Suraya secures Sh1.2 bn loan for Sucasa Athi Estate

Suraya Properties has secured a Sh1.2 billion loan from Co-operative Bank to finance construction of a gated community residence in Mlolongo, near Nairobi.

Dubbed Sucasa Athi Estate, the development – which will be built on a 12-acre piece of land about three kilometres off Mombasa Road – is Suraya’s first large scale foray into the lower-middle and low-income housing market.

The privately owned real estate development company is currently building an access road to the site.

According to the CEO of Suraya Property Group Peter Muraya, the bank will finance the bulk of the project with the remaining amount coming from Suraya and prospective buyers’ deposits.

“Co-operative Bank will finance 60-80 per cent, but we have not yet concluded on all the details,” said Mr Muraya.

Sucasa Athi Estate will comprise 205 bedsitters, 245 one-bedroom units and 455 two-bedroom houses, a water treatment plant and a private club house with two basketball courts and a playground.

Cash buyers will pay Sh900,000 for a bedsitter, Sh1.3 million for a studio apartment, Sh1.85 million for a one-bedroom unit and Sh2.85 million for a two-bedroomed house. This amount can be paid in five instalments of 20 per cent each with the initial payment accompanying the offer letter. The final instalment should be paid upon completion of the unit.

On the other hand, individuals opting to take mortgages will pay Sh1.05 million for a bedsitter, Sh1.45 million for a studio apartment, Sh2.05 million for a bedroom unit and Sh3.1 million for a two-bedroom en suite.

“The development will make it possible for individuals living in servants’ quarters to own houses since most of them are in decent jobs that can qualify them for mortgages,” said Mr Muraya.

Suraya plans to roll out the Sucasa brand into all the 47 counties of Kenya.

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