- Early last year, the firm was incubated by Nairobi Securities Exchange’s Ibuka programme as it plans to raise capital for expansion drive
- Apart from targeting high-end clients, the firm is also looking to tap into the government's affordable housing project to diversify its investment line
Mombasa based real estate and property firm, Myspace Properties, has shifted base to Nairobi as part of its expansion drive this year.
The firm is also eying the rich multinational corporate clients who have a well-established presence in the capital city.
According to the Myspace CEO 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.
Early last year, the firm was incubated by Nairobi Securities Exchange’s Ibuka programme as it plans to raise capital for expansion drive.
The real estate firm occupies part of Valley View Towers off Limuru Road and has moved at least 60 per cent of its top management to the new office with only a few managers and staff retained in Mombasa.
"We are not closing down our Mombasa office at 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,'' Thuranira said in a statement to media houses.
As the firm expands, it said, it seeks to increase the number of its workforce in the Nairobi office by scouting new talents as it seeks to tap into the new markets.
The firm's business portfolio has been improving, a move that saw it ranked on the annual KPMG’s top 100 list. It was ranked position 14 in the 2019 survey, an improvement from 41 in the previous year.
Apart from targeting high-end clients, the firm is also looking to tap into the government's affordable housing project to diversify its investment line and help the state achieve its agenda on housing.
According to a report by the United Nations’ Habitat, Kenya has a housing deficit of about two million and this continues to grow at a rate of at least 200,000 units annually.
Statistics also indicate 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.
''Kenya is facing an acute shortage of housing where the majority of citizens have nowhere to call home and the little houses that are available are too expensive for most citizens. We want to reduce that gap,'' Thuranira said.