Mbeche said.
Through this partnership, Mi Vida Homes and Kimisitu Sacco hope to contribute to Kenya’s economic growth by promoting real estate investment. The collaboration also aligns with the government’s Big Four Agenda, particularly the pillar focusing on affordable housing.
