Mombasa based Real Estate and Property firm, Myspace Properties, has announced relocation of its headquarters from the coastal city to Nairobi.
The real estate leader occupies part of Valley View Towers off Limuru Road, a move that saw 60 per cent of the real estate firm’s top management moving there while retaining the other management team and staff in Mombasa.
As the firm expands, it said that it seeks to increase the number of its workforce in Nairobi office by scouting new talents as it seeks to tap into the new markets. Early 2019 the firm was incubated by Nairobi Securities Exchange’s Ibuka programme as it plans to raise capital for expansion drive.
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According to the Myspace Chief Executive Officer, Mwenda Thuranira, the Nairobi office provides them with an opportunity to serve clients from the capital city and its environs as well as international investors who troupe in Nairobi frequently as opposed to the other parts of the country. He added that Nairobi is a more central place and attracts all categories of investors as compared to Mombasa. Most multinationals corporations have a well-established presence in the capital and their staff prefer decent housing that the firm is specializing on using world class technology and trend.
It is reported that the company has been courting various investors who are keen in investing in this ambitious expansion especially as the company has been recently reported to have posted good results and even improved in its ranking on the prestigious KPMG’s top 100 list where the company was ranked position 14 in the just concluded 2019 survey. This being an improvement from position 41 in the 2018 survey for the firm that has been in existentse for just a decade. Nairobi Securities Exchange incubation might have also given the firm much needed visibility to attract this appetite from investors.
“We are interested in helping the government achieve its big four agenda especially in housing. Most real estate firms are shying away from building the low-cost housing that are affordable to the masses because of the costs associated and the low returns that they attract but for us we are not afraid of building the houses for the ‘wanjikus’. Our main drive is not just to make profits but to build houses that are affordable. You are aware that Kenya is facing acute shortage of housing where majority of citizens has nowhere to call home and the little houses that are available are too expensive for most citizens. We want to reduce that gap,” said the soft spoken and assertive Thuranira.
According to report by United Nations’ habitat Kenya has a housing deficit of about 2 million and this continues to grow at a rate of at least 200,000 units annually. Statistics also indicates that 61 percent of the urban population are living in slums in overcrowded homes typically with only one room and no adequate ventilation as the informal settlements in urban areas mushroom each and every day.
The property firm said in the statement sent to the newsroom that it has bought the space it is currently occupying in the Nairobi based Tower and they are planning to build their own massive space within the outskirts of county number 047. The construction is expected to begin as soon as possible. Asked about the exact place the company’s management said they have identified a beautiful site but they will let the public know the exact place at the right time.
“We are not closing down our Mombasa officeat City Mall in Nyali. We plan to expand it to serve clients within the coastal region with even new products that we shall be announcing soon. Furthermore, the relocation was triggered by need to be closer to our partners and clients who are investing in Kenya’s capitaland its environs,” said Catherine Murache, the firm’s Human Resource Manager who will now lead the Mombasa office as the Founder Mwenda Thuranira focuses on expansion in other regions.
It has been reported from various sources that the firm has received both local and international support for the various projects they have lined up from 2020, which will create more employments, bring new investment and retain their existing presence and workforce in the coastal Kenya.
Recently businesses in Kenya’s capital have enjoyed incredible growth, with investors putting up high-end structures that have augmented ripple effect in various sectors in the region. That up-surging popularity is attributed to an investment in physical infrastructure like roads, business parks, investing in its local talent pool through higher education programs. The relocation is projected to improve market positioning creating a driven growth and increased revenue.
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