NAIROBI, Kenya, Nov 10 – Property developer Sycamore Pine Ltd has refunded five buyers of the stalled affordable housing project at Migaa in Kiambu County Sh6.16 million.
The Samara Estate, which was to sit on 18.98 acres of land, was to host 1,200 two- and three-bedroom apartments.
Whereas a two-bedroom went for Sh2.95 million, a three-bedroom cost Sh3.95 million.
Safaricom Investment Cooperative (SIC) partnered with the developer to market and sell apartments.
However, the project failed to kick off after residents of adjacent property (Migaa Estate) went to court to stop construction of high-rise apartments in their neighborhood, which the court stopped pending a hearing and determination.
After the ruling, SIC terminated the agency agreement with Sycamore through a letter dated September 9, 2021.
One of the complainants was Maryanne Njoki, who works in Saudi Arabia and had invested Sh16 million in the project.
“Honorable Speaker, Safaricom Investment Cooperative claimed that, on 9th September 2021, it wrote to Sycamore Pine Ltd demanding a refund of monies paid by the seven purchasers. However, since 2021, neither Safaricom Investment Cooperative (SIC) nor Sycamore Pine Ltd has refunded the money to prospective house owners who had made fund transfers to the developer as of 15th October 2023,” Chair of the Departmental Committee on Finance and National Planning Kuria Kimani said in the National Assembly.
“Honorable Speaker, it is worthwhile to note that these refunds were made after the Departmental Committee (the House) took up the matter, which begs the question of how many other voiceless Kenyans are suffering under the hands of our financial entities withouta recourse,” Kimani added.
The Kimani-led team is also investigating other such cases where Kenyans have lost millions of shillings through financial institutions and telcos.
“Honourable Speaker, Kenya Kwanza government was elected on the platform of “Hustler,” and as a House, we must be seen to be protecting the voiceless in Kenya and the hustlers currently going through difficult times.”
