Connect with us

Business

How a casual labourer built real estate empire

Published

on

Spread the love by sharing this post with family and friends
  •  
  •  
  •  
  •  
  •  

From a construction casual labourer to owner of a multimillion real estate company; that basically sums up the intriguing story of Mwenda Thuranira, the proprietor of Myspace Real Estate Company.

The firm manages property worth Sh25 billion, with the number of its employees nearly hitting a 1,000 mark.

Mr Thuranira has managed to make a name for himself in this sector through a wealth of experience gained while working in construction sites in the US.

In the last four years, Myspace has rapidly expanded, incorporating four other companies all related to the real estate industry.

The companies include a specialised property and homes magazine, a property construction and management company, a homes and property expo subsidiary and a media firm that serves the advertising needs of all four entities.

Mr Thuranira’s story is certainly interesting and inspiring for upcoming entrepreneurs.

With sheer resilience and firm desire for success, he tried out various lines of careers, before finally settling on real industry enterprise. He began by studying travel operations and later piloting.

Consequently, his career journey kicked off in the travel and tourism industry where he worked as a customer service agent for an international airline company.

He did not however last long in the job as he was forced to go back to the drawing board when the company shut down its passenger terminal in Nairobi.

This somehow threw him off balance in terms of career plans, and was compelled to think fast in order to get back on his feet. His focus led him to travel to the United States to study a new course, unrelated to what he was previously doing.

“That was in the year 2000 when I travelled to the land of opportunity to study piloting at Dallas University in Texas,” he adds.

But what he thought would be the start of an exciting career flying planes didn’t take off in line with his expectations. By the second year into studies, he was already bored and searching his soul for something meaningful to do.

But this did not mean his stay at the university would go to waste.
He completed his course, and even acquired a private piloting licence.

It was while he was studying piloting that he was introduced to construction and real estate.

“During my time at the university, I worked at a construction site as a casual labourer, and in the process fell in love with buildings,” he adds.

Also, spending hours flying during his piloting lessons gave him a chance to gaze at some of architectural marvels in Texas, fanning even more his love for construction.

This inspired him to want t o sharpen his skills in construction.

He enrolled at the Real Estate Business School at the University of Dallas in Texas. The course he says, made him have a deeper understanding in the business.

In Texas, he worked for several companies before deciding to try his luck in the business.

Mr Thuranira told Enterprise he realised there was a lot of money to be made in the sector, especially from the middle class with financial muscle to buy property.

While in the US, he walked into a bank and borrowed a loan of $20,000, which he used to buy and renovate a house. He later sold the house for about $40,000, doubled the amount he had spent on it. And this is how his enterprise started.

“I remember my fist trial was a success. I walked into a bank and asked for a loan which I used to buy a house. I renovated it and after selling it, I made double profits,” he explains.

While in the US the challenge was getting white clients to trust him and

agree to do business with him. However, he deployed his persuasive skills and overcame the challenge. And thanks to his business acumen, his start-up began to take a firm root.

His business would be on an upward trajectory until a nightmare happened. The 2007 financial crisis hit the real estate business in the US like a tonne of bricks. His business came tumbling down as the edifice of property boom went burst.

Down but not out, Mr Thuranira started to relocate to Kenya to try his luck.

In 2008 he landed back home and began the process of putting together the shattered pieces of his business dreams.

Six months down the line, after a myriad of research about real estate venture in the country, he launched My Space Properties.

Having attained a sound financial base in th US while armed with a wealth of experience, it was not long for his business to take off.

Myspace properties made the first big transactions in Mombasa and gradually the business grew. Now his business empire comprises flagship projects such as Rose Apartments, English Point Marina and Links Plaza.

When starting out in Kenya, he encountered a number of challenges key of which was lack of information and unstructured real estate sector. Some of his projects also failed to take off.

By Business Daily


Spread the love by sharing this post with family and friends
  •  
  •  
  •  
  •  
  •  
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

KQ resumes direct flights to New York

Published

on

Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  

The national carrier Kenya Airways (KQ) resumed its direct flights between Nairobi and New York on Sunday.

In a tweet, KQ announced the move and topped it up with an offer to passengers who book their flights before December 10 that they will enjoy discounted prices.

Welcome back to the Big Apple! Today we resume our service between Nairobi and New York, and we can’t wait to welcome you on board. Book your ticket via https://t.co/hitS3Whxtp before December 10th to enjoy discounted rates ✈️🌎 *Disclaimer – video from our pre-COVID archives pic.twitter.com/1kET4h0kRK

— Kenya Airways (@KenyaAirways) November 29, 2020

“Welcome back to the Big Apple! Today we resume our service between Nairobi and New York, and we can’t wait to welcome you on board,” the airline said.

The national carrier last operated the passenger flights using the Nairobi-New York route in April after disruptions caused by the Covid-19 pandemic.

KQ resumed international flights in August after suspending all its operations in March following the government’s directives after the firsts case of Covid-19 was confirmed in Kenya.

On Saturday, October 31, KQ announced that it had postponed New York flights’ resumption.

Through a notice, the airline said the decision to postpone the flights was informed by the increased cancellation of flight bookings to New York.

“We regret to announce that due to increased cancellations of flight bookings to New York City, we have pushed back the resumption of our service to this destination to November 29. We sincerely apologise for the inconvenience caused,” read the statement then.

Kenya Airways inaugurated direct flights to the US in October 2018, cutting the journey to the US by 15 hours and by October 2019 KQ had flown at least 105,084 passengers after completing 594 flights to and from New York.

by NN


Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  
Continue Reading

Business

Bodaboda chama grows into a multi-million shilling housing cooperative

Published

on

Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  

A journey of a thousand many miles starts with a single step. A Nakuru-based bodaboda operator’s self-help group proved this in its growth. Driven by the ambition to have something to take home once they couldn’t ride any more, ten bodaboda operators from Barut, Nakuru West in 2015 formed Kianjahi Group, pooling a minimum savings of Sh100 per week per person.

“Being a bodaboda operator is a risky job and has serious effect on one’s health especially if you don’t dress properly for the cold. After attending a seminar in Machakos we decided to start making savings,” said Benson Sigei, the group chairperson.

The group grew as more members joined in 2016. After evaluating their progress, the members increased their weekly savings to Sh200 and eventually to Sh1,000.

“Before the year ended we were nearly 100 members. Our savings were growing and we had to come up with plans which some members considered as too ambitious and pulled out,” says Sigei. With savings of nearly Sh2 million, they bought a 1.6-acre piece of land which was previously a sand quarry.

“It cost us Sh2.1 million in buying the land and rehabilitating it to usable standards. We embarked on making savings for constructing houses which would be of similar design,” he said.

To make this possible they converted the group into Kianjahi Housing Cooperative Society Limited and introduced Sh15,100 registration fee and minimum share capital of Sh60,000 payable in Sh500 weekly instalments.

AmpThe group started the construction of two-bedroom houses in a gated community model.

“Every member now contributes a minimum of Sh1,500 for savings every week. Those yet to clear their share capital make an additional payment of Sh500. This amount does not exert great pressure on the riders since the majority make nearly KShs1,000 per day.

The group then started the construction of two-bedroom houses in a gated community model where four houses sit on every 50 by 100 feet plot. The cooperative completed the construction of the first 50 units majority of which have already been occupied.

“We took a Sh15 million loan and in addition to our savings we bought an additional acre of land at Sh2.1 million. In the first phase, we have constructed 52 housing units. 35 members have already moved in,” said the vice-chairman.

The cooperative has bought a third parcel of land on which they intend to set up houses for all members. Members who moved in during the first phase like pay Sh2,000 per month. Sh200 goes to savings and Sh1,800 going towards offsetting the cost of construction. The payment for the houses is spread over seven years.

by Standardmedia.co.ke


Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  
Continue Reading

Business

Enough is Enough: Kenyan man in US relocates to motherland to become a farmer

Published

on

Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  

In a bold move and which took great courage, a former Kenyan Diaspora man Kunga Kihokia who was born and raised in Miami Florida has moved back to Kenya, bought a 20 acres piece of land and established an organic farm in Murang’a.

Initially, Kunga had planned to be in Kenya for three weeks 5 years ago but after what he says was the realization of the problems affecting Kenyans because of western lifestyle which he himself was struggling with, he felt strongly to start an organic farm to address those problems.

Kunga has built a water tower to use gravity that allows the water to get pumped and distributed  through  irrigation into the field. Everything in the farm is powered by solar energy and he has dug a borehole that supplies enough water for the farm. Watch the video, be inspired  and enjoy.

Source: Diasporamessenger.com


Spread the love by sharing this post with family and friends
  •  
  • 2
  •  
  •  
  •  
Continue Reading

Special Offer: Own one starting at Ksh 3.7M


poapay3

Like us on Facebook, stay informed

NEWS TRENDING RIGHT NOW

2020 Calendar

satellite-communication1.jpg

Trending