Property developer, Suraya Property Group has secured Sh1.6 billion in fresh financing to accelerate completion of some of its pending mega housing projects.
The funding, secured from Diamond Trust Bank (DTB), Cooperative Bank, National Bank of Kenya (NBK) and Equity Bank will see five developments targeting middle and high-end buyers within Nairobi County and its environs now completed.
DTB has injected additional Sh 700 million for Lavington Development, Terraces. The project consists of 133 units of four, three- and two-bedroom apartments. National Bank has refinanced Ngong Road-based Lynx project for up to Sh600 million to complete the one and two-bedroom apartments.
Phase two of Encasa that will see a total of 625 apartments put up in 12.5 acres along Mombasa road, behind Mlolongo has received a shot in the arm with Sh130 million from Co-operative Bank of Kenya.
Fourways project along Kiambu Road has also secured Sh130 million from Equity Bank.
Finally, Nairobi West’s Lynx West project comprising two-bedroom en suite apartments has secured Sh40 million from DTB.
Suraya Property Group chief executive Peter Muraya says the funding comes as a relief to the company and buyers who have already waited for their units for close to a year.
“The delays caused in completing the projects in their entirety are regrettable and our team has been in constant contact with our clients on email and phone regarding any issue,” said Mr. Muraya.
“Each bank has undertaken to ensure that each of the projects they had financed is completed without further delays,” added Mr. Muraya.
The property developer has been in negotiation for the additional funds with each of the lenders at different times since October 2018.
“We are now fully back on track to finish five out of the nine pending developments with the new funds,” added Mr. Muraya.
The developer is still keen to raise addition capital from local and international investors to complete pending projects.