Awards for top players in real estate sector

It’s been a hive of activity for players in the real estate sector with a property expo and inaugural awards being the main highlights, writes Ferdinand Mwongela

The bi-annual Property and Home Living expo closed on Sunday after a successful event that saw hundreds of Kenyans partake of the investment potential in real estate.

Caroline Kariuki (right), the managing director of Savings & Loans, receives the Original Marketing Concept Award. Looking on is George Laboso (centre), S&L’s marketing manager. Photos: Maxwell Agwanda/Standard

At the same time, the Invest in Africa Build Africa Awards (IABAA) were launched on Saturday at Laico Regency where participants of the annual Kenya-London expo were rewarded.

According to the managing director of Realken International Limited, Catherine Kagiri, the IABAA ceremony was held to "celebrate the achievements of the real estate industry players."

The event was held at the Laico Regency Hotel on Saturday. Key players in the industry gathered to mark another milestone in the local real estate sector.

Regent Management scooped the Most Innovative Development Award for the Hacienda Eco City project currently under construction at the Coast. The estate is billed as the first of its kind in Africa.

The Top Service Provider’s Award went to Kenya Power and Lighting Company for its Umeme Pamoja Initiative. The Original Exhibition Stand Display award went to Tamarind Properties

The Government too, enjoyed a share of the limelight when Kenya’s High Commission in the UK scooped the top sponsor’s award. National Housing Corporation (NHC) went away with the Most Socially Responsible Development Award.

Other exhibitors received recognition awards and they included Commercial Bank of Africa, Savings & Loan, Scion Real and Luxury Medina Palms Development.

Networking for professionals

Speaking at the ceremony, Dr Lawrence Mbugua from Networking 4 Professionals, the co-organisers of the Kenya London expo, said the participation of the Diaspora in the local real estate market is important.

"Kenya’s real estate market is driven by 30 to 40 per cent of Kenyans living in the diaspora," he said.

He, however, pointed out that the real estate industry in Kenya has not suffered from the economic slump experienced in other parts of the world.

"In the UK, the financial sector is the one that has been mostly hit," he said, adding that investors in the local market hardly get financing from UK as "it is difficult for banks in the UK to give mortgages for properties in Kenya or even a neighbour like France since they do not have jurisdiction in those countries".

Meanwhile, plans for this year’s Kenya-London Expo are in top gear. The event is scheduled to take place in London from July 31 to August 2.

The UK-based Networking 4 Professionals partners with Kenyan-based Realken International are the organisers of the Kenya London expo, which has been held annually since 2007.

"The event started with a simple conversation with Kagiri," says Mbugua in explaining how the expo came to be. The journey has not always been easy going.

"Last year was difficult because of the post-election crisis," he says. "We actually thought of cancelling the expo but then we decided to promote the country instead."

Exhibitors at the expo shared their experiences lauding the concept as a great idea. The expo has attracted a lot of interest especially among Kenyans living in the UK.

"People were really interested in investing in properties in Kenya," says Joe Mungai, the director of Tamarind Properties. "During the short time that we were there, we were astounded by the number of visitors to our stand."

The target market of the Kenya-London expo demands a high degree of efficiency and credibility to boot. "If you are slow, you are perceived as shoddy," says Mungai.

His sentiments were echoed by George Laboso, Savings & Loans marketing manager. "The investors out there are low risk and they demand good service and turnaround time," he says.

Housing Assistant Minister Margaret Wanjiru graced the occasion and officially launched this year’s edition of the Kenya-London expo. She called on property developers to adopt fair play and avoid overpricing their products. "Balance between profits and meeting the cost of the project," she advised.