- CFI Holdings has allegedly failed to allot residential plots to prospective homeowners for its Suncrest Park development
- At the recent AGM the firm articulated that priority will be given to developing affordable housing in Harare South
Harare - The diversified agricultural conglomerate, CFI Holdings Ltd, has allegedly failed to allot residential plots nearly a decade after marketing them to prospective homeowners for its Suncrest Park development. Launched in 2015, the company anticipated completing the project by October 2016. However, purchasers of the US$12,600 plots have expressed frustration with CFI for not fulfilling its pledge even after eight years.
CFI required a $4,410 deposit and monthly payments of $747.09 for 12 months, $401.01 for 24 months, and $287.94 for 36 months. Discontented clients said that attempts to engage with CFI were futile as the company failed to provide consistent and satisfactory progress reports, alternatives, or recompense.
Introduced in 2015, Suncrest Park comprised 635 high-density residential stands averaging 300 square meters, situated along Amalinda Road, southwest of Harare City Center. The project is principally an infill residential development, extending southward from the established Glen View 7 residential area, which lies north of Amalinda Road, separating the two developments.
According to the project specifications, the proximity to established infrastructure like Amalinda Road, connecting the project to routes leading to Harare City Center, and a trunk sewer line traversing the project's boundary confirms its status as an infill development. CFI pledged that the project would boast amenities such as paved access roads and storm drains and sewerage and water supply systems.
In 2015, CFI stated, "We are currently installing roads, sewerage, and water supply infrastructure on the 27-hectare estate, and we estimate project completion by October 2016." CFI recently indicated that it planned to develop housing for Harare's low-income market under an initiative to mitigate the prevailing huge housing shortage in the capital.
Group chair Itai Pasi said this would be one of the group's priorities this fiscal year. "Priority will also be given to developing affordable housing in Harare South to support the Government's Vision 2030 on Housing," she said in an update for the year ending September 30, 2022.
At Suncrest Park, she said, the group had progressed title surveys and engineering drawings while awaiting the outcome of legal proceedings before the relevant tribunals for Langford Estates. However, news of additional residential developments by the group has irked potential homeowners who purchased into Suncrest Park in 2015, feeling shortchanged.
"We were surprised by an article in The Herald announcing their [proposed] residential developments, yet since purchasing into Suncrest Park in 2015, we have received nothing. This is troubling," said one of the buyers.
"We purchased these plots in 2015, completing installment payments around 2016 or 2017. Unfortunately, when we expected to receive our plots, we were told that squatters had invaded them, preventing us from occupying them. We attempted to communicate with CFI's lawyers, who had us sign sales agreements, but to no avail."
The Suncrest Park project profile listed Reston Developers, a joint venture property development company between CFI Holdings Ltd. and Craftcall Investments (Pvt) Ltd.
In response to the situation, CFI company secretary Panganayi Hari said that progress was being made on the Suncrest Park plots, with sewerage and water supply systems in place, ready for connection once all processes are complete.
"We have personnel on site, and significant work has been done," he said. However, he said the group could not disclose further details about the development due to pending litigation, although the group indicated that illegal squatters occupied the land in question.
"There is pending litigation involving stakeholders, so the matter is prejudiced, and we cannot comment further except to say we hope for a speedy resolution. Legal action is underway, with matters currently before the courts. The issues are, therefore, sub judice," he said.
In 2017, the group was embroiled in boardroom disputes over allegations of inadequate corporate governance involving its former directors. One of the contentious issues concerned the controversial sale of Langford Estate to Fidelity Life Assurance in a land-for-debt swap deal.
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