Suraya unveils new housing scheme

The dreams of many people of owning a decent starter home may be realized through a new development project unveiled recently by Suraya Property Group, writes PETER MUIRURI

Dubbed Sucasa, the flats to be constructed off Mombasa Road will comprise of a studio, one-bedroom, two-bedroom and two bedroomed ensuite homes.

Speaking to Home & Away during the unveiling of the programme last week, the group’s director Sue Muraya says the new development will make it possible for people with lower earnings to own a house either through a direct cash purchase or affordable mortgage schemes.

For cash buyers, the cheapest unit, a bedsitter will be going for Sh900,000 while a two-bedroomed ensuite flat will sell for Sh2.85 million.

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"We want to bring the same lifestyle enjoyed by those in up-market areas to those in the lower segment and uplift their dignity. There is no reason why low-income earning Kenyans cannot enjoy the lifestyles similar to those in Fourways Junction or in our other high-end developments. This particular segment has been overlooked by many developers who opted for the high end market," says Sue.

According to Muraya, it is possible for many people who are currently living in servants’ quarters to become home owners as most of them are in decent jobs that can easily qualify them for mortgages.

"Most of these individuals are able to service mortgages of one to three million given that some are already paying rent of up to Sh 20,000 per month. We don’t just want to talk but walk the talk by empowering our people. That is why we want to deal with prospective home owners rather than speculators," says Muraya.

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Those opting to pay cash for a unit can do so through five instalments of 20 per cent each with the first payment accompanying the offer letter. The final instalment should be paid upon the completion of the unit.

Mortgage buyers will pay 1.05 million for a bedsitter while a two-bedroom ensuite will cost them 3.1million shillings.

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"We have negotiated mortgages of up to 90 per cent of the cost with a local bank further simplifying the process of funding one’s unit purchase," says Muraya.

Muraya says: "We will break ground around June or July so as to give prospective home owners time to qualify for mortgages. We only need 10 per cent deposit upon mortgage qualification so that we can get on with the job."

Also included in the gated community that will sit on 12 acres are social amenities including a school, a communal soccer field, a jogging track, and a community hall for internal functions.

If all goes according to plan, Suraya Group would like to roll out the Sucasa brand into all the 47 counties.

"We believe our product will go a long way in filling the need for good housing not only in the city but also in the counties. This is just the pioneer project in our desire to fill the housing needs of our people," says Muraya.

SEE ALSO :Lender: Kenya needs Sh5 trillion for affordable housing

 

 

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