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Chinese Firm Seeks To Repossess Suraya Properties In Pay Row



[Image | Courtesy]

A Chinese contractor has moved to court seeking to possess 10 houses in phase one of the Fourways Junction owned by Peter and Susan Muraya (Suraya). China Wu-Yi claims stated that as part of the deal with real estate firm Suraya Property Group and Muga Developers, that it would be given the 10 houses as part payment for its services in the Sh1.76 billion project on Kiambu Road.

Suraya property has, however, denied the claims stating that even if there was a deal to that effect, the property is charged to Equity Bank, which financed the project.

Justice Francis Tuiyott directed China Wu-Yi to serve Equity Bank with court documents further adding that the lender was free to join the case as an interested party.

In the court papers, China Wu-Yi states they took up a tender advertised for the construction of Fourways Junction, phase I and completed the job in 2009. As of August 2011, the parties allegedly engaged in talks after a pending pay of Sh166 million. It was proposed that the developer pays Sh30 million for bill of quantities, a further Sh57 million after the houses were sold and the balance of Sh79 million was to be repaid by transferring four hibiscus villas and two tulip apartment units to the construction company.

Later the payment plan was revised and instead of selling some of its houses to raise Sh57 million, China Wu-Yi would instead be given a couple more houses instead of the cash.

The construction company, however, said the real estate company breached the contract and only handed the contractor four villas.

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The case will be heard in March.

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