Thousands of homebuyers and investors in Greatwall Gardens project by Erdemann Property Limited have raised growing concerns over prolonged delays, unexpected financial demands, and a perceived lack of transparency from the real estate company.
The development, which spans multiple phases, has faced substantial challenges in meeting deadlines, leaving many investors frustrated by the extended waiting periods and ongoing uncertainty.
Greatwall Gardens, a large-scale residential project located in Athi River along Mombasa Road, was intended to provide affordable housing through several phases.
The project began with Phase 1 in 2015, and subsequent phases were expected to deliver a mix of 2- and 3-bedroom apartments.
Despite the promise of modern, accessible living spaces, many investors are still waiting for completed homes, and the company’s handling of the project has raised alarm bells among those who have already committed their money.
For some, the situation became more complicated when Erdemann shifted them from previously stalled projects to other phases of Greatwall Gardens.
One such investor, who had initially invested in the River Estate project in Ngara, found their funds redirected to Phase 5 of the Greatwall Gardens development in Machakos County.
Originally slated for completion in 2022, this phase remains incomplete, and many have been asked to contribute additional funds in the form of loans, further eroding their trust in the company.
Investors, some of whom have already paid millions of shillings, are increasingly skeptical of these financial requests, questioning whether they will ever see the homes they’ve paid for.
Despite the ongoing issues, Erdemann has continued to promote and sell units in Phase 6 of the Greatwall Gardens development, even as concerns grow over the company’s ability to complete the projects on time.
This has led some investors to speculate about the financial viability of Erdemann and whether it can deliver on its promises.
The company is also embroiled in a legal battle with KCB Bank, which sought to auction 100 units in Greatwall Gardens to recover a Ksh 1.9 billion loan.
The Court of Appeal allowed the auction to proceed, but homeowners have since contested the decision, with a hearing set for May 2024.
This legal dispute has only added to the anxiety surrounding the development’s future.
With over 2,000 investors potentially impacted by these delays and financial demands, calls for greater oversight and accountability have intensified.
Investors are urging the relevant authorities to thoroughly investigate Erdemann’s financial dealings to prevent further losses and ensure that no more homebuyers fall victim to what many are beginning to call a “scam” of a project.
“Hujambo Cyprian. I hope you’re well. I live in the UK and invested in the Greatwall Gardens project in Nairobi, and I’m concerned about the ongoing issues with the development by Erdemann Property Ltd. It seems that people may never receive the homes and investments they’ve paid for. It’s one excuse after another, and the company keeps asking for more money, which I’ve already paid in the past. This time, they’re implying that the additional funds would be considered a loan, and we would eventually be paid back. I no longer trust this company, especially since I’ve invested as a property investment, not for personal use. There are others in a similar situation, with the project supposed to be completed in December 2022. I’m left wondering how many others have lost money on rent and other costs related to a project that should have been finished years ago. Initially, I invested in the Greatwall Gardens after the original project I bought into with Erdemann, which was supposed to be completed in 2021, was scrapped. Personally, I’ve already paid Ksh 3.9 million for an apartment in the River Estate project in Ngara, which was supposed to be completed in 2001. Unfortunately, that project stalled, and we were shifted to the Greatwall Gardens Phase 5 in Machakos, which was supposed to be completed in 2022. There are over a thousand of us in this situation, and now they are asking us to contribute an additional Ksh 500,000 as a loan. Erdemann is still promoting and selling other phases of the Greatwall Gardens project, including Phase 6, while the ongoing issues with Phases 3, 4, and 5 continue. I’m deeply worried for the more than 2,000 homeowners and investors affected by this ongoing issue, which I believe is a scam. Please advise and assist in whistleblowing on this very unfair situation.”
