This archive report was first published on 16 July 2019.
Published on July 16, 2019, a report by the Business Daily revealed that over 200 homeowners at the posh Sunset Boulevard estate in Athi River are at risk of losing their homes due to a loan dispute between the estate's developer and I&M Bank.
The dispute centers around a loan that the estate's developer, Sunset Boulevard Limited, failed to repay to I&M Bank. As a result, the bank has instructed auctioneers to sell 204 houses valued at Sh. 2 billion.
Shockingly, the homeowners who acquired the middle-class units in 2017 are not party to the loan and are now at risk of losing their investment.
According to the auctioneer's notice, the properties will be sold by public auction on July 31, 2019. The notice reads: 'Duly instructed by our principals, your undermentioned properties, together with all the improvements erected thereon (two hundred and four units erected on LR NO12867/509-Sunset Boulevard Estate), will be sold by public auction on Wednesday 31st July 2019.'
The estate, built on a 20.2-acre piece of land, features a mix of one, two, and three-bedroom apartments on 23 blocks. The houses have a market price of between Sh. 8 million and Sh. 12 million, valuing the units under auction at more than Sh. 2 billion.
