I have a bad feeling about the completion date of this project,let alone advertising another one on Thika Rd. Mobilising finance for such a humongous projects is no easy task both locally and internationally. Banks have become very cautious on lending after burning their fingers.

Suraya has partnered with Stanchart where mortgage applicants are pre-qualified before funds are realeased to finance the project. Stanchart has a requirement that an applicant must retain of 50% of gross income (not net as they say) after all deductions i.e. including the mortgage repayment . For one to qualify for a 20-year mortgage for a 10.5 million house,you have to have a net income of at least Kshs 370K per month to qualify. How many Kenyan's can qualify for such a mortgage as banks become stingy?

I pray they are not collecting deposits for the Kiambu,Thika Rds projects etc to finance their incomplete project,specifically Roselyn Gardens.

Only time will tell.


reithi

hope we are not looking at another jopa villas!

Katika Jangwa la Jangili ndipo Pwagu hupata Pwaguzi.

@ggstocks - 'hurry. only a few units remain.' hilarious.

@ kiriita,

the contract progress report depicts,almost accurately,the actual situation on site if the pictures are anything to go by...but why would @ ggstocks visit the site and finds no activity at all? may be the contractor decided to suspend the works temporarily due to non payments by the developer or the contractor has a serious cash flow problem....

anyone with info as to what is really going on?


NEVER TALK OF A RHINO IF THERE IS NO TREE NEAREBY - ZULU PROVERB

The project was completed and home buyers moved in ......despite the scepticism expressed on this thread by forum members. They are now doing phase 2 and prices have gone up significantly. Lucky are those who invested in phase 1.

http://www.suraya.co.ke/index.php/property-in-kenya/completed-projects/fourways-junction-phase-1