Suraya Property Group has announced the launch of its new housing project aimed to enable low income earners to own houses.
Named Sucasa, the residential flats will be built off Mombasa Road in Nairobi and will comprise studio, one-bedroom, two-bedroom and two-bedroomed en suite homes.
According to the firm’s director Sue Muraya, 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.
“There is no reason these people (low-income earners) cannot enjoy the lifestyle similar to those in Fourways Junction and our other high-end developments. This market segment has been ignored by many developers who opted for the high end market,” said Mrs Muraya.
She said that the project will start in two months’ time to give prospective home buyers time to qualify for mortgage loans.
“We will break ground in 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,” she said.
Cash buyers will pay Sh 900,000 for a bedsitter and Sh 2.85 million for a two-bedroom en suite flat. This amount can be paid in five installments of 20 per cent each with the initial payment accompanying the offer letter. The final installment 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 and Sh 3.1 million for a two-bedroom en suite.
Sucasa will be a gated community residence sitting on 12 acres of social amenities that include a school, a community hall for internal functions, a soccer field and a jogging track.
The developer plans to roll out the Sucasa brand into all the 47 counties of Kenya.