Dubbed Sigona Valley, the project that comprises 30 units of three and four-bedroom residential homes will be funded by Shelter Afrique to the tune of Sh200 million.
The developer, Serene Valley Properties, who comprise four budding investors told Business Daily that they had been shunned by 12 different commercial banks because the lenders were preoccupied with their financial backgrounds, making them approach Shelter Afrique for the loan.
“We realised they (banks) were too concerned with our profiles and financial backgrounds which is why we approached Shelter Afrique for the funds,” said Kimiti Wanjaria, a director at Serene Valley Properties.
Mr Wanjaria said half of the units have been sold on a pre-sale basis, raising the additional capital to help in the construction of the houses to be offered for sale at between Sh12 and 16 million.
Yamini Builders who have been contracted to put up the estate have already began construction work on site and they are expected to be through by August 2013.
Sigona Valley occupies a four-acre piece of land with each of the homes sitting on 1/10th of an acre (4,356 square feet) with access community facilities such as solar heated swimming pool, state of the art children’s play area, business centre, and more.
Image credit: www.serenevalley.co.ke