The Fourways Junction development is a new project being undertaken in Kenya’s capital city, Nairobi. Construction is underway and when complete it will have a total of 850 units within a gated property that will include offices, shopping areas, a hotel and a country club. The new project is located on Kiambu Road along the northern part of the city.
The project is being undertaken by the Suraya Property Group, a local developer, and is being financed by Standard Chartered Bank. “The idea is to develop affordable housing by working with financial institutions, land owners and property experts,” said Patrick Muraya, the chief executive of Suraya Property Group.
The construction of the first phase of 233 houses begins in May. These are scheduled for completion by the end of 2010 and the prices range from Sh4.9 million to Sh16 million. Buyers who want to finance a property at Fourways Junction will have to process their mortgage through Standard Chartered Bank, which is part of the equity financing arrangement that enabled the project to get underway.