Urithi Housing Co-operative society limited has termed as stale, a newspaper article published in one of the local dailies titled “Urithi Housing bubble finally bursts as bank puts its land on sale.”
The housing company says the headline of the article was sensational and had a disconnect with its content.
The article cited two of Urithi’s housing ventures as being in trouble with one allegedly set for auction while developers in another had been kicked out by the previous owner.
However in a swift press release sent to Latest News Kenya news desk, Urithi termed the content in the media article as outdated in terms of the current status of highlighted projects.
For Panorama Gardens Project, the company said tripartite meetings have been held between it, Family Bank representatives and Members of the Project with agreements and commitments by all parties having been documented and validated.
“The Bank has since suspended the redemption notice to allow for restructuring of the Loan Facility which is at an advanced level,” read part of the statement.
The company’s chairman Samuel Maina said the situation is stable and the company is in control.
“We are open to all or any of the media houses to offer clarity and further information in regards to the projects. We take pride in ensuring the delivery of our promise to our members and safeguarding their investments with us,” Maina said in the press statement.
For Olive Tola Project, Phases 3 &4, Urithi said that meetings held between its secretariat and Members of the Project have recommended and agreed on the acceleration of payments to the vendor.
“This has been an ongoing weekly occurrence and substantial amounts have so far been paid,” he added.