THERE is panic among hundreds of investors after a company which has been doing a multibillion housing project in Athi River, Machakos County decided to sell all their construction equipment and machinery.
The company - Erdemann Property Ltd has failed to complete hundreds of houses known as Greatwall Gardens, off Mombasa highway, owned by investors who have paid for them in full (over 3.5million each) under the off-plan arrangement.
For close to 4 years the Chinese company has been taking the home owners round circles, promising to deliver the houses and shifting the completion deadlines.
But things are different in the ground. No work going on. The projects comprising of residential and commercial houses stalled after several storeys. The contractor does not engage the clients and doesn’t care.
Panic arose when yesterday the company advertised all their construction machines and vehicles worth over 100million on a full page in Nation newspapers. Interestingly, only two contact telephone numbers were given, no seller’s name or any other addresses or details.
Those who are owed money by the contractor now believe the company is shutting down and planning to leave the country quietly without refunding or completing the project.
Disclaimer: copied from Wahome Thuku’s page.