What happened to MySpace Properties? Inside the rise and liquidation of Mwenda Thuranira's real estate firm

There was a time when MySpace Properties was among the fastest-rising names in Kenya's property market.

Whether through land sales, apartment developments or property expos, the company built a recognizable brand that attracted thousands of investors across the country.

That chapter has now entered a new phase after the High Court placed the company under liquidation, marking a significant moment for one of Kenya's most visible real estate firms.

The liquidation order

The latest development follows a Gazette Notice confirming the appointment of insolvency practitioner Waithaka Ngaruiya as the liquidator of MySpace Properties (Kenya) Limited, effective April 15, 2026.

The appointment comes after the High Court allowed an insolvency petition against the company and ordered that it be wound up under the Insolvency Act.

The liquidator has since assumed control of the company's affairs, assets and property, while creditors have been invited to submit their claims for consideration within the prescribed period.

What is MySpace Properties?

Founded by entrepreneur Mwenda Thuranira, MySpace Properties grew into a diversified real estate company offering land sales, property development, property management, valuation services and real estate consultancy.

The company established operations in Nairobi and Mombasa and became known for marketing residential developments, managing investment properties and connecting buyers with developers.

It also positioned itself as a technology-driven real estate brand focused on making property investment more accessible to Kenyans.

The entrepreneur behind the company

Mwenda Thuranira is among Kenya's most recognizable real estate entrepreneurs.

Over the years, he built a strong public profile through business forums, investment seminars and media appearances, frequently speaking about entrepreneurship, wealth creation and property investment.

His leadership helped position MySpace Properties among Kenya's notable indigenous real estate firms, particularly in Nairobi and the Coast region, where the company developed and marketed several residential projects.

From industry recognition to insolvency

Before the insolvency proceedings, MySpace Properties had recorded several milestones.

The company was ranked among Kenya's Top 100 Medium-Sized Companies under the KPMG Top 100 Survey and later emerged as the highest-ranked real estate firm in the rankings.

In 2019, it was admitted into the Nairobi Securities Exchange's Ibuka Programme, an incubation platform designed to prepare high-growth companies for future capital raising and possible public listing.

What led to the liquidation?

The liquidation stems from a long-running commercial dispute involving contractor Team Construction Limited.

Court records show the dispute originated from construction works carried out on the One Twiga Apartments project in Mombasa.

Following arbitration and subsequent court proceedings, the contractor obtained a decree against MySpace Properties but argued that repeated efforts to recover the money were unsuccessful.

The High Court found that the company had failed to settle the outstanding debt despite a statutory demand and ruled that the legal threshold for insolvency had been met, paving the way for a liquidation order.

What liquidation means

Liquidation does not simply mean a company has ceased operations overnight.

Instead, it is a legal process through which an appointed liquidator takes control of the company's assets and affairs with the aim of settling outstanding obligations in accordance with the Insolvency Act.

During the process, creditors submit claims, assets may be identified and realized where necessary, and any available proceeds are distributed according to the order of priority provided under Kenyan law.

Once the process is complete, the company may ultimately be dissolved.

For MySpace Properties, the liquidation closes a chapter that saw the company grow from an ambitious real estate startup into a nationally recognized brand before years of legal disputes culminated in the High Court's decision to place it under liquidation.