Becoming a multi-million entrepreneur in Kenya is everyone’s dream, but not everyone works towards achieving the dream.
Very few work toward living their dream, and a smaller portion of the dreamers actually live their dream by the time they clock 40.
For Fanaka Real Estate CEO Moses Muriithi Kihunii, it was a matter of sacrifice and endurance that gave to his company that has now become one of the household names in the real estate market.
Between 2012 and 2015, while studying engineering at the Kenyatta University, Muriithi says that he started cutting his expenses and saving the money he got from the Higher Education Loans Board (Helb), towards actualising his dream.
He saved at least Sh40,000, of which he used Sh10,000 to buy an online writing account that boosted his fortunes.
His savings went towards investment in real estate where he bough plots, and by the third year, he had acquired a couple of plots around the city.
“I would invest earnings from this account in real estate between 2012 and 2015. By the third year, I had several plots in prime areas,” he says.
Land for development is fast shrinking in Nairobi, with 90 percent of the land having been already developed, with prospective home-owners now fighting to own a piece of the remaining 10 percent.
This presented him with a perfect opportunity to start his company in 2016, Fanaka Real Estate Ltd, that buys and sells land along Kamulu, Joska and Malaa areas.
“Due to high land appreciation rates, we have seen plots’ prices increase from Sh200, 000 to Sh1 million within just a period of three years in these regions,” adds the CEO.
The company, headquartered at Ruai town at Dune Plaza, says that in its eight-year stint has been able to successfully complete 20 projects while 4 others are ongoing. Fanaka has also disbursed at least 1432 title deeds since operation.
Among the projects completed by the company include Sunset View Gardens in Joska, Kamulu Phase 1 & 2 and Malaa Phase 3. Current projects include Kamulu Gardens, Palm Gardens Phase 2, Plains View Gardens Malaa and KBC Malaa Phase 4.
“We owe our success to our efficiency in having ready title deeds, having our projects in prime areas and flexible payment plans. Recently we doubled our staff, indicating a robust growth compared to our competitors who are retrenching every other day,” says Muriithi.
The company provides a payment plan of six to 12 months for residential, speculative and commercial property, with as little as 30 percent deposit.
Muriithi says that the future of real estate is shifting to the outskirts of the city, which are easily accessible to the CBD such as Kangundo Road, Joska, Kamulu and Malaa.