Fanaka Real Estate Ltd grows from property agent to a corporate outfit in five years

Fanaka Real Estate Limited CEO Moses Muriithi

Fanaka Real Estate Limited CEO Moses Muriithi (left) and Senator Isaac Githua Ngugi during Fanaka Real Estate's fifth year anniversary celebrations on October 29, 2021 in their Ruiru office.
 

Photo credit: Jeff Angote | Nation Media Group

What you need to know:

  • In 2016, Fanaka started as a real estate agency, but now is a fully-fledged corporate with over 50 employees.
  • The firm has sold out over 52 housing projects, 40 of them along Kangundo Road and four in Ruiru.
  • In 2022, the company wants to expand into Kenol, Juja Farm, Githunguri and Githurai environs, and to also go big in construction works and selling housing in the market.

 Property managers and urban land merchants Fanaka Real Estate Limited, has grown tremendously in the last five years, since it first opened doors in 2016, rivalling established real estate firms and making a name in the market.

 “The last five years have not been as easy, but we have also enjoyed a lot of goodwill from Kenyans who have given us the opportunity to help them actualise their property ownership dreams,” said Moses Muriithi, the founder and CEO at an event to mark the anniversary.    

In 2016, Fanaka started as a real estate agency, but now is a full-fledged corporate with over 50 employees. The firm has sold out over 52 housing projects, 40 of them along Kangundo Road and four in Ruiru.

Ready title deeds

This enormous growth can be alluded to the fact that Fanaka deals in genuine land that has got ready title deeds that has given them an edge in the market. “We have handed over, in-excess of 2,000 title deeds, with half of the owners having settled down,” said Muriithi. The firm issues title deeds within 30 days once a client finalises with payment.

The occasion was graced by Nominated Senator Isaac Ngugi who also presided over the launch of Fanaka’s new office premises at North Park Towers, off Eastern By-pass in Ruiru.

“The government cannot actualise affordable housing without there being affordable land for Kenyans to build. Fanaka is helping the government to realise affordable housing for Kenyans,” said Senator Ngugi.

He urged the youth to consider investing in land with legit companies that offer flexible payment options because it is the only asset whose value keeps on appreciating. “I can confidently say that real estate is still the best investment one can take on today. It is a long-term asset that provides a sense of financial security and wealth. Land is one of the few assets that always appreciates in value over time. For the youth, real estate provides an enormous opportunity for them to grow their savings and wealth,” added the Senator.

Dennis Wandera, the business development manager and head of sales at Fanaka noted that the company has enabled Kenyans to own affordable land and settle within Nairobi in the past five years. Fanaka deals in land parcels in strategic locations around Kangundo Road – including Joska, Malaa and Ruai, and along Thika Road in Ruiru, Juja and in Thika.   

A majority of their customers buy land for residential purposes. “We always ensure that it is serviced with electricity, water, access roads, and that trees are planted to make the area lively and habitable, '' shared Mr Wandera. The firm also ensures that their residential projects are strategically located next to schools, shopping centers and hospitals so that they can be comfortable living spaces.

Kenyans in diaspora

It is such efforts that have appealed to investment groups and individual clients living within and outside of Kenya. Nicholas Otieno is a member of Clayworks Community Self-help group. Three years ago, Mr Otieno and his group members approached Fanaka to buy land so that they could subdivide among themselves.

 “We had done a very careful scrutiny in the market and a number of people referred us to Fanaka. We made a tour of the land along Kangundo Road and we were satisfied. We conducted a search, scrutinised their title deed and then we paid. True to their word, our title deed was processed in our name within 30 days.”

But there was another issue: “Our name on the title deed had been mis-spelt, so it had to go back and be rectified which was also done within a month.” Ever since his group has acquired more land with the company. “Their integrity is above board. I would vouch for Fanaka anytime.”

Property management

The company has recently carved a niche in property management, where it is managing rental apartments in Utawala, Syokimau and in Ruiru.

 “We manage tenancy in especially new apartments in urban towns within Nairobi and when we enter into contracts with landlords we ensure that they get their rental income on time, even before the due date,” said Mr Wandera.

In 2022, the company wants to expand into Kenol, Juja Farm, Githunguri and Githurai environs, and also to go big in construction works and selling housing in the market.

With the current expansion of the Eastern Bypass, Fanaka has found a new frontier market in Ruiru and Juja Farm areas. They have recently launched their signature project in Juja Farm – Juja Farm Gardens – to cater for the ever-increasing demand for affordable land along Thika Road. With this, the company has positioned itself strategically to handle all potential clients and investors looking for land in the fast growing satellite towns along Thika road, namely; Ruiru, Juja and Kamakis.

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