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Kiambu project stalls after Shelter Afrique freezes Sh550m loan

Shelter Afrique managing director Andrew Chimpondah (left) and chairman Daniel Nghidinua during the release of the housing financier’s half year results in Nairobi on September 20, 2019. PHOTO | SALATON NJAU

By  BRIAN NGUGI

Pan-African housing financier Shelter Afrique has halted a Sh550 million loan to a Nairobi-based developer for a 240-apartment residential development in Ruaka, Kiambu County, leaving home buyers fretting over the future of the project.

Shelter Afrique said this week Kingspride Properties, the project developer, did not comply with the lender’s financing standards.

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