This archive report was first published on 18 July 2019.
Published on July 18, 2019, a local bank has threatened to auction a posh estate in Athi River, putting over 200 homeowners at risk of losing their investment.
The I&M Bank has reportedly ordered auctioneers to sell 204 houses worth Sh2 billion to recover a loan advanced to the developer, Sunset Boulevard Limited.
The developer, 50% owned by Jonathan Feldman and 50% by Samuel Mirie Gachathi, still holds the title of the entire estate, according to the Registrar of Companies' records.
Home buyers acquired the middle-class units in 2017, with each house sold at between Sh8 million and Sh12 million.
“Some of the buyers acquired middle-class units in 2017. Sunset Boulevard Limited, which built and sold the houses, is said to have failed to repay the undisclosed debt with I&M Bank, prompting the auction that has thrown residents into panic,” Business Daily reported.
The lender has contracted Leakey’s Auctioneers to help it recover its money by selling the multi-billion-shilling property.
The estate, built on a 20.2-acre parcel of land, features a mix of one, two, and three-bedroom apartments on 23 blocks.
