Suraya Property Group has received funds from four banks to finance the completion of its pending housing projects. The four banks include Co-operative Bank, Equity Bank, Diamond Trust bank and National Bank of Kenya. The 5 projects being funded are targeting the middle class and high-end buyers.
The projects include; The Four ways Project along Kiambu Road. It is funded by Equity Bank and 130 million shillings has been invested. The Lavington Development and Lynx West (Nairobi West) funded by Diamond Trust bank with a total of 700 million shillings and 40million shillings respectively. Lynx Project along Ngong Road financed by The National Bank with a total of 600 million shillings. The Encasa Project (phase two) which was funded by Co-operative Bank of Kenya. The project was injected with a total of 130 million shillings.
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The Lavington Development consists of 133 units of two, three and four bedroom apartments. The Lynx West Project consists of two bedroom en-suite apartments. The Lynx along Ngong Road consists of one and two bedroom apartments while phase two of Encasa is set to bring up a total of 625 apartments on a 12.5 acre land along Mombasa Road.
The Chief Executive of Suraya Properties Group said that the delays caused in completing the projects are entirely regrettable and their team has been in close contact with their clients. He added that the funding came as a relief to the company as well as to the buyers. This is after waiting for the units close to a year. The banks have undertaken to ensure that the projects will be completed without further delays.
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Talks between the developer and the banks have been ongoing since October 2018. Mr Muchai went ahead and said that they are now back on track to ensure the five out of nine pending projects are completed. Thanks to the funding offered by the banks. The company is still raising additional capital from both local and international investors in order to complete pending projects. Suraya Property Company is committed to complete the remaining projects.