This archive report was first published on 16 July 2019.
Published on July 16, 2019
Homeowners in Athi River's Sunset Boulevard Estate are facing a crisis as auctioneers hired by I&M Bank prepare to sell the gated community to recover over Sh400 million in unpaid loans.
The sale, scheduled for July 31, will affect 204 houses, despite the developers having already paid for their apartments in full. The developers, Sunset Boulevard, are currently battling I&M Bank in court to stop the sale.
High Court Judge Maureen Odero issued an order on June 13 to maintain the status quo as she determines an application by Sunset Boulevard. However, I&M Bank has proceeded to advertise the sale, prompting the developers to threaten to have the bank's officials jailed if they do not publish a cancellation notice.
The developers have also been struggling with internal wrangles, including the suspension of their chairman earlier this year. Additionally, the failure to issue homeowners with title deeds several years after they paid has fueled tension between the two parties.
The affected homeowners have collectively paid Sh800 million, according to some of the homeowners who spoke to the Nation earlier this year. The houses at Sunset Boulevard cost between Sh3 million and Sh6 million, with rentals ranging from Sh16,000 to Sh40,000 per month.
