The entire project is expected to cost Sh6 billion, financed by Standard Chartered Bank, and will take about two years to complete.
“The idea is to develop low cost housing by working with financial institutions, land owners and property experts,” Mr Patrick Muraya, the chief executive of Suraya Property Group told Business Daily.
Mr Muraya added that the construction of the first phase of 233 houses will begin this month at a cost of Sh1.2 billion and will be completed before the end of 2010.
Suraya Fourways Junction Prices
The houses will retail at between Sh4.9 million to Sh16 million.
The Suraya Fourways Junction is being sold along the pre-sale concept. The Suraya developers have entered into a partnership with the Standard Chartered Bank who is providing mortgage facilities for interested buyers. Interested cash buyers will be required to deposit 20 per cent of the value of the houses in five installments.
Buyers intending to purchase the properties are required to process their mortgage loans through Standard Chartered Bank after paying a ten per cent deposit to the property company. Cash buyers will be required to deposit 20 per cent of the value of the houses in five installments.
Speaking during the ground breaking ceremony, Deputy Prime Minister and Minister for Local Government, Musalia Mudavadi, urged land owners and financial institutions to partner in providing quality housing to Kenyans.
“To address the affordable housing shortage in the country there is need for all the parties concerned particularly land owner and financial institutions to partner,” said Mudavadi.
The demand for housing in Kenya currently stands at about 150,000 units annually against a supply of only 30,000 units.