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Tuesday, February 18, 2020

China Wu-Yi demands Sh. 136 million Suraya houses over unpaid debt

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Chinese contractor China Wu-Yi is seeking to possess 10 houses in phase one of the Fourways Junction. The houses are owned by SUraya Property Group and Muga Developers.

China Wu-Yi says that it struck a deal with the two developers to posses some of the houses as part of the payment for its services in the project that is located along Kiambu Road.

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Suraya Property has however denied this and said that even if there was a deal, the property is charged to Equity Bank, which granted the Sh. 1.76 billion cash for the project.

 In its suit papers, China Wu-Yi says that Suraya advertised in a newspaper in March 2009, a tender for the construction of Fourways Junction, phase I. The Chinese firm said it completed the job. As at August 2011, the pending certificates had accumulated an outstanding sum of Sh. 166 million. The parties allegedly engaged in talks and it was proposed that the developer pays Sh. 30 million for bill of quantities, a further Sh. 57 million was to be paid in cash after the houses were sold and the balance of Sh. 79 million was to be repaid by transferring four hibiscus villas and two tulip apartment units to the construction company.

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A report that appeared in the Business Daily on Monday says that with more negotiations, the payment plan was revised such that instead of selling some of its houses to raise Sh. 57 million, China Wu-Yi would instead be given more houses instead of the cash.

“The deal entailed three more hibiscus villas and one tulip apartment to make it seven hibiscus villas and three tulip apartments. The construction company, however said the real estate company failed to honour the deal, only handed to it four villas and refused to transfer the title of all the house as agreed. And during routine checks, the company said it met a buyer who said he was in the process of purchasing one of the houses they had agreed, should be transferred to it,” the report in the BD says.

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